Best Balance Transfer Card

[Colombiana79]

I saw the cash reward one but how do you get the plus? I pre-qualified for all the cards but don't really know how the plus works

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@Kforce wrote:

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@Colombiana79 wrote:

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The new card would be strictly to pay off the balance. I have other cards if I happen to need to purchase something. But after I pay off the balance, I obviously would want to benefit from any rewards given there after.  Can i ask you what your thoughts were on the Navy American Express if you happen to know? Its .99% on the bal transfer for 12months

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I think it is a better option than the "Navy Federal Platinum"  because it has rewards value after it's use for the BT.  Same interest rate and term.

The little higher 1.99% interest, (extra ~$100 loss) might be worth a flat 2% rewards card (cashRewards Plus) as compared to the 3x-supermarkets, 3x-gas/transit, 3x-restaurant, all depends on where, how much, and other cards.  One can argue for either card. 

Good is that either one saves a lot compared to what your current APR sits. 

$9000 @ 25%, with same ~$760/mo = $1400+ interest/12 mo

Above 0.99%/0/12m = $48 interest, and the 1.99%/0/12m  = $97 interest

Dirt cheap 12 month loan, don't know of any better option, unless the monthly amount you can pay is much less, then one should maybe take a little higher fee or rate and  pay off over a longer term.  Other option is take it and see, worst case you are looking for another BT in 10 months. Only you know how much you can pay monthly.

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[Colombiana79]

You can PC the amex for the cash reward? See I'm learning something evertime on here.

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@ocheosa wrote:

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@Kforce wrote:

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@Colombiana79 wrote:

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The new card would be strictly to pay off the balance. I have other cards if I happen to need to purchase something. But after I pay off the balance, I obviously would want to benefit from any rewards given there after.  Can i ask you what your thoughts were on the Navy American Express if you happen to know? Its .99% on the bal transfer for 12months

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I think it is a better option than the "Navy Federal Platinum"  because it has rewards value after it's use for the BT.  Same interest rate and term.

The little higher 1.99% interest, (extra ~$100 loss) might be worth a flat 2% rewards card (cashRewards Plus) as compared to the 3x-supermarkets, 3x-gas/transit, 3x-restaurant, all depends on where, how much, and other cards.  One can argue for either card. 

Good is that either one saves a lot compared to what your current APR sits. 

$9000 @ 25%, with same ~$760/mo = $1400+ interest/12 mo

Above 0.99%/0/12m = $48 interest, and the 1.99%/0/12m  = $97 interest

Dirt cheap 12 month loan, don't know of any better option, unless the monthly amount you can pay is much less, then one should maybe take a little higher fee or rate and  pay off over a longer term.  Other option is take it and see, worst case you are looking for another BT in 10 months. Only you know how much you can pay monthly.

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I also prefer the cR plus over the More Amex; but given the better rate (-1pt) would go with the More card then product change once balance transfer period ends.

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[Vinjints]

One, the Navy prequal isn't known to be reliable as an indicator of future approvals. 

Two, the plus version is 2% cash back given if you have at least a 5k CL. Otherwise 1.5% until it grows. It can/will bump to the plus version in the future with CLIs. 

All Navy cards can be PC'd. I'm pretty sure. 

[ocheosa]

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@Colombiana79 wrote:

You can PC the amex for the cash reward? See I'm learning something evertime on here.

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@ocheosa wrote:

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@Kforce wrote:

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@Colombiana79 wrote:

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The new card would be strictly to pay off the balance. I have other cards if I happen to need to purchase something. But after I pay off the balance, I obviously would want to benefit from any rewards given there after.  Can i ask you what your thoughts were on the Navy American Express if you happen to know? Its .99% on the bal transfer for 12months

---

I think it is a better option than the "Navy Federal Platinum"  because it has rewards value after it's use for the BT.  Same interest rate and term.

The little higher 1.99% interest, (extra ~$100 loss) might be worth a flat 2% rewards card (cashRewards Plus) as compared to the 3x-supermarkets, 3x-gas/transit, 3x-restaurant, all depends on where, how much, and other cards.  One can argue for either card. 

Good is that either one saves a lot compared to what your current APR sits. 

$9000 @ 25%, with same ~$760/mo = $1400+ interest/12 mo

Above 0.99%/0/12m = $48 interest, and the 1.99%/0/12m  = $97 interest

Dirt cheap 12 month loan, don't know of any better option, unless the monthly amount you can pay is much less, then one should maybe take a little higher fee or rate and  pay off over a longer term.  Other option is take it and see, worst case you are looking for another BT in 10 months. Only you know how much you can pay monthly.

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I also prefer the cR plus over the More Amex; but given the better rate (-1pt) would go with the More card then product change once balance transfer period ends.

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@Colombiana79 

Yes. You can product change between any of the cards with up to $50k CL. Only the Flagship goes up to $80K.

The difference between cashrewards cards:

1.5% cashrewards CL <= $4,999

2% cashrewards Plus CL $5,000+

[Colombiana79]

Thank you again

[Colombiana79]

I got The Navy Amex offer thru the mail so I might stick with that first, then will probably change it later on. Thank you!

[crystal626]

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@Colombiana79 wrote:

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@crystal626 wrote:

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@Colombiana79 wrote:

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@crystal626 wrote:

Navy Federal Platinum. 0% for 12 months on balance transfers and no fees. I would apply for that one first because everyone else normally recommended charges BT fees. That's a savings of $270+.

EDIT: It seems the offer is .99% for 12 months right now but that's still cheaper than 3+% fees up front.

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Thanks for the recommendation. Does that card give any rewards as well?

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This one doesn't but once your balance transfer is paid off you can request them to change it to a cashRewards or you can just grab it as a new card and get whatever the sign up bonus is. Navy Federal is pretty generous with credit limits. Each card can grow to $50K and you can have a max of $80K across both cards.

If you just want one card, you can get the cashRewards now. It's 1.99% for 12 months but the intro rate is only for balance transfers. If you put a balance transfer on this card you'll lose your grace period and be charged interest on purchases from the posting date after the first statement unless you pay off the entire balance, including the balance transfer. The cashRewards is 1.5% cash back on all purchases if you get approved for less than $5K, 2% if you get approved for $5K or more. There is a sign up bonus of $250 for spending $2500 but no way to avoid interest on those purchases after the first month when there's a BT.

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I literally opened the mail and recieved an offer from Navy Fed for their American Express .99% intro APR for 12months for balance transferred.  Can I get your thoughts on this offer?

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Not a fan of Navy Federal's other cards because of the $50 increments to redeem cash back but if that doesn't bother you, it's a good deal.

[KangiCosmos]

What was the outcome?

[Colombiana79]

I pulled the trigger on the Navy Fed Amex offer that they had sent to me. I was approved 16k, and my balance transfer is pending. I will pay it off in 1 year. I'm just happy that I wont be paying the 24.99 % that chase was giving me! 

[Kforce]

Congrats