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Navy Federal Policies and Features overall

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Anonymous
Not applicable

Re: Navy Federal Policies and Features overall

Here is an opportunity for Navy Federal and is one I really wish they would consider changing. They seem to have a higher rate for balance transfers than your regular card interest rate, unfortunately.

 

My Platinum card APR is at 11.24%, yet Navy Federal says they treat balance transfers as "cash advances" and they only do them at a higher balance transfer rate of 13.24% on my card.

 

Your APR on your own card may vary, but it does seem that balance transfers come at minimum with a 2% higher interest rate than the regular card APR. I've never seen anything like that with any of my other cards.

 

Very disappointing, as I have cards with better APR rates and would not want at all to pay a higher APR on a BT than the card's regular APR.

 

I hope this changes one day as I really like Navy Federal overall, but they are not useful to me for the balance transfer.

Message 21 of 29
Guyatthebeach
Valued Contributor

Re: Navy Federal Policies and Features overall


@Anonymous wrote:

Here is an opportunity for Navy Federal and is one I really wish they would consider changing. They seem to have a higher rate for balance transfers than your regular card interest rate, unfortunately.

 

My Platinum card APR is at 11.24%, yet Navy Federal says they treat balance transfers as "cash advances" and they only do them at a higher balance transfer rate of 13.24% on my card.

 

Your APR on your own card may vary, but it does seem that balance transfers come at minimum with a 2% higher interest rate than the regular card APR. I've never seen anything like that with any of my other cards.

 

Very disappointing, as I have cards with better APR rates and would not want at all to pay a higher APR on a BT than the card's regular APR.

 

I hope this changes one day as I really like Navy Federal overall, but they are not useful to me for the balance transfer.


I noticed the same thing on my  cash rewards statement a few months ago.  It's not a big deal to me, it could be a stiv\cky situation for someone with a balance transfer.

 

I had to stop into the branch yesterday to get a new debit card, excellent customer service.

 

 

 

Message 22 of 29
Anonymous
Not applicable

Re: Navy Federal Policies and Features overall

Good thread.

Message 23 of 29
Anonymous
Not applicable

Re: Navy Federal Policies and Features overall


@beautifulblaquepearl wrote:

Good thread.


Yes I agree with you beautifulblaquepearl.... this is a really good thread indeed ;-)  I have been contemplating getting an account with NFCU and perhaps opening some type of credit line- either credit card and/or CLOC.  Just trying to wait until January 2017 so that my youngest accounts will age to 1 year on a couple of credit lines that I have.

Message 24 of 29
Anonymous
Not applicable

Re: Navy Federal Policies and Features overall


@Anonymous wrote:

Here is an opportunity for Navy Federal and is one I really wish they would consider changing. They seem to have a higher rate for balance transfers than your regular card interest rate, unfortunately.

 

My Platinum card APR is at 11.24%, yet Navy Federal says they treat balance transfers as "cash advances" and they only do them at a higher balance transfer rate of 13.24% on my card.

 

Your APR on your own card may vary, but it does seem that balance transfers come at minimum with a 2% higher interest rate than the regular card APR. I've never seen anything like that with any of my other cards.

 

Very disappointing, as I have cards with better APR rates and would not want at all to pay a higher APR on a BT than the card's regular APR.

 

I hope this changes one day as I really like Navy Federal overall, but they are not useful to me for the balance transfer.


Hi Humu and others, Balance transfers are charged at your normal interest rate so 11.24% in your case. What they mean by treat balance transfers as "cash advances" is that they start charging interest on day 1 of the transfer with no grace period. The wording sucks and is confusing, This is why I reccomend people never ever do a cash advance because they can write themselves a convenience check and be charged the lower APR for the same transaction essentially. I am not sure if you were aware from previous threads I had posted in, I am a former employee of NFCU. I have attached a screenshot of the latest statement update, it will show you a break down of what the different type of transactions will post as and what the APR will be, on the statement it lists Balance transfers and Convenience checks at the normal rate of 9.24% which is the lowest rate apr for me. And yes before someone mentions I broke my golden rule about cash advances because USAA let me open checking over the phone and silly me thought it will never actually post as a cash advance. I was wrong -_- lesson learned. Screen Shot 2016-11-16 at 12.02.49 PM.png

Message 25 of 29
Anonymous
Not applicable

Re: Navy Federal Policies and Features overall


@Anonymous wrote:

@Anonymous wrote:

Here is an opportunity for Navy Federal and is one I really wish they would consider changing. They seem to have a higher rate for balance transfers than your regular card interest rate, unfortunately.

