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Navy Federal Credit Union Special Offer (0% Interest & No Balance Transfer Fees for new and existing customer)

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New and existing Navy Federal Credit Card cardholders enjoy a 0% intro APR on balance transfers for 12 months. After that, a variable APR between 6.99% and 18% applies.

Offer valid for balances transferred from non-Navy Federal credit cards during 1/3/2018 and 2/28/2018.
Balance transfers are not eligible to earn rewards.
Offer applies to balance transfers requested within 30 days of account opening. .
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 2/28/2018.

Members With Existing Navy Federal Credit Cards
Sign in to your online account, select the "Transfers" tab and "Make Credit Card Balance Transfer" on the lower right side. Be sure to transfer your existing card balance before Feb. 28, 2018.

Members Without a Navy Federal Credit Card
Sign in to your online account, select the card you want to apply for, and choose the Balance Transfer option during the application process.

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[navyfederal.org]
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Created 01-03-2018 at 06:21 PM by pfroz
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This comment has been rated as unhelpful by Slickdeals users
Joined Feb 2011
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#2
Digital Federal Credit Union also offers the same for 6 months.
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#3
Any ideas on how I can take out this $30k as cash so I can put it on a certificate of deposit for those 12 months? Navy Federal is also running a special on their certificates of deposit at the moment, 2.25% APY, 15 months term. That would be nice! However, two things concern me:
1. $30k credit card balance would raise some eye brows when credit reports are pulled during required background checks for employment purposes. I'm jobhunting and it seems it's risky to have something like this on credit report right now.
2. A balance like this can prevent me from opening new credit accounts. I plan on re-applying for Saphire Reserve card after I meet 5/24 rule in May.
Any thoughts?
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#4
Quote from philosophaster
:
Any ideas on how I can take out this $30k as cash so I can put it on a certificate of deposit for those 12 months? Navy Federal is also running a special on their certificates of deposit at the moment, 2.25% APY, 15 months term. That would be nice! However, two things concern me:
1. $30k credit card balance would raise some eye brows when credit reports are pulled during required background checks for employment purposes. I'm jobhunting and it seems it's risky to have something like this on credit report right now.
2. A balance like this can prevent me from opening new credit accounts. I plan on re-applying for Saphire Reserve card after I meet 5/24 rule in May.
Any thoughts?

Same thought exactly, pulling it out to do MM. I would put it on a non use CC and call to get the refund as a check.
I didn't know that (1) matter and wouldn't (2) only applies if your utilization is high?
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Quote from pfroz :
Same thought exactly, pulling it out to do MM. I would put it on a non use CC and call to get the refund as a check.
I didn't know that (1) matter and wouldn't (2) only applies if your utilization is high?
I called citi card where I can transfer the balance from to Navy Fed to get a credit balance on citi card. Citi confirmed they would refund surplus in a form of a check. When I mentioned the amount ($30k), they said in such case refunds of this magnitude are automatically routed to their internal investigation team on suspicions of possible money laundering. It could take extra time for them to clear and release the funds. The rep said he has no idea how long it would take. Alternatively, they may also deny the check and refund the money to its point of origin instead. I called amex and they said they won't issue a check for the credit balance at all. I'd have to spend that money.

Your comments regarding (1) and (2) make sense. $30k @ 2.25 APY would result in $675 profit minus federal/state taxes. However, if for some arbitrary reason (1) does matter (high unsecured debts could indicate the person is susceptible to theft or bribery), I risk forgoing a pay hike of ~$10k/year. Also, if for some reason (2) is based on absolute balance values and not strictly on overall credit utilization, I risk forgoing 50k points, $300 in travel cost reimbursements and other perks presented by CSR card. I'd agree that the overall risk it would affect (1) and/or (2) is probably low, but I'm inclined to think that ~$400 of after-tax profits may not be worth taking it... just my 2 cents...
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#6
Quote from philosophaster
:
I called citi card where I can transfer the balance from to Navy Fed to get a credit balance on citi card. Citi confirmed they would refund surplus in a form of a check. When I mentioned the amount ($30k), they said in such case refunds of this magnitude are automatically routed to their internal investigation team on suspicions of possible money laundering. It could take extra time for them to clear and release the funds. The rep said he has no idea how long it would take. Alternatively, they may also deny the check and refund the money to its point of origin instead. I called amex and they said they won't issue a check for the credit balance at all. I'd have to spend that money.

Your comments regarding (1) and (2) make sense. $30k @ 2.25 APY would result in $675 profit minus federal/state taxes. However, if for some arbitrary reason (1) does matter (high unsecured debts could indicate the person is susceptible to theft or bribery), I risk forgoing a pay hike of ~$10k/year. Also, if for some reason (2) is based on absolute balance values and not strictly on overall credit utilization, I risk forgoing 50k points, $300 in travel cost reimbursements and other perks presented by CSR card. I'd agree that the overall risk it would affect (1) and/or (2) is probably low, but I'm inclined to think that ~$400 of after-tax profits may not be worth taking it... just my 2 cents...

Good info on the CC surplus, I didn't know that it would do that. I did a recent transfer of 20k to my Navy Fed CC. It does take additional time but I was able to speed up the process by calling them. Navy Fed only need to ensure the check was cleared in order to get the surplus put on my Navy Bank Acct. Also, I have to confirm it myself, but I believe you should be able to do multiple transfer rather than the whole lump sum. However, I believe you have to wait a certain day between balance transfer.
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#7
you can buy 30k in bitcoin convert back to cash then deposit into the cert
Quote from philosophaster
:
Any ideas on how I can take out this $30k as cash so I can put it on a certificate of deposit for those 12 months? Navy Federal is also running a special on their certificates of deposit at the moment, 2.25% APY, 15 months term. That would be nice! However, two things concern me:
1. $30k credit card balance would raise some eye brows when credit reports are pulled during required background checks for employment purposes. I'm jobhunting and it seems it's risky to have something like this on credit report right now.
2. A balance like this can prevent me from opening new credit accounts. I plan on re-applying for Saphire Reserve card after I meet 5/24 rule in May.
Any thoughts?
Quote from philosophaster
:
Any ideas on how I can take out this $30k as cash so I can put it on a certificate of deposit for those 12 months? Navy Federal is also running a special on their certificates of deposit at the moment, 2.25% APY, 15 months term. That would be nice! However, two things concern me:
1. $30k credit card balance would raise some eye brows when credit reports are pulled during required background checks for employment purposes. I'm jobhunting and it seems it's risky to have something like this on credit report right now.
2. A balance like this can prevent me from opening new credit accounts. I plan on re-applying for Saphire Reserve card after I meet 5/24 rule in May.
Any thoughts?



You can buy 30k in bitcoin convert back to cash then deposit into the cash into you nf cert...
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