NFCU Product Change Rules

[BuckyB]

Hey I did search this topic but it seems there are conflicting opinions...

Looking to PC a More Rewards to a Cash Rewards, I think.  I've had the More Rewards open for a little over three months and got it up from a SL of $500 to $1500 the past few days.  I never use the thing because I get better rewards on other cards plus I don't have the patience to wait until I hit $50 in rewards points to cash out.  At this rate the points will expire before I ever earn enough of them to use.

I think I'd use the Cash Rewards somewhat more and I hear the cash-out option is much better.

I've heard that NFCU requires the card to have been opened for at least a year and have a $5000 limit before they'll grant a PC?  Or is that just for PCing to a Flagship card?  And can PCs still be made via their secured message system?  Thank you!

[MarkintheHV]

I can confirm the 1 year card age before product change, but, no experience with the 5k credit line requirement.

[JoeRockhead]

It should be that the card has to be open for one year and the $5k limit would apply if trying to PC to the Flagship as it requires a minimum $5k approval.

[BuckyB]

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@MarkintheHV wrote:

I can confirm the 1 year card age before product change, but, no experience with the 5k credit line requirement.

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Ok, may I ask, what card did you attempt to switch from and attempt to switch to when NFCU customer service told you about the 1-year rule?

[GZG]

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@BuckyB wrote:

Hey I did search this topic but it seems there are conflicting opinions...

Looking to PC a More Rewards to a Cash Rewards, I think.  I've had the More Rewards open for a little over three months and got it up from a SL of $500 to $1500 the past few days.  I never use the thing because I get better rewards on other cards plus I don't have the patience to wait until I hit $50 in rewards points to cash out.  At this rate the points will expire before I ever earn enough of them to use.

I think I'd use the Cash Rewards somewhat more and I hear the cash-out option is much better.

I've heard that NFCU requires the card to have been opened for at least a year and have a $5000 limit before they'll grant a PC?  Or is that just for PCing to a Flagship card?  And can PCs still be made via their secured message system?  Thank you!

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I believe the card has to be open for one year before you can PC, but if it was a graduated secured card, you can product change right after you graduate even if it's less than a year. You can always contact them and ask though, wouldn't hurt to see. 

if you want to PC to the Flagship, it has to be a $5000 CL, but otherwise, you can PC to any of the other cards, you can call/chat/sm, whichever you prefer 

[BuckyB]

All right so... for the record... today, using the NFCU secure messaging system, I had no problem "converting" (as they put it) a three-month-old, $1500-CL More Rewards card to a Cash Rewards card.  And no, the More Rewards card did not graduate from an nRewards secured card.  It started out as a More Rewards card at $500 SL.  Three days ago I asked for and received a CLI (asked for a CL of $2000, they gave me $1500). I lost the dozen or so More Rewards points but I was never going to use them anyway.

Thanks for the comments.

Clearly the one-year wait and $5000 CL is only for converting to the Flagship card because of 1) the aforementioned federal rule and 2) the Flagship has a minimum SL of $5000.

[Brian_Earl_Spilner]

Correct, the CARD Act prevents any lender from converting a card to one with higher fees within the first year. There's no timeline for conversion and the only stipulation is having 5k to go to flagship. 

[MarkintheHV]

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@BuckyB wrote:

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@MarkintheHV wrote:

I can confirm the 1 year card age before product change, but, no experience with the 5k credit line requirement.

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Ok, may I ask, what card did you attempt to switch from and attempt to switch to when NFCU customer service told you about the 1-year rule?

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It was their AmEx to Flagship