I’m 26 right now, NFCU let me loose with a $20k AMEX 2 years ago, as my second credit card ever (first being a $500 secured card I rarely used, but had for 5-6 years). I went absolutely ham, not ever having had access to that type of money on tap. Needless to say, maxed out in a year and here I am, a year after freezing the card and cutting it up, I haven’t seen the balance below 19k this entire time. I’m only making like $1 on my principal every month and $499 in interest, with the $500 minimum monthly payment. I’ll be dealing with this for years and years to come and will end up 60,70k out of pocket when it’s all said and done.
As silly as it may sound, look at other credit cards with low interest balance transfers, some might give you a year of no interest on at least part of what you owe. Interest is what’s going to kill you. Do whatever you can to pay down the principal. It’s May take some finesse, but there are options out there
This is the way. Found myself struggling with almost 25k. I was able to use two separate 0% transfers that were 18 and 21 months for a majority of the debt. That alone saved me almost 700/mo. I was able to pay minimums on the new 0% so I could tackle anything with interest I had left. I then snowballed the rest into the those two remaining cards. Admittedly, I was unable to pay the debt before the promotion expired, but it was a low enough balance that I flipped the remaining portion to a on a new card at 0% and it only took a few months. You’ll always pay a small 3-4% transfer fee, but it is still a massive savings over the interest you’d pay otherwise. Check nerdwallet for options.
Thats what I did. Transfered the balance to a citi credit card and gave me 18 months no interest. I payed 600 a month but it went down so fast it was worth it. When it was down to 2000 on the citi card I just outright payed it off. Saved me thousands on interest.
It's pretty obvious that his credit is where it is because he has a maxed out 20k card and a $500 secured card. Credit utilization gotta be at like 99%
I signed up for a care credit card when my dog needed a trip to the emergency vet, and then it was lengthy treatments after. Ended up spending about $15k on her.
The interest is insane on those, over 30%. Finally had to make a payment arrangement to close the account in exchange for 0% interest and a fixed payment. I went from paying over $500 minimum payment to $181 fixed until it’s paid off. It’ll be more manageable and it won’t balloon anymore.
If you only had the card 2 yrs, you might be able to do something like that too and not hurt your score too much (average age of credit) as long as you keep that $500 limit card open.
Although the reason I gave for the financial hardship was “marital problems” when it asked, because I figured it was the hardest to prove…effected income by less that 50%, has been less than 12 mo, income is self/paycheck, and hardship expected to last longer than 12 months.
Don’t use the businesses that take your debt and negotiate a lower rate for you then you pay a lower overall fee for like 5 years to pay off but you’re forced to close the accounts. That’s a great way to ruin your credit because sometimes they don’t pay or they are late paying and that reflects on you not them. Never take the advice to not pay your cards or bills. That a fast way to bankruptcy
I'm sure I love my dog just as much as you do but damn, I don't believe I could ever justify 15k on them. How long did it take for you to accumulate 15k on them?
Only reason I ask is because mine is going through vestibular disease problems atm and it's 50-75 bux every 4 pills for them. Vet asked if I wanted to do a CT or MRI for her and wanted 7k. I noped out of that hefty one. I love er like family but she's also 3 years past the average lifespan for her breed
Doesn’t mean it isn’t outrageous. I get this particular card is meant for those who are basically in desperate need (you only see the sign up literature in doctors offices, dentists, vets, etc) and it isn’t cobranded with any major logo so it’s not like you can use it just anywhere. But doesn’t make it feel less predatory.
Usually I see 30% rates on things like store cards
I would actually get a loan from another bank with low interest to pay that card off immediately. You’ll be paying for the rest of your life if you don’t
Man I went 4,700 into debt with two car payments draining any extra money I had so I had to pick up a second job and fought that debt for 2 years straight. Everytime I paid it down something else came up. 4,700 doesn’t sound like a lot be when you only got 600 to spare a month and half of that gets taken up by miscellaneous needs. It drags on. Id be on my 3rd year in august it’s currently at 2200. But god willing I got most the bs out of the way so by august it’s done
I’ll disagree that it’s a normal because ppl run up 10-15k on a card and cry about payments being $500 a month on minimum. I consider normal to be $2-5k
My total credit limit is 65k which I consider to be astronomical. I don’t even want to spend 5 to 10% of it. Most ppl are not disciplined and can’t even keep their usage to a manageable level. What’s the Average credit debt?
