NavyFed Credit Union has a limited-time promotion going on until Sunday, December 11th where if you do a balance transfer from an external financial institutions to your existing Navy Federal card, you’ll get a fixed 0% promo APR for 12 months with no balance transfer fee.
Membership eligibility for NavyFed is primarily restricted to military personnel including Army, Marine Corps, Navy and Air Force – including retirees and family members – but also include some civilian employees in Department of Defense. From the “existing” wording, it doesn’t appear that this applies to new card applications.
December 11th is Balance Transfer Day. It’s also your opportunity to save big! When you consolidate credit card balances from other financial institutions onto your existing Navy Federal card, the savings really add up. Get a 0% fixed promo APR* on balance transfers for 12 months. After that, your current standard variable purchase rate applies. And you’ll save even more because we don’t charge a balance transfer fee. You pay absolutely nothing—unheard of anywhere else!
Well, although it is indeed hard to find a no balance transfer fee 0% APR offer these days, it’s not “unheard of anywhere else”. Last month, the Chase Slate® also came out with 0% introductory APR on both balance transfers and purchases for 15 months with $0 balance transfer fee and $0 annual fee. All you have to do is initiate your balance transfer within 60 days of opening the account.
Either way, both are a good opportunities to lower the interest rate on your existing balances and accelerate that debt-free payoff.
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Very interesting, but with interest rates close to zero, why bother?
how often would it be okay sign up for a great credit card offer? do you close the old cards?
For those with existing debt, their interest rates are much higher than zero. The average credit card APR is around 15%, even now.
I checked into it and you have to meet their criteria to become a member even if the offer didn’t state it.
“For those with existing debt, their interest rates are much higher than zero. The average credit card APR is around 15%, even now.”
I guess that’s the kicker: you have to be silly enough to be carrying credit card or auto debt….
Been a member of Navy Fed for many years. Great customer service and really low loan rates. Happy with them. They used to have a very nice feature that cash withdrawals from foreign ATMs had a set charge so when abroad you could pull out $300-400 for a five dollar fee. That was really easy to like.
Ken- Fortunately I’m not carrying any debt, but I do understand that sometimes people get into situations beyond their control (medical emergencies, layoff from work…sometimes both at the same time) that lead them to live on credit to make ends meet. It’s hardly “silly”. Given the nature of this economy, the average American is just one crisis away from the “silly” scenario you describe. With savings interest rates almost near zero, penny pinching just doesn’t go as far as it used to. If you’ve got a method to help people avoid turning to credit in those hard times, please share.
Rose: Save? Prepare for financial emergencies before they happen?