Evaluating The Navy Federal Platinum Credit Card For 2022

Using a balance transfer card can be smart when you're ready to take a stand against your high-interest credit card balance. Credit card options are plentiful before debt and a respectable credit score, but they narrow when you face both. To get around this problem, the Navy Federal Platinum Credit Card may be the best option because it is one of the few cards available with a 0% introductory APR offer on balance transfers that an average credit score applicant has a chance of being approved for.

Fast Facts about the Navy Federal Platinum Credit Card

There are no hidden fees, such as an annual fee or a fee for transferring a balance or making.

• Initially, there will be no interest charged.
• Continuously low interest rate, ranging from 8.99% to 18.00%
• It doesn't get you any points
• To apply, you must be a member of Navy Federal Credit Union.

Comparison Between U.S. Bank Visa® Platinum Card And Navy Federal Credit Union Platinum Credit Card*

The U.S. Bank Visa® Platinum Card may be an excellent option if you need more time to pay off a large purchase or reduce other forms of debt. With this card, you can transfer your balance for one of the most extended periods available from any card that doesn't charge an annual fee: An introductory rate of 0% for the first 18 billing periods on both purchases and balance transfers, then a variable rate of 18.74% to 28.74%. To transfer a balance, you'll have to pay either 3% or $5, whichever is greater.

The Benefits, Exposed

If you qualify, the card's variable annual percentage rate (APR) can be as low as 8.99%, which can save you a tonne of money on interest charges over the course of a year if you plan on carrying a balance. According to data from the Federal Reserve for the month of November 2021, the average interest rate on cards that charge interest is 14.51%. Its maximum interest rate of 18% is lower than what you might anticipate from a card offered to people with average credit.

Twelve Months of 0% Interest on Balance Transfers: In the first 30 days after account opening, if you transfer a balance from another credit card, you'll receive a 0% intro APR for 12 months. The interest rate on many credit cards is 0%, and some even have more extended introductory periods. While not ideal, this card can be helpful if you frequently transfer balances and value a low ongoing APR.

Justifications Of The Negative

Although interest rates in the single digits are available, obtaining one typically requires a high credit score (think a FICO score in the upper 700s). If you're thinking about applying for this card to save money on interest, remember that a higher rate may be in store for you if your credit is less than excellent.

Navy Federal's Platinum Card Has Many Advantages.

Guaranteed Low Rates For Eligible Customers:

If you plan to carry a balance on your card, you'll appreciate the card's variable APR, which may be as low as 8.99%. According to data from the Federal Reserve for the month of November 2021, the average interest rate on cards that charge interest is 14.51%. Its maximum interest rate of 18% is lower than what you might anticipate from a card offered to those with average credit.

12 Months Of 0% Interest On Balance Transfers:

In the first 30 days after account opening, you'll receive a 0% intro APR for 12 months if you transfer a balance from another credit card. The interest rate on many credit cards is 0%, and others even have more extended introductory periods. While not ideal, this card can be helpful if you frequently transfer balances and value a low ongoing APR.

Challenges With The Navy Federal Platinum Card

No Promise Of A Low-Interest Rate:

To be eligible for an interest rate in the single digits, your credit score must be pretty high (think a FICO score in the upper 700s). If you're thinking about applying for this card to save money on interest, remember that a higher rate may be in store for you if your credit is less than excellent.

Limited Availability:

For this credit card, you must be a Navy Federal Credit Union member. A person must be a part of one of the categories below in order to be accepted as a member. If you don't fulfil these criteria, you can find a similar credit card from a local credit union.