 

My Platinum card APR is at 11.24%, yet Navy Federal says they treat balance transfers as "cash advances" and they only do them at a higher balance transfer rate of 13.24% on my card.

 

Your APR on your own card may vary, but it does seem that balance transfers come at minimum with a 2% higher interest rate than the regular card APR. I've never seen anything like that with any of my other cards.

 

Very disappointing, as I have cards with better APR rates and would not want at all to pay a higher APR on a BT than the card's regular APR.

 

I hope this changes one day as I really like Navy Federal overall, but they are not useful to me for the balance transfer.


Hi Humu and others, Balance transfers are charged at your normal interest rate so 11.24% in your case. What they mean by treat balance transfers as "cash advances" is that they start charging interest on day 1 of the transfer with no grace period. The wording sucks and is confusing, This is why I reccomend people never ever do a cash advance because they can write themselves a convenience check and be charged the lower APR for the same transaction essentially. I am not sure if you were aware from previous threads I had posted in, I am a former employee of NFCU. I have attached a screenshot of the latest statement update, it will show you a break down of what the different type of transactions will post as and what the APR will be, on the statement it lists Balance transfers and Convenience checks at the normal rate of 9.24% which is the lowest rate apr for me. And yes before someone mentions I broke my golden rule about cash advances because USAA let me open checking over the phone and silly me thought it will never actually post as a cash advance. I was wrong -_- lesson learned. 


Hi tydawg,

 

Thanks for providing clarification in that, as well as sharing a screen snap shot.  This definitely brings things into a much clearer perspective!

 

(-:

Message 26 of 29
Anonymous
Not applicable

Re: Navy Federal Policies and Features overall


@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

Here is an opportunity for Navy Federal and is one I really wish they would consider changing. They seem to have a higher rate for balance transfers than your regular card interest rate, unfortunately.

 

My Platinum card APR is at 11.24%, yet Navy Federal says they treat balance transfers as "cash advances" and they only do them at a higher balance transfer rate of 13.24% on my card.

 

Your APR on your own card may vary, but it does seem that balance transfers come at minimum with a 2% higher interest rate than the regular card APR. I've never seen anything like that with any of my other cards.

 

Very disappointing, as I have cards with better APR rates and would not want at all to pay a higher APR on a BT than the card's regular APR.

 

I hope this changes one day as I really like Navy Federal overall, but they are not useful to me for the balance transfer.


Hi Humu and others, Balance transfers are charged at your normal interest rate so 11.24% in your case. What they mean by treat balance transfers as "cash advances" is that they start charging interest on day 1 of the transfer with no grace period. The wording sucks and is confusing, This is why I reccomend people never ever do a cash advance because they can write themselves a convenience check and be charged the lower APR for the same transaction essentially. I am not sure if you were aware from previous threads I had posted in, I am a former employee of NFCU. I have attached a screenshot of the latest statement update, it will show you a break down of what the different type of transactions will post as and what the APR will be, on the statement it lists Balance transfers and Convenience checks at the normal rate of 9.24% which is the lowest rate apr for me. And yes before someone mentions I broke my golden rule about cash advances because USAA let me open checking over the phone and silly me thought it will never actually post as a cash advance. I was wrong -_- lesson learned. 


Hi tydawg,

 

Thanks for providing clarification in that, as well as sharing a screen snap shot.  This definitely brings things into a much clearer perspective!

