Tuition Payment - Balance Transfer

[credit8502020]

Hi All! I have a large tuition payment that I am considering using my NFCU Cash Rewards to pay. Shortly after charging the tuition, I hope to do a balance transfer to my new NFCU that will have a 0% interest rate on a balance transfers. Does anyone have data points regarding if I would have to keep the balance on the NFCU Cash Rewards card for a certain amount of time to make sure I receive and keep the cash back before completing a balance transfer to the NFCU Platinum Card? 

Thanks! 

[Remedios]

They allow balance transfers between their own cards? 

[credit8502020]

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@Remedios wrote:

They allow balance transfers between their own cards? 

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@Remedios I'm not sure. Just figured I'd ask here to see if there were any data points before calling NFCU to inquire. 

[Remedios]

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@credit8502020 wrote:

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@Remedios wrote:

They allow balance transfers between their own cards? 

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@Remedios I'm not sure. Just figured I'd ask here to see if there were any data points before calling NFCU to inquire. 

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If they do, that would be a first. 

It is my understanding that Navy issues checks for BTs, so they are not going to send themselves a check, or do electronic transfer between one of their accounts to another  of their accounts. 

I'm not a member, so I cannot state this with certainty, but you might want to look for alternative plan if you have to do a BT. 

[credit8502020]

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@Remedios wrote:

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@credit8502020 wrote:

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@Remedios wrote:

They allow balance transfers between their own cards? 

---

@Remedios I'm not sure. Just figured I'd ask here to see if there were any data points before calling NFCU to inquire. 

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If they do, that would be a first. 

It is my understanding that Navy issues checks for BTs, so they are not going to send themselves a check, or do electronic transfer between one of their accounts to another  of their accounts. 

I'm not a member, so I cannot state this with certainty, but you might want to look for alternative plan if you have to do a BT. 

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@Remedios Thanks for your feedback. I don't have to do the balance transfer. I just would rather get the points since it's a large spend and not have to pay the full balance back right away. I was considering doing it for even more options. 

[Slabenstein]

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@credit8502020 wrote:

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@Remedios wrote:

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@credit8502020 wrote:

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@Remedios wrote:

They allow balance transfers between their own cards? 

---

@Remedios I'm not sure. Just figured I'd ask here to see if there were any data points before calling NFCU to inquire. 

---

If they do, that would be a first. 

It is my understanding that Navy issues checks for BTs, so they are not going to send themselves a check, or do electronic transfer between one of their accounts to another  of their accounts. 

I'm not a member, so I cannot state this with certainty, but you might want to look for alternative plan if you have to do a BT. 

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@Remedios Thanks for your feedback. I don't have to do the balance transfer. I just would rather get the points since it's a large spend and not have to pay the full balance back right away. I was considering doing it for even more options. 

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The money they have to pay out in rewards is part of how lenders come up with the APR range for a card, so I don't know that you'll find a lender that would let you put your charges on a rewards card and then BT them to one of their own low-interest cards, which would basically be letting you bypass the APR on the rewards card.

[Remedios]

If you have another card with $0 fee, you could do that, otherwise depending on the amount, fee might eat or minimize your rewards.

I only know of two CUs offering $0.00 fee, 0% apr.

One is BECU, but unless you live in Washington state by the time their financial crimes unit completes out-of-the state member review, you will be out of college. 

The other one is Twinstar, but I believe they are geofenced. 

[credit8502020]

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@Remedios wrote:

If you have another card with $0 fee, you could do that, otherwise depending on the amount, fee might eat or minimize your rewards.

I only know of two CUs offering $0.00 fee, 0% apr.

One is BECU, but unless you live in Washington state by the time their financial crimes unit completes out-of-the state member review, you will be out of college. 

The other one is Twinstar, but I believe they are geofenced. 

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@Remedios I just confirmed with NFCU that it needs to be an external institution. Thank you!

[K-in-Boston]

NFCU definitely states that it cannot be an internal transfer (and I am not aware of any financial institution that will allow it).  Their BT terms are actually stricter than most; you have to be the primary owner or at least AU on an account to even be able to transfer - most FIs will let you transfer from anyone's account assuming you agree to inherit the debt.