Navy Federal Credit Union 1.99% APR No Balance Transfer Fee Promotion

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navyfed0Navy Federal Credit Union (NFCU) regularly offers a special balance transfer promotion every January that is available to both new and existing NFCU credit cardholders. This year it is 1.99% APR on balance transfers for 12 months with no balance transfer fee. You must transfer a non-Navy Federal credit card balance before February 28, 2019. (They also have a few new banking specials.) Thanks to Victor for the heads up.

Exclusive Offer for Current Cardholders
Pay down your credit card balance and watch it disappear with a 1.99% APR on balance transfers for 12 months. After that, your standard variable APR applies.1 Just transfer your balance from another lender to your existing Navy Federal Credit Card.

Membership eligibility for NavyFed is restricted primarily 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. Some may have joined through a military-related association in the past, but that window is now closed. If you are not military and wish to join, your best bet may be to ask an affiliated family member to refer you. NavyFed offers a variety of solid financial products including mortgage and home-buying services.

This is offer is nice in that it seems to come around every year for NFCU cardholders and you don’t need to apply for a new card. If you are willing to apply for a new card, be sure to compare first with the best no fee 0% APR balance transfer offers. Here is the current top offer which combines a 0% intro APR for 15 months, no balance transfer fee, and a sign-up bonus:

  • Amex EveryDay Card from American Express0% intro APR on both purchases and balance transfers for 15 months. After that, the variable APR will be 15.24% – 26.24%, based on your creditworthiness. No balance transfer fee for the first 60 days of opening the account. Plus, earn 15,000 Membership Rewards points after you use your new Card to make $1,000 in purchases in your first 3 months. No annual fee.

Balance transfer promotions can be good opportunities to lower the interest rate on your existing balances and accelerate any debt payoff plans. Try your best to finish your payments within the introductory period, as the rates will increase significantly after that.

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Comments

  1. Herman Sheynin says:

    There is a caveat with the Chase Slate card which I just learned the hard way. You can only transfer up to $15,000 every 30 days. Since you only get 60 days to transfer without a fee, the most you can transfer without a fee is $30,000. Anything about 30k will be outside of the 60 day window and will incur a 3% fee. This fact is not well advertised.
    So it’s not all unicorns and popcorn with Chase Slate.

    • Thanks for the data point. Though $30k is pretty much the most I’ve ever gotten from any single credit card. How high is your credit limit?

    • I agree with Jonathan. I got $15,000 credit limit for Chase Slate with a perfect credit score. So, anything above that is not realistic. Let alone $30,000. So, that caveat is really irrelevant.

      • Herman Sheynin says:

        Nick,

        It is irrelevant for you since you cannot get more than $15,000 in credit. Remember if you have other Chase credit cards you are able to transfer available credit to Slate then do the fee free transfer.

      • Well, to be fair, Chase credit limits do depend on things other than credit report data like income, specific borrowing history with Chase, and also the merging of other Chase credit lines like Herman mentioned. I’ve probably at one time had about a $40k line on one Chase card. (And maybe even your ability to talk them into it.)

        I think it is useful to know that you can only transfer $15k at one time, or $30k during the Chase Slate 60-day promo period. I was just commenting that if you are comparing to other balance transfer cards, $30k is still a relatively high number. It’s not like other card issuers are giving out $50k or $75k balance transfers without blinking an eye. 🙂

  2. What is the maximum amount one can transfer to NavyFed? Couldn’t find this information from Navy Fed site. thanks

  3. nomdeplume says:

    This NFCU offer is not available to all. It is targeted.

  4. The BankAmericard from BoA currently offers a 0% intro APR for 15 billing cycles (months) on purchases and balance transfers made in the first 60 days of account opening with a $0 intro balance transfer fee for the first 60 days that the account is open.

  5. Interesting to see these no transfer fee no interest offers coming back. For the past several years they were nowhere to be found.

  6. Navy Federal Credit Union gives you 0% interest on the money you transfer in, however, they charge you interest on any purchases you make while you are carrying the balance! I didn’t see where they disclosed this! It seems like an underhanded way to make money!

    • Every credit card must disclose their APR (interest rate) for balance transfers and purchases separately. Sometimes they are the same – ex. “0% APR on both purchases and balance transfers”, and sometimes they are different – just “0% on balance transfers”. I wouldn’t call this underhanded, but it is an important point if you a new to credit cards. I will try to point this out next time I write about it.

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