cancel
Showing results for 
Search instead for 
Did you mean: 

Carrying a balance on NFCU MoreRewards Card

tag
Blu617
Valued Member

Carrying a balance on NFCU MoreRewards Card

Hello Everyone,

 

I have a question in regards to my NFCU More Rewards Amex Card. It's my understanding that Amex likes to be paid in full each month. However, I've noticed that under my reward offers that my NFCU MoreRewards card is offering me 9mos Interest Free if I pay 2k within 90 days. I only have $630 left and I have almost 60 days so I will qualify for this offer. This is my first NFCU credit card. I have a $3,500 SL.

 

My final debt is a 6k repo from GM Financial that was a joint account with my wife and reflects on both of our reports. It last reported Jan 28th, 2021. I've been holding back on making payments on it so that it doesn't keep updating. Id like the one payment that I make to be PIF. My plan is as follows..

 

1. Pay the remaining $630 over the next almost 2 months to qualify for the 9mos interest free offer with NFCU. 

2. Come November 7th, it will be 90 days and I'll become eligible to get a second NFCU card. I'll apply for a second card and then request a CLI (or is it vise versa, CLI then second card?) 

 

3. I currently have almost $10,000 in total credit. All of which is available with the exception of a small balance that I use for AZEO. I'm hoping that between the CLI, New Card and I'm up for a 3xCLI on my Delta Skymiles Gold card that I'll be at or above 20k. (Within that time frame I could probably get a CLI on my CareCredit and Cap1 as well) With that being said, I'll apply my GM Financial balance to my MoreRewards card and have 9mos to pay it off. Having $20k+ in total will keep my utilization at or below 30% so it shouldn't kill me on utilization. 

Once that's paid, I'm completely debt free. That brings the next question though, I feel like this is a good game plan. Do you all agree? However, with the MoreRewards card being issued through Amex is it going to hurt me to carry a balance on that card for the next 9 months? (Possibly less) 

Message 1 of 6
5 REPLIES 5
dragontears
Senior Contributor

Re: Carrying a balance on NFCU MoreRewards Card

The "Amex" More Rewards card you have is not issued by Amex, it is issued by NFCU and just runs on the Amex network. 

Message 2 of 6
Blu617
Valued Member

Re: Carrying a balance on NFCU MoreRewards Card

Got it. I guess I worded it wrong, I know it's issued through NFCU but it's processed through the Amex Network. I just didn't know if being that it processes through the Amex network if it still carried the same "guidelines" in regards to carrying a balance.

Message 3 of 6
cashorcharge
Community Leader
Senior Contributor

Re: Carrying a balance on NFCU MoreRewards Card


@Blu617 wrote:

Got it. I guess I worded it wrong, I know it's issued through NFCU but it's processed through the Amex Network. I just didn't know if being that it processes through the Amex network if it still carried the same "guidelines" in regards to carrying a balance.


The "AMEX Network" means that businesses that take AMEX, will process the card as AMEX.  The rules, Credit Limit, APR, Rewards are all between you and NFCU.   Meaning if you went to AMEX and applied for a card or tried to talk about your existing card, they wouldn't know who you are as your account is not with them, it's with NFCU.  It's like the difference between Mastercard and Visa...you can't use your Visa at some place that doesn't accept Visa.  Just like you can't use your AMEX at Costco..if you shop there because they don't process any AMEX cards.  

 

The SL you got through NFCU means that you can carry a balance...and either will/will not be charged interest based on a remaining balance and any offer like you mentioned with an APR or a Zero APR promotion available to you.  You don't need to pay the card off each month...that's why they've given you a SL of $3500.  Think of it as a revolving card like a Visa or MasterCard but will be rung up as an AMEX card at retailers.

Message 4 of 6
OmarGB9
Community Leader
Super Contributor

Re: Carrying a balance on NFCU MoreRewards Card


@Blu617 wrote:

Got it. I guess I worded it wrong, I know it's issued through NFCU but it's processed through the Amex Network. I just didn't know if being that it processes through the Amex network if it still carried the same "guidelines" in regards to carrying a balance.


@cashorchargeexplained it very well already, but no, Amex the card issuer and their "rules"/"preferences" don't apply to your NFCU MoreRewards Amex. Smiley Happy


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 5 of 6
Blu617
Valued Member

Re: Carrying a balance on NFCU MoreRewards Card

Excellent! Thank you for the feedback everyone.

Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.