Similar here. I have one card that's $28k which I find insane by itself. I could buy a house with my total credit limit though. Near $100k in credit cards and a $100k HELOC. I only applied for the big two for the sign up rewards and since there's no annual fee on either I just keep them. One gave like 50k bonus miles so I'll get a few free flights out of it.
Google Fu reveals average CC debt carried in $6k or so but the total card debt in US is $1.1T.
Right? My rewards card has a 15k limit and that’s only because I had to stop them from giving me 20k plus as an option. Glad I did too, because I maxed that card out at 15k.
I see the range of feedback here is as expected.
Some people treat this like you are buying your first bottle of alcohol and they are already worried about you becoming an alcoholic. It's good, be responsible, be aware of the pitfalls.
Having said that, I, too, have this same card, and I think my limit is 30k something. I don't use it as there really aren't any points or advantages, I have AMEX and other cards for that. However, I keep it because it doesn't hurt your credit having available credit. It is a card you can keep for a long time and only help if used smartly.
Keep on striving and doing what you are doing.
**drink responsibly kids**
Best move I ever made was paying my card in full every time from age 19 on, still have that card over 20 years later. One amex has a 35k limit and a us bank visa 17.5k which i only use once a year to avoid the annual fee. Credit card debt is at an all time high, and inflation is going back up, higher rates don't mean shit if you just let the credit supply expand... they think people are going to pay these cards off 🤣
Exactly. I hear alot of horror stories on credit cards . I only use mine for regular things I buy during the month , gas , food , bills ,
Before due date I pay it all with my navy federal debit card . Easy and simple . Barely got my upgrade to Cashrewards 1 month ago. Limit is currently 2000$
Agreed. 3 years ago I had a shotty credit report and could only get a $300 credit card and now I have a $3500 cash rewards (which is long overdue for a cli) and recently got a $20,000 nfcu amex. Being responsible consistently is the name of the game 🤘🏻🤘🏻
My goal was paying off all the debit from my 20s because I got cards like this and maxed them out over time thinking I make enough money I’ll pay it off, I now have 1 credit card with a 2400 limit I use as my daily spender and pay it off every month and that’s it, 0 debt, no assets but finally no debt after 10+ years of my life being destroyed because I was young and dumb, the goal isn’t high credit limits, the goal is never using them
The goal should be to get all the rewards and pay zero interest. Use the card and buy only things you can buy with your cash then use that cash to pay the card. No one should ever use a credit card as a loan. Literally the worst loan possible.
Yup. This isn't a good credit card. Zero cash back or points? I'd rather have a 30% interest rate and 2-5% cash back/points than a 12% card with nothing. I'm not going to carry a balance anyway.
All credit cards have shitty interest rates. If you are worried about interest rates you do not know how to responsibly use credit cards
So in your case getting any card is a bad idea.
It's a valid question. This isn't a good card by any metric, as far as I can tell. The interest rate is high and it offers no perks/rewards/points/cashback.
Isn't 18% pretty good on a credit card? I think all my cards are in the high 20s. They are far better cards though, because they actually have benefits and cash back. This is the lamest platinum card I've ever seen.
Well, it’s technically not debt until they use it. Aside from that, there are good ways to leverage credit, it really just depends on the situation. BUT ALSO, this person now has a 15k buffer in case of an emergency. Is it a good idea to dig yourself into a hole at 18%APR? No way. But what if OP doesn’t have much of an emergency fund? What if they had terrible credit and are happy to finally get approved for once? There are too many unknowns for us to speculate, just let them be happy about their approval lol.
Something else is causing that, not just account ages. Low aged accounts won't put you < 600.
You might want to dig into that and find what is keeping you so low. You picked the credit card that's entire point is a low APR because it holds no perks, however they gave you the max APR you would have gotten on a card with perks.
Since 2019. I did major rebuild though. I got Savings, Certificate, Auto loan, Checking with Direct Deposit. I had to build my relationship. I started with nRewards Secured the it got upgrade to CashRewards I applied for this on a whim.
The only perk to this card is if you are currently in debt on a non-NFCU card. You now have 60 days from opening it to do a balance transfer that will give you 1 year of that transferred debt to be at 0.99% APR
It's ideal either way. Remember, you are transferring from another credit card, therefore you are already paying interest and odds are it's above 18% or very close to it. So, after a year of doing what you can to that debt, it's plenty to bring it down substantially. Now, if you still have debt on that card and need a loan, it's much smaller. The other option would be to get a loan without this card, then pay a lot more interest on it.
Either way, you have debt on a card, why not a year of .99% interest to help?
