Posted by William Charles on January 6, 2019
Credit Cards

Published on January 6th, 2019 | by William Charles

47

Navy Federal Credit Union (NFCU): 0% APR For 12 Months & 0% Balance Transfer Fee For New & Existing Cardholders

Update: Deal is back for 2019, but only available to some. Should show up on sign in if eligible. If you don’t see it then you should see a deal for a 1.99% rate. Hat tip to reader WhatABargain

The Offer

No direct link to offer

  • Navy Federal is offering a 0% APR on balance transfers to new and existing Navy Federal credit cardholders for 12 months. They also charge no balance transfer fees.

The Fine Print

  • Currently, rates range from 6.99% APR to 18% APR, are based on product type and creditworthiness, and will vary with the market based on the U.S. Prime Rate.
  • Maximum total transfer amount is limited to your approved credit line. Balance transfers using convenience checks are excluded from this offer.
  • If you transfer a balance with this offer, interest will be charged on purchases made with your credit card unless your purchases have a 0% APR, or you pay the entire balance (including any transferred balances) in full each month by the payment due date
  • . Offer applies to balance transfers requested within 30 days of account opening.
  • Applications must be submitted between 1/2 and 2/28 of 2019.
  • Limit of one promotional offer at account opening.
  • If you transfer a balance to an existing Navy Federal credit card, you will receive a 0% APR on the balance transferred for 12 months.
  • After that, your standard variable purchase APR will apply to any balance remaining.
  • No single balance transfer can be greater than $30,000.
  • You may transfer a balance to an existing Navy Federal credit card by logging into your account online, calling 1-800-842-6328, or visiting a branch office.
  • Must transfer balances to existing accounts by Feb. 28, 2019.

Our Verdict

Pretty great deal, especially as it works for existing cardholders as well. I think this is something NFCU offers at the start of each year. You can read more about NFCU credit cards here. You can also see a full list of credit cards that offer 0% APR with no balance transfer fees here.



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dood
dood

since I lost access to all the “secret” forums, anybody care to share best methods for maxing this out. I’m guessing you can’t transfer to a checking account. Any good no xfer fee cards around that let you send to checking?

mjs
mjs

If you have a CapOne card, check to see if you can do a BT online at no fee and treated as a purchase (for APR purposes). If so, you can get a BT check from them, cash it, then xfer the balance over to NFCU. Do this right after your CapOne statement cuts, and you can easily complete the cycle before the next CapOne statement cuts which would mean it’d always show as a $0 balance when CapOne statements are cut.

Unfortunately, I don’t have a CapOne card anymore, so hopefully some others can give other options for others that don’t as well.

dood
dood

i think my cap one has a 5k limit. i used to do this with a boa card, but that got closed after i got too aggressive with piggybacking

mjs
mjs

so, you could still do several cycles between now and the end of Feb, although potentially CapOne could always close the card by cycling multiples of the credit limit several times during each statement period.

TW
TW

NFCU rocks. As far as maxing it out by transferring to checking, I’ve never got a paper check from NFCU like you get in the mail from BoA, Cap1, Chase and others (the ones where you can write anyone a check, including yourself, to do a “balance transfer”).

I think the closest you’d be able to come is open some new cards up to meet minimum spend, then use the NFCU balance transfer to pay them off and get 12 months no interest. Obviously if the card already has 0% for 12mo as part of the opening perk then there’s no point in wasting the NFCU balance transfer on it.

Personally I’m doing a mix of transferring existing balances as well as paying off some accrued $5k minimum spend for an Amex Schwab.

Sat
Sat

Read the fine print, “balance transfer checks” are not included as part of this promotion, only balance transfers done online or over the phone.

TW
TW

Yeah.. hence why I said “I’ve never got a paper check from NFCU” and that I was paying off some other existing balances.

Ben
Ben

Just as a warning, if you do the BT and your annual fee posts during the 12 months of APR, NFCU charges you interest on the annual fee since in order to pay it off you must pay off your complete balance. You cant simply pay the fee. Its like they act the BT are first in line to be paid before it gets to the annual fee. hope that makes sense.

sloebrake
sloebrake

I thought the CARD act made that illegal.