 

(-:


Thanks, tydawg. I just wish Navy Federal would get their BT story straight. My prior statement for last month specifically said that BT's were done at the higher cash advance rate. There is an asterisk at the bottom of mine with a statement saying that balance transfers are done at the higher cash advance rate. My new statement  for this month says something entirely different. I did clarify with an employee by calling in. She told me to ignore what was written right on my statement! (yikes) Smiley Happy

Message 27 of 29
Anonymous
Not applicable

Re: Navy Federal Policies and Features overall


@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

Here is an opportunity for Navy Federal and is one I really wish they would consider changing. They seem to have a higher rate for balance transfers than your regular card interest rate, unfortunately.

 

My Platinum card APR is at 11.24%, yet Navy Federal says they treat balance transfers as "cash advances" and they only do them at a higher balance transfer rate of 13.24% on my card.

 

Your APR on your own card may vary, but it does seem that balance transfers come at minimum with a 2% higher interest rate than the regular card APR. I've never seen anything like that with any of my other cards.

 

Very disappointing, as I have cards with better APR rates and would not want at all to pay a higher APR on a BT than the card's regular APR.

 

I hope this changes one day as I really like Navy Federal overall, but they are not useful to me for the balance transfer.


Hi Humu and others, Balance transfers are charged at your normal interest rate so 11.24% in your case. What they mean by treat balance transfers as "cash advances" is that they start charging interest on day 1 of the transfer with no grace period. The wording sucks and is confusing, This is why I reccomend people never ever do a cash advance because they can write themselves a convenience check and be charged the lower APR for the same transaction essentially. I am not sure if you were aware from previous threads I had posted in, I am a former employee of NFCU. I have attached a screenshot of the latest statement update, it will show you a break down of what the different type of transactions will post as and what the APR will be, on the statement it lists Balance transfers and Convenience checks at the normal rate of 9.24% which is the lowest rate apr for me. And yes before someone mentions I broke my golden rule about cash advances because USAA let me open checking over the phone and silly me thought it will never actually post as a cash advance. I was wrong -_- lesson learned. 


Hi tydawg,

 

Thanks for providing clarification in that, as well as sharing a screen snap shot.  This definitely brings things into a much clearer perspective!

 

(-:


Agreed!Smiley Happy

Message 28 of 29
Anonymous
Not applicable

Re: Navy Federal Policies and Features overall


@Anonymous wrote:

@Anonymous wrote:

Here is an opportunity for Navy Federal and is one I really wish they would consider changing. They seem to have a higher rate for balance transfers than your regular card interest rate, unfortunately.

 

My Platinum card APR is at 11.24%, yet Navy Federal says they treat balance transfers as "cash advances" and they only do them at a higher balance transfer rate of 13.24% on my card.

 

Your APR on your own card may vary, but it does seem that balance transfers come at minimum with a 2% higher interest rate than the regular card APR. I've never seen anything like that with any of my other cards.

 

Very disappointing, as I have cards with better APR rates and would not want at all to pay a higher APR on a BT than the card's regular APR.

 

I hope this changes one day as I really like Navy Federal overall, but they are not useful to me for the balance transfer.


Hi Humu and others, Balance transfers are charged at your normal interest rate so 11.24% in your case. What they mean by treat balance transfers as "cash advances" is that they start charging interest on day 1 of the transfer with no grace period. The wording sucks and is confusing, This is why I reccomend people never ever do a cash advance because they can write themselves a convenience check and be charged the lower APR for the same transaction essentially. I am not sure if you were aware from previous threads I had posted in, I am a former employee of NFCU. I have attached a screenshot of the latest statement update, it will show you a break down of what the different type of transactions will post as and what the APR will be, on the statement it lists Balance transfers and Convenience checks at the normal rate of 9.24% which is the lowest rate apr for me. And yes before someone mentions I broke my golden rule about cash advances because USAA let me open checking over the phone and silly me thought it will never actually post as a cash advance. I was wrong -_- lesson learned. Screen Shot 2016-11-16 at 12.02.49 PM.png


Thank you for your detailed explanation and visual aid.

Message 29 of 29
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