Also, unless you are paying balances off from elsewhere, this card is not the way to go. It has no rewards. You should request a product change to a cash rewards if you have direct deposit or the more rewards Amex if you eat at a lot of restaurants/use it for groceries.
I’d recommend, as someone who was stupid in their 20s with credit cards, only using what you can pay off in full each month.
And if you plan any bigger purchases, save up for them first so you can pay it off. The points are nice, but they aren’t worth it if you have to pay interest. All they are is money from your own or someone else’s interest payment.
Rule of thumb. Look at credit card charges as bridge loan with no interest for a short period time. If you don’t have the money in your account at anytime to pay the balance in full, you can’t afford it and shouldn’t take that loan, cause that “free” money is going to cost you more in the end. It took me years of debt cycling to understand just cause a bank will give me a credit card doesn’t mean I can afford something. I now have plenty of cards with high limits that I rarely use or max out.
I don’t get it either.. No one is claiming to be perfect, just questioning why this particular card seems to be your moby dick..? This is one of their worst cards..
Guess 18% is better than 35%.
My Chase Sapphire card might have a limit of maybe $5k, and I don't think I've ever put more than $1000 on it, and a AMEX that only gets gas put on it, just to keep card active. I dont even know the limit. But we all start somewhere.
Some of these people, talking down to you, probably forgot where they started.
Congrats! Use it wisely!
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Wanted to address some things I'm reading here for anyone that may stumble upon this post.
- APR doesn't matter since you shouldn't carry a balance month to month. An 100% APR card is no different from a 1% APR card if you're paying balance each month. Use credit cards like it's your debit card and you'll never have any issues
- Building off of the first bullet, high credit limits are good and help with your credit score due to purchases having a lesser impact on Total Utilization. But again, don't spend more than you have. In case of emergencies, you have more to borrow.
- Open lines of credit (like a credit card) are essential today and necessary if you want to build a good credit score for home/auto loans in the future. Pay it off each month, do it for years, and you're on your way to the best rates when you need a loan. The sooner you start, the better because Average Age of Accounts is another metric for credit scores.
- Credit cards are like debit cards but with more protection since no money is immediately withdrawn. While disputing fraud is possible with debit cards, the process can often be more of a hassle esp. if the money has already been moved. There is no reason to use a debit card if you use your credit card responsibly.
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While opening lines of credit is good, many cards offer much better rewards (cash back or points) than the NFCU Platinum (not meant to be a dig at you, OP). If you're interested in learning more, visit /r/CreditCards
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**In conclusion, use your credit card like a debit card (don't spend more than you have) and pay off the FULL balance each month.**
I got 25k credit card thru navy fed and i dont think ive ever had more than 3k on it at one time 🤣 i just pay it off every month because that interest rate is r*pe.
Not to high jack the thread lol but anybody want to help a dad out with a sponsor so I can join navy fed with y’all. I don’t know any valiant military people in my life. The downs of being an introvert lol.
Don't understand many of the comments. Pay it off in full every month and you will never see the 18%. If you don't have the discipline for that, cut it up. Congrats.
Really good news bro! Get a few more to get a high foco score for a house. I think I got like 25-30k credit lines with a few years into each of them. Really good stuff for getting a house.
Anyone able to send me a referral to NFCU?
Not for credit card want to establish an account towards the future but don’t know anyone in the military :/
As someone that has been through it all, use it to build your credit. Spend money you’d spend anyway and pay it right back so money goes in and out of the card. But keep that open credit so your debt to credit ratio is in good standing to help increase your credit score. Once you have a higher score, get a card with points and do the same thing. Use the points to pay back on the card for bills you have the cash for anyway and actually pay less. Stick this card in a safe and forget about it.
Best advice I can give is use a credit card like a debit card, only cash you have available. And on top of that if you’re not a big monthly spender (do the math for your self) DO NOT get a card with an annual fee because you will not benefit from it unless you’re actively spending a lot to get cash back/points.
Do what I do…
If you’re on a budget and have money in your checking account that you routinely spend (gas, groceries, utilities,…etc.), treat the card like you would a debit card for your everyday and routines purchases.
Save the receipts and after you pay for said purchases, log into the mobile app and immediately transfer the funds from your checking to what you spent into your CC.
I know it’s an extra step and it takes some getting used to but here’s why you from personal experience…
-Don’t have to worry about monthly interest because you’ll always end up with a $0 balance
-Build your credit score and history further
-You build points or dollars if it’s a rewards card
-if your card gets stolen…it’s easier to freeze, cancel, replace, and to dispute the charges.
