Navy Federal Credit Union is kicking off the new year with several promotions that may help new cardholders with their financial resolutions.
Beginning on Jan. 5, 2021, Navy Federal is offering a 0% introductory APR for balance transfers or purchases on some credit cards. Here’s a look at the offers:
Navy Federal Credit Union® cashRewards Credit Card ($0 annual fee): Pay a 1.99% APR for 12 months on balance transfers made within 30 days of opening an account. Plus, earn $150 in cash back when you spend $3,000 within 90 days of opening an account. This offer is valid through March 1, 2021.
You must be a Navy Federal Credit Union member to qualify for these credit cards. Membership is limited to current or former members of the military or Department of Defense employees and eligible family members.
Nerd tip: If you plan to transfer a balance, it’s typically not a good idea to try to reach the spending requirement to get a sign-up offer. Any transactions made may start accruing interest charges immediately if your card charges an APR for purchases. Read your terms and conditions to understand which interest rates apply to different transactions.
Is it a good deal?
Balance transfer opportunities are hard to come by in the current economic climate. If you can qualify for one of these offers, it’s a decent deal. Plus, all of the credit cards included in Navy Federal’s balance transfer promotion don’t charge balance transfer fees, so more of your payment goes toward your balance.
Consider how much time is needed to pay off your debt to determine whether a six-month or a 12-month offer is ideal. A credit card that has incentives can also give you a reason to keep using it long after you’ve paid off the transferred balance.
Without debt, the low introductory interest rate on the Navy Federal Credit Union® More Rewards American Express® Credit Card can save you money and help finance a large purchase. The sign-up offers across several of the Navy Federal credit cards also have the potential to pad your emergency fund or defray the cost of your spending.