Citi does NOT do this. If you have an outstanding 0% APR balance and the annual fee hits than they will charge interest on unpaid portions of the annual fee (without a grace period is the key). All payments applied to the highest APR first according to the CSR+manager when I went through this in late 2017 to get a minimum $1.50 interest charge waived.

Jeffrey
Jeffrey

@sloebrake That’s also what I thought. I believe some banks actually have disclaimers saying payments will be made toward balances with the highest APR.

Tony
Tony

BofA also did it and also Chase. In general, if you balance transfer to a card, better avoid making purchase with that card since there is no grace period for that purchase. Its accrue interest immediately.

Harry Nguyen
Harry Nguyen

Man, you just never know when these promotions hits… last time it was back in August, I just applied for the platinum on the 1st. Would I be eligible for this offer?

At 20K, they gave me 11.99%. I thought it would be lower than that, I saw someone got a 25K at 6.99%. How do I get the APR lowered? I know I got to use the card obviously to increase credit limit. It’s the same thing right, I just have to ask for a lower APR instead of CLI? Thanks.

Snorlax
Snorlax

Navy Federal has had these promos early Jan for like the last 3 years.

DM
DM

I love NFCU for these repetitive offers. I get similar arbitrage opportunities on my Aviator card for a 1% fee. Are there any other banks that provide 0% APR $0 fee offers on existing accounts and not just at opening? I get these from Citi too but with a 3% fee. I’d be interested in getting additional cards to move debt back and forth.

sloebrake
sloebrake

Got one on a Williams Sonoma card from Comenity Bank last year.

Only had it for a few months before the promo. Obtained the card via shopping cart trick.

sloebrake
sloebrake

Just another DP – Got another 0% fee 0% APR 21 month balance transfer offer on the Williams Sonoma Visa Card (the one you can use anywhere) in December 2018.

guy bucktastik
guy bucktastik

welp, time to get the williams sonoma card and the banana republic card for the sw33t offers.

Ken
Ken

Are we able to do multiple balance transfers? Or just once to take advantage of the promotion?

Alan
Alan

Usually, it’s any balance transfer within the designated period, i.e. you could do as many as you want up 2-28-18. It’s best to call NFCU to make sure.

I’ve been using them for years and done multiple balance transfers on 0% offers.

David
David

Any idea how it would work if you already have an existing 0% balance transfer on the card?

Alan
Alan

Yes. It works. Payments go to the older existing balance transfer until it is paid off before going to the newer balance transfer, or so I’ve been told.

I have two NFCU cards just to avoid such complications.

MickeyMouse
MickeyMouse

Pay Off the balance on the BT then make a new BT.

Example:

Existing BT Offer for 8k remaining of 20k CL.

Pay off the 8k

Make new BT for up to 20k

Ron
Ron

I’ve never done a balance transfer before on any card (I’ve avoided them specifically because the fees and interest seemed like a trap), so I have a dumb question, but I just want to be sure:

If I transfer the balance of another card to my NFCU card, it’s only the terms of this offer from NFCU that apply, and there’s no fee from the “outgoing” card for “sending” the balance over to NFCU?

Alan
Alan

You are paying off the other card. There is no fee for making payments.

MickeyMouse
MickeyMouse

It’s just like paying off the card from your checking account as far as the receiving banks are concerned.

Gadget
Gadget

The card that is being paid off doesn’t charge the fees for a balance transfer. In this case, NFCU isn’t assessing any fees to do the balance transfer.

Usually balance transfer fees apply when you get offers in the mail, for example. Normally balance transfers aren’t a good deal unless you were already being sacked with monthly interest from carrying a balance, can’t pay it off soon, and now your moving to 0% interest so you can accelerate paying down debt.

Ideally this is the only time anyone ever carries a balance on a CC, but life events happen. Just make sure you can pay it off by the time the promo period ends. Interest isn’t backdated to promo start, but will start to accrue at end of promo period. If you can’t handle the freedom of what is basically an interest free loan and will only pay minimum monthly payments after the balance transfer, then it may not be a good idea.