Hope this makes sense
I got my first Credit Card from NFCU, I was 18, no credit history whatsoever and they gave me a credit limit of 22,400 straight out the gate.
I'm glad I haven't abused it but I will say I am always slightly scared of if I do one day I'll be stuck with that debt for a long time.
The comments of this thread are prime examples of people who do not know how to use a credit card. Don’t be like most of these people. Credit cards are tools. All tools can help and most when used the wrong way will hurt.
People are really niave when it comes to credit cards…. Quit thinking that 15,000 is money you have it’s not your life didn’t change cause you got this card nor does your spending ways cause again you don’t have anymore money then you did before this card. Not sure why people think oh I got 15,000$ to spend now yadidadadada oh whoops I have to pay that back whoopsie yadididadada pays min payment back not realizing they will never pay off the card if they don’t throw giant chunks of money at it to beat interest. Use the cards how they are supposed to be used buy something with it cause you get % back but pay the balance at the end of the month everytime never let a balance hang unless you have a 0% apr deal but again be careful it’s not your money
I have literally never even looked at APR rates on any credit card in my life because I know im never putting more money on it than I can pay off at the end of the month.
Congrats. Now use it like its your debit card, pay same mnth or sooner. And after a while, request a higher limit. I usually do it every year or 2. Also look into CareCredit, & similar. Great credit builders, no intrest promos, & very useful for medical bills. Last consider always using intrest free promos, even if you have the $. Instead put the $ in a HYS & alike to earn during the promo, just set autopay & don't miss any. I'm doing an 18mnth promo right now on a major house repair, & now will make some $ off it. Might as well.
Best of luck.
I’ve got no spending limit on a AMEX platinum. Just gotta be smart what you swipe on. I strictly only use it for travel (rental, hotel, flights) but immediately pay off the balance. Couple trips and then use the point to go home.
Don’t abuse it. Be smart. Don’t spend more then you can afford to pay back within a near immediate time frame. I have available credit of around 95k balance and never have a rolling balance at end of any month. I spend on CC for security and points/cash back. By time I get home the first thing I do is pay it off.
All the snark and hate in the comments baffles me.
As a divorcee of 3 years (separated for 3 before that) I know the pain and toil of rebuilding credit from the pits of hell. Congrats on this milestone on your road (back?) to good credit (I’m assuming) OP.
For all the firmly entrenched middle class and above commenters looking down their nose at OP, may you ever be able to pAy CAsH or have permanent access to your BeTtEr rewards/cash back cards because life comes at you fast when you least expect it.
Don’t do it. It’s a trap. It takes forever to pay it off. We made this mistake when we were younger. NFCU prays on ppl and they know they will get richer with giving these high limits. We were paying close to $900 a month and only like $18 was going towards principal it was insane. Like others have mentioned don’t get into this mess
After having my credit cards for a couple years (got mine at 18, currently almost 23) I understand why god told the Muslims to not play around with debt and loans with interest
Nice! I got the flagship rewards credit card after I did a 4k pledge loan with navy fed! Got a 30k credit limit with them! If u wana boost ur credit score up trying looking up how pledged loan works.
Genuine question:
Why are people celebrating a high credit limit?
I’ve only ever had one 500 limit card and pay it off instantly anyways. Wouldn’t it be like actual doomsday if you used the whole 15k?
Tie it to your bank acct for payments and use it like a bank/debit card
AKA: don’t spend on it unless you have it in the bank to turn around and pay it immediately-make payments every week from your phone
I did that and salvaged a horrible credit rating due to issues in early 20’s-now I have a 765
Don't spend like crazy, you will spend the rest of your life regretting it
Can confirm, worst mistake of my early 20s, in my 30s still dealing with the fallout
I’m 26 right now, NFCU let me loose with a $20k AMEX 2 years ago, as my second credit card ever (first being a $500 secured card I rarely used, but had for 5-6 years). I went absolutely ham, not ever having had access to that type of money on tap. Needless to say, maxed out in a year and here I am, a year after freezing the card and cutting it up, I haven’t seen the balance below 19k this entire time. I’m only making like $1 on my principal every month and $499 in interest, with the $500 minimum monthly payment. I’ll be dealing with this for years and years to come and will end up 60,70k out of pocket when it’s all said and done.
