NavyFed Credit Union has a limited-time promotion going on until Saturday, April 30th where if you do a balance transfer from an external financial institutions to your existing Navy Federal card, you’ll get a 0% APR for 12 months with no balance transfer fee. (All NavyFed cards now have no balance transfer fee, but usually the APR is 10% to 18%.) It is unclear if this offer is targeted to specific customers as it is not mentioned on the home page, but it appears you can simply log in and try for yourself (or call in).
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 includes some civilian employees in the Department of Defense. Similar previous offers from NavyFed have used “existing” in their terms to suggest that new credit card applications are ineligible, but that wording does not appear on this offer.
You can save big when you transfer your high-interest credit card balances to your Navy Federal credit card. Make a balance transfer to your Navy Federal credit card and get a 0% intro APR for 12 months. After that, your standard rate will apply. Plus, pay no balance transfer fees.*
This is a solid offer as it has been harder to find a no fee 0% APR balance transfer offer these days even though interest rates are still relatively low. However, you’ll note that Chase is not mentioned in their little balance transfer fee comparison chart as the Slate® Card from Chase is also currently available with a 0% intro APR for 15 months with no balance transfer fee on both balance transfers and purchases and $0 annual fee. You must initiate your balance transfer within 60 days of opening the account.
Both cards are good opportunities to lower the interest rate on your existing balances and accelerate any debt payoff plans. You can even pay off student loans.