But, to be clear, what happens is not that the card with the balance is not being “sent” to NFCU. Instead NFCU is paying off the other card, probably mailing a real check on your behalf to satisfy the balance, and putting the balance on the NFCU card. Sometimes this process of paying off the other card can take up to a couple weeks, so I’d make sure your “old card” monthly payment isn’t due for awhile or monthly payment has been paid.

Steve
Steve

Any chance I can pay off a car loan?

Gadget
Gadget

Yes, and no. 1. Open a bank account(s) with another bank(s) that allow credit card funding. (See DoC’s list.) Fund said accounts using other card.
2. Withdraw bank account funding to pay off car.
3. Do balance transfer to cover used card balance.

Probably easier to find a signup promo card offering 0% on purchases than doing step 3, then just do steps 1 & 2.

Dan
Dan

why dont you just use a balance transfer to send a check to another credit card with $0 balance on it. that card will then have a credit balance and you just ask for a credit balance refund. you now have cash. i’ve done this before and no issues

Gadget
Gadget

I wasn’t aware you could do that. I would think that is YMMV. I was under the impression the CC co does a balance verification. NFCU is pretty uptight, in my opinion.

TWoK
TWoK

I have just put a checking account number in the account number field in the past and $30,000 showed up a few days later. Instead one could put in their car loan number, etc. It doesn’t say it has to be a credit card balance. Of course YMMV.

Ann
Ann

I’ve heard that NFCU will also provide depositable-anywhere blank balance transfer checks if you call to request them.

Orin
Orin

1.99% offer says convience checks won’t apply

Justintime
Justintime

Where do you see this promo if you have a navy federal card?

Gadget
Gadget

Once logged in, top of the online banking web page, click “Offers” link which takes you to:

https://myaccounts.navyfederal.org/NFCU/offers/myoffers

I have the offer 0% available, and if I click more details, it goes to:

https://myaccounts.navyfederal.org/NFCU/offers/offerdetail?offerName=1526&offerLocationName=Off2

:ots of fine print, but basically you have until 2/28 to “apply now”! So I imagine they are going to do a HP if you want it, even if you are an existing NFCU CC customer, which I am.

Duke
Duke

Whatever happen to the lifetime BT deal?

Stan
Stan

I heard that there may be a sign-up bonus for joining NFCU near the beginning of this year, but have not seen anything yet?

Ann
Ann

Looks like in 2018, the NFCU signup bonus promotion ran Jan 2 through Feb 28. No sign of any yet for 2019.

JerMah
JerMah

Strange. All I’ve seen since Jan 1/2 is the 1.99% offer. Same with a friend in another state. And no mention of it once logged in, only on the front page. So it’s strange that the article says you can login to see it—where? It doesn’t even show when clicking “Offers” on the top nav bar.

JerMah
JerMah

Also, the screenshot in the article shows that the BT rates are valid Dec 28. 2017. That’s a year old. What is going on here?

Ann
Ann

DOC frequently ‘bumps’ old articles with small updates when the offer dates change, without bothering to redo all the contents of the article.

Jan B
Jan B

HAD this opportunity, O% APR, just last week.

Requested a CL increase, paid off my balance with funds in my NavFed funds.

Got the increase, but lost the promo within the last few days.

If you plan to do this, do it quickly. Apparently their IT program is set up to spot certain account dynamics and change the opportunity.

WhatAbargain
WhatAbargain

Had the same thing in my account, offer disappeared in my online account, BUT I also received e-mail & postcard in mail with offer.

Announced today, perfect arbitrage opportunity at where else?
NFCU. https://www.navyfederal.org/products-services/checking-savings/certificates.php

Celebration Savings Special

We’re celebrating our new President & CEO with a special rate on our 6-month certificate—but only for a limited time.

Special Rate 6-Month Certificate 3.00% APY4 (Share/IRA/ESA)
Minimum purchase amount of $1,000
No maximum
6-month term

Orin
Orin

William Charles expired now

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