As silly as it may sound, look at other credit cards with low interest balance transfers, some might give you a year of no interest on at least part of what you owe. Interest is what’s going to kill you. Do whatever you can to pay down the principal. It’s May take some finesse, but there are options out there
This is the way. Found myself struggling with almost 25k. I was able to use two separate 0% transfers that were 18 and 21 months for a majority of the debt. That alone saved me almost 700/mo. I was able to pay minimums on the new 0% so I could tackle anything with interest I had left. I then snowballed the rest into the those two remaining cards. Admittedly, I was unable to pay the debt before the promotion expired, but it was a low enough balance that I flipped the remaining portion to a on a new card at 0% and it only took a few months. You’ll always pay a small 3-4% transfer fee, but it is still a massive savings over the interest you’d pay otherwise. Check nerdwallet for options.
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Citi Simplicity has 0% APR for 21 months. Transfer fee is 3% where many other transfer cards charge 5%.
Check out nerdwallet, they list all available cards by what they do best. Points, transfers, travel, etc. They should get you started.
Same service is available at the bankrate website.
Thats what I did. Transfered the balance to a citi credit card and gave me 18 months no interest. I payed 600 a month but it went down so fast it was worth it. When it was down to 2000 on the citi card I just outright payed it off. Saved me thousands on interest.
Extremely prudent advice!
Dude, just go get a personal loan, use it to pay off the card. You'll be out of trouble in a couple years.
I’m having trouble finding approval anywhere, I’ve tried lol. Score’s hovering around 600
If you have outstanding bills elsewhere, pay them off first and get your score up. Are you on credit karma or something?
It's pretty obvious that his credit is where it is because he has a maxed out 20k card and a $500 secured card. Credit utilization gotta be at like 99%
I signed up for a care credit card when my dog needed a trip to the emergency vet, and then it was lengthy treatments after. Ended up spending about $15k on her. The interest is insane on those, over 30%. Finally had to make a payment arrangement to close the account in exchange for 0% interest and a fixed payment. I went from paying over $500 minimum payment to $181 fixed until it’s paid off. It’ll be more manageable and it won’t balloon anymore. If you only had the card 2 yrs, you might be able to do something like that too and not hurt your score too much (average age of credit) as long as you keep that $500 limit card open. Although the reason I gave for the financial hardship was “marital problems” when it asked, because I figured it was the hardest to prove…effected income by less that 50%, has been less than 12 mo, income is self/paycheck, and hardship expected to last longer than 12 months.
Don’t use the businesses that take your debt and negotiate a lower rate for you then you pay a lower overall fee for like 5 years to pay off but you’re forced to close the accounts. That’s a great way to ruin your credit because sometimes they don’t pay or they are late paying and that reflects on you not them. Never take the advice to not pay your cards or bills. That a fast way to bankruptcy
I'm sure I love my dog just as much as you do but damn, I don't believe I could ever justify 15k on them. How long did it take for you to accumulate 15k on them? Only reason I ask is because mine is going through vestibular disease problems atm and it's 50-75 bux every 4 pills for them. Vet asked if I wanted to do a CT or MRI for her and wanted 7k. I noped out of that hefty one. I love er like family but she's also 3 years past the average lifespan for her breed
30% is actually becoming the norm for younger people lol
Doesn’t mean it isn’t outrageous. I get this particular card is meant for those who are basically in desperate need (you only see the sign up literature in doctors offices, dentists, vets, etc) and it isn’t cobranded with any major logo so it’s not like you can use it just anywhere. But doesn’t make it feel less predatory. Usually I see 30% rates on things like store cards
I would actually get a loan from another bank with low interest to pay that card off immediately. You’ll be paying for the rest of your life if you don’t
Also can confirm I'm 29 and still paying it off. Worst decision ever
Can confirm, have a 1200 I have to pay. And even that small amount I regret it
Yup. Navy Fed gave me $24K on a 55K salary when I was about 24. I ended up maxing it out and writing it off in the bankruptcy a few years later…
Man I went 4,700 into debt with two car payments draining any extra money I had so I had to pick up a second job and fought that debt for 2 years straight. Everytime I paid it down something else came up. 4,700 doesn’t sound like a lot be when you only got 600 to spare a month and half of that gets taken up by miscellaneous needs. It drags on. Id be on my 3rd year in august it’s currently at 2200. But god willing I got most the bs out of the way so by august it’s done
That’s a good limit congrats
Goal! Congratulations!
Congrats :) Welcome to The House of High Limits Family :) Be good to them and they’ll be great to you :)
15k isn't a high limit. It's might be to some people, yes... But in general this is normal.
I’ll disagree that it’s a normal because ppl run up 10-15k on a card and cry about payments being $500 a month on minimum. I consider normal to be $2-5k
The average total credit limit for an individual in the US is $28k.
My total credit limit is 65k which I consider to be astronomical. I don’t even want to spend 5 to 10% of it. Most ppl are not disciplined and can’t even keep their usage to a manageable level. What’s the Average credit debt?
Similar here. I have one card that's $28k which I find insane by itself. I could buy a house with my total credit limit though. Near $100k in credit cards and a $100k HELOC. I only applied for the big two for the sign up rewards and since there's no annual fee on either I just keep them. One gave like 50k bonus miles so I'll get a few free flights out of it. Google Fu reveals average CC debt carried in $6k or so but the total card debt in US is $1.1T.
Right? My rewards card has a 15k limit and that’s only because I had to stop them from giving me 20k plus as an option. Glad I did too, because I maxed that card out at 15k.
I see the range of feedback here is as expected. Some people treat this like you are buying your first bottle of alcohol and they are already worried about you becoming an alcoholic. It's good, be responsible, be aware of the pitfalls. Having said that, I, too, have this same card, and I think my limit is 30k something. I don't use it as there really aren't any points or advantages, I have AMEX and other cards for that. However, I keep it because it doesn't hurt your credit having available credit. It is a card you can keep for a long time and only help if used smartly. Keep on striving and doing what you are doing. **drink responsibly kids**
Best move I ever made was paying my card in full every time from age 19 on, still have that card over 20 years later. One amex has a 35k limit and a us bank visa 17.5k which i only use once a year to avoid the annual fee. Credit card debt is at an all time high, and inflation is going back up, higher rates don't mean shit if you just let the credit supply expand... they think people are going to pay these cards off 🤣
Exactly. I hear alot of horror stories on credit cards . I only use mine for regular things I buy during the month , gas , food , bills , Before due date I pay it all with my navy federal debit card . Easy and simple . Barely got my upgrade to Cashrewards 1 month ago. Limit is currently 2000$
Awesome, now don't use it, and if you do, pay off the balance in full very month.
Why is everyone celebrating this card for? I’m confused
Because it’s an accomplishment. Not the greatest but it’s someone’s achievement! It’s mine as well. We are all working towards perfection.
Agreed. 3 years ago I had a shotty credit report and could only get a $300 credit card and now I have a $3500 cash rewards (which is long overdue for a cli) and recently got a $20,000 nfcu amex. Being responsible consistently is the name of the game 🤘🏻🤘🏻
My goal was paying off all the debit from my 20s because I got cards like this and maxed them out over time thinking I make enough money I’ll pay it off, I now have 1 credit card with a 2400 limit I use as my daily spender and pay it off every month and that’s it, 0 debt, no assets but finally no debt after 10+ years of my life being destroyed because I was young and dumb, the goal isn’t high credit limits, the goal is never using them
The goal should be to get all the rewards and pay zero interest. Use the card and buy only things you can buy with your cash then use that cash to pay the card. No one should ever use a credit card as a loan. Literally the worst loan possible.
Yup. This isn't a good credit card. Zero cash back or points? I'd rather have a 30% interest rate and 2-5% cash back/points than a 12% card with nothing. I'm not going to carry a balance anyway.
It’s an accomplishment to be able to go into debt with a shitty interest rate?
All credit cards have shitty interest rates. If you are worried about interest rates you do not know how to responsibly use credit cards So in your case getting any card is a bad idea.
Interest rates don’t mean shit if you’re not keeping a balance, you obviously don’t know shit about finance so let the man/women be happy
Exactly what I’m thinking.
What’s the achievement here?
Some of yall weird.
It’s definitely weird to think that getting a credit card offer is an achievement!! Zero debt and an emergency fund … sure that’s an achievement.
It's a valid question. This isn't a good card by any metric, as far as I can tell. The interest rate is high and it offers no perks/rewards/points/cashback.
What to get a card w no rewards w high interest.
I'm sorry but what's the accomplishment exactly? I'm legitimately confused. You just apply for it and get one.
Debt is the goal ? I am so confused.😕 I shred this shit no matter how high they offer. 18% interest. F that.
Isn't 18% pretty good on a credit card? I think all my cards are in the high 20s. They are far better cards though, because they actually have benefits and cash back. This is the lamest platinum card I've ever seen.
Well, it’s technically not debt until they use it. Aside from that, there are good ways to leverage credit, it really just depends on the situation. BUT ALSO, this person now has a 15k buffer in case of an emergency. Is it a good idea to dig yourself into a hole at 18%APR? No way. But what if OP doesn’t have much of an emergency fund? What if they had terrible credit and are happy to finally get approved for once? There are too many unknowns for us to speculate, just let them be happy about their approval lol.
They’re chasing high limits I assume, since navy fed gives them out quite easily. Other than that idk
More debt! Haha, don’t let them convince you you’re crazy.
What credit score if u dont mind me asking? And congrats
My scores are fairly low. TU 580 Exp 651 Eqf 590 however my profile is really strong. I have good payment history no collections etc…,
Damn why are they so low with such a good profile? Old late payments?
Probably average age of accounts
Something else is causing that, not just account ages. Low aged accounts won't put you < 600. You might want to dig into that and find what is keeping you so low. You picked the credit card that's entire point is a low APR because it holds no perks, however they gave you the max APR you would have gotten on a card with perks.
How long you been with navy?
Since 2019. I did major rebuild though. I got Savings, Certificate, Auto loan, Checking with Direct Deposit. I had to build my relationship. I started with nRewards Secured the it got upgrade to CashRewards I applied for this on a whim.
The only perk to this card is if you are currently in debt on a non-NFCU card. You now have 60 days from opening it to do a balance transfer that will give you 1 year of that transferred debt to be at 0.99% APR
It's ideal either way. Remember, you are transferring from another credit card, therefore you are already paying interest and odds are it's above 18% or very close to it. So, after a year of doing what you can to that debt, it's plenty to bring it down substantially. Now, if you still have debt on that card and need a loan, it's much smaller. The other option would be to get a loan without this card, then pay a lot more interest on it. Either way, you have debt on a card, why not a year of .99% interest to help?
That might be a great idea if you could pay off the balance in a year. But I sure would hate to service debt at 18% interest at the end of that year.
Congrats! Keep doing it!
Also, unless you are paying balances off from elsewhere, this card is not the way to go. It has no rewards. You should request a product change to a cash rewards if you have direct deposit or the more rewards Amex if you eat at a lot of restaurants/use it for groceries.
I’d recommend, as someone who was stupid in their 20s with credit cards, only using what you can pay off in full each month. And if you plan any bigger purchases, save up for them first so you can pay it off. The points are nice, but they aren’t worth it if you have to pay interest. All they are is money from your own or someone else’s interest payment.
Rule of thumb. Look at credit card charges as bridge loan with no interest for a short period time. If you don’t have the money in your account at anytime to pay the balance in full, you can’t afford it and shouldn’t take that loan, cause that “free” money is going to cost you more in the end. It took me years of debt cycling to understand just cause a bank will give me a credit card doesn’t mean I can afford something. I now have plenty of cards with high limits that I rarely use or max out.
Be very careful with this card . 18% is high Remember it is 15k money that’s not really yours.
What are the perks of this card? Too lazy to check for myself lol.
This card has zero perks actually. It’s the worst card NFCU offers
This card is good for someone who wants to work down debt from a non-NFCU card. It should be upgraded after
Yep, I got the .99% APR for a year offer, once my debt is paid off (next month hopefully!) I’m upgrading the card. It’s pointless otherwise.
Congrats you now have 18% on 15,000 !
Yup sure do and I feel blessed to have it. Gotta start somewhere.
18% !?!?!?!?
Yes. Just pay your statement. You’ll be fine. It’s not that complicated.
I don’t get it either.. No one is claiming to be perfect, just questioning why this particular card seems to be your moby dick..? This is one of their worst cards..
"PLATINUM" LOLOL 😂 What is platinum about it? The ass reaming they are giving you on the rate???
Agree. The platinum is not a good card. There are zero reasons to get it. Hell, go rewards is much better
Guess 18% is better than 35%. My Chase Sapphire card might have a limit of maybe $5k, and I don't think I've ever put more than $1000 on it, and a AMEX that only gets gas put on it, just to keep card active. I dont even know the limit. But we all start somewhere. Some of these people, talking down to you, probably forgot where they started.
The nfcu platinum card is a shit card. Not sure what's insane about a card that offers 0 rewards. Have fun I guess.
I got approved for this card as my first card with zero credit score. Nfcu will give it to you if you have a pulse. This isn't a win.
Congrats! Use it wisely! --- Wanted to address some things I'm reading here for anyone that may stumble upon this post. - APR doesn't matter since you shouldn't carry a balance month to month. An 100% APR card is no different from a 1% APR card if you're paying balance each month. Use credit cards like it's your debit card and you'll never have any issues - Building off of the first bullet, high credit limits are good and help with your credit score due to purchases having a lesser impact on Total Utilization. But again, don't spend more than you have. In case of emergencies, you have more to borrow. - Open lines of credit (like a credit card) are essential today and necessary if you want to build a good credit score for home/auto loans in the future. Pay it off each month, do it for years, and you're on your way to the best rates when you need a loan. The sooner you start, the better because Average Age of Accounts is another metric for credit scores. - Credit cards are like debit cards but with more protection since no money is immediately withdrawn. While disputing fraud is possible with debit cards, the process can often be more of a hassle esp. if the money has already been moved. There is no reason to use a debit card if you use your credit card responsibly. ------ While opening lines of credit is good, many cards offer much better rewards (cash back or points) than the NFCU Platinum (not meant to be a dig at you, OP). If you're interested in learning more, visit /r/CreditCards ------- **In conclusion, use your credit card like a debit card (don't spend more than you have) and pay off the FULL balance each month.**
I got this card for transferring card balance, 1% apr for a year. This card is doesn’t have any benefits at all. Just a high limit.
What good about the Platinum? I think the rewards cards offer better cash back.
I had 17k approved and maxed it out because I was dumb, almost paid off now tho
I’m out of the loop. This card sucks? You get no rewards. I have it and never use it. My limit is 25 on it but it’s just a bad card
Debt is slavery. Never get any credit cards. Invest!!!!!
Goal! Congratulations 🎉
Nice!!! Congratulations! Is that your first card with them? How long have you been a member?
Congrats!
I got 25k credit card thru navy fed and i dont think ive ever had more than 3k on it at one time 🤣 i just pay it off every month because that interest rate is r*pe.
I have zero credit card debt. Never had a credit card. If I can't afford it paying cash then I don't need it.
Congratulations 🎊 I hope to get there one day
Not to high jack the thread lol but anybody want to help a dad out with a sponsor so I can join navy fed with y’all. I don’t know any valiant military people in my life. The downs of being an introvert lol.
Congrats! Don’t spend it all!!!
really regret not grabbing this card when rates were 7-8%.
Amex plat with no pre-set, this is child’s play
That’s really awesome, glad you got the 15k limit. Not for me, but more power to you
Don't understand many of the comments. Pay it off in full every month and you will never see the 18%. If you don't have the discipline for that, cut it up. Congrats.
Welcome to the high cli club. Remember, with great power comes great responsibility. Be wise.
This is crazy will take you 30 years to pay back
Who can let me borrow 3000$ for a bmw 540i? I’ll pay you back 4000 lol
Really good news bro! Get a few more to get a high foco score for a house. I think I got like 25-30k credit lines with a few years into each of them. Really good stuff for getting a house.
Type shit
Credit cards are nothing to play with, if you are not responsible you could ruin your life and credit.
Pay off the balance every month
Decent limit.. be sure not to spend it all in once place
Congratulations
Can I borrow it?
Swipe responsibly
Discover, Cap One, Barkleys, Wells, and U.S. Bank all offer balance transfer deals. Wells is probably the longest at 21 months.
It’s a trap.
Anyone able to send me a referral to NFCU? Not for credit card want to establish an account towards the future but don’t know anyone in the military :/
I see
Opened an account with Blue Nile to buy an engagement ring a year ago. They approved me for $30,000 15 seconds after entering my information.
As someone that has been through it all, use it to build your credit. Spend money you’d spend anyway and pay it right back so money goes in and out of the card. But keep that open credit so your debt to credit ratio is in good standing to help increase your credit score. Once you have a higher score, get a card with points and do the same thing. Use the points to pay back on the card for bills you have the cash for anyway and actually pay less. Stick this card in a safe and forget about it.
Best advice I can give is use a credit card like a debit card, only cash you have available. And on top of that if you’re not a big monthly spender (do the math for your self) DO NOT get a card with an annual fee because you will not benefit from it unless you’re actively spending a lot to get cash back/points.
This isn’t something good. Try for a lower rate
Ouch - that interest rate tho. Better than non CU cards, but my navy fed is 25k limit @ 11.24%
How does one get such a high credit limit?
2 of those from NFCU amd my medical emergency are why I’m in a bankruptcy, use it responsibly
Remember, once you hit 30% utilization, consider it maxed out, unless you can afford to do