Navy Federal Credit score Union Platinum Card Overview 2021 – Forbes Advisor

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The Navy Federal Platinum Card presents a 0% intro APR on steadiness transfers for 12 months, with no steadiness switch charges. Steadiness transfers should put up to the account inside 30 days of the account opening. The utmost whole switch quantity is restricted to your accessible credit score line, however no single steadiness switch may be better than $30,000.

After the promotional interval, the usual variable APR will apply to your unpaid steadiness, between 5.99% – 18.00% Variable APR. The usual variable APR will even apply to any steadiness transfers that put up to your account greater than 30 days after opening your account.

When you select to make use of this card for each purchases and a promotional steadiness switch, Navy Federal Credit score Union will apply your minimal cost to your lowest curiosity steadiness switch, and something above your minimal cost to your steadiness carrying the best rate of interest.

Whereas the Navy Federal Platinum Card doesn’t earn rewards, in case you are carrying bank card debt, the quantity of financial savings on curiosity funds you possibly can obtain by transferring your steadiness to a card with a no curiosity promotional interval may be substantial.

Say you’ve gotten $10,000 of bank card debt on a that fees a 24.99% APR with a minimal month-to-month cost of three% of the steadiness. When you make solely the minimal month-to-month cost, over the course of 12 months you’ll have paid $3,424 and have a remaining principal steadiness of $8,953, which implies you’ll have paid $2,377 in curiosity over the yr.

In distinction, should you transfer that $10,000 to a bank card with a 0% steadiness switch provide for 12 months, your whole minimal funds will nonetheless be giant ($3,062) however you’ll have paid no curiosity fees, and solely have a steadiness of $6,938 remaining.

In case you are carrying a steadiness in your bank cards, profiting from a 0% steadiness switch provide generally is a enormous profit that dwarfs any rewards you possibly can anticipate to earn from rewards-earning bank cards.

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