Navy BT offer: $0 BT fee, 0% for 12 months --where's the catch?

[haulingthescoreup]

https://www.navyfederal.org/membership-benefits/offers-discounts/balanceTransferOffer.php

-- well, other than having to have good enough credit to qualify for it.

Has anyone bitten on this yet? It looks to me like they're losing money. I suppose they're hoping that enough people won't pay it off in 12 months that they'll get some of that "ranging between 7.99% APR and 18% APR" luv.

If this is up and up, I might finally break down and apply, after being a member for well over a year.

[DI]

PenFed got the same special running on all of its cards.

[haulingthescoreup]

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@DI wrote:

PenFed got the same special running on all of its cards.

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A-ha! Maybe I ought to start reading my e-mails more closely. If so, that would save me an inq and yet another CC to keep track of.

That's pretty cool if PenFed and Navy compete with offers this way.

eta: Hmmm, just checked PenFed, and all I see is 4.99% APR for life with $0 BT fee. Same offer whether I'm logged in or not. They must love you more than they love me!

https://www.penfed.org/productsAndRates/creditCards/balanceTransfer.asp

[DI]

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@haulingthescoreup wrote:

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@DI wrote:

PenFed got the same special running on all of its cards.

---

A-ha! Maybe I ought to start reading my e-mails more closely. If so, that would save me an inq and yet another CC to keep track of.

That's pretty cool if PenFed and Navy compete with offers this way.

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Hurry up because there's a deadline. 

[DI]

But PenFed got the better deal. You can get  0%APR and no transfer fee for the life of the balance.  How about that?!!

[haulingthescoreup]

I just edited my reply above. When I looked, all I saw was 4.99% APR for life of the BT, not $0.

Maybe it's in an e-mail somewhere. I get way too many e-mails these days to keep track of everything.

[DI]

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@haulingthescoreup wrote:

I just edited my reply above. When I looked, all I saw was 4.99% APR for life of the BT, not $0.

Maybe it's in an e-mail somewhere. I get way too many e-mails these days to keep track of everything.

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They sent out an email a few days ago. 

[JagerBombs89]

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@DI wrote:

But PenFed got the better deal. You can get  0%APR and no transfer fee for the life of the balance.  How about that?!!

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Do any of these offers require a hard pull?  I don't have any balances to transfer, but just curious on how these work...

[DI]

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@JagerBombs89 wrote:

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@DI wrote:

But PenFed got the better deal. You can get  0%APR and no transfer fee for the life of the balance.  How about that?!!

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Do any of these offers require a hard pull?  I don't have any balances to transfer, but just curious on how these work...

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The email was sent to existing cardholders.  I doubt very seriously it requires a hard pull.  I wish I save the email.  I have no balance to transfer to either.  But I could have taken the money and put it in my savings account if they had the same deal for cash advances. 

[Brusilov]

I've already used it once.  No, it doesn't require a pull.  No, it doesn't have a fee...and after the 12 months if you still have a balance the APR will be equal to your cash advance rate (normal +2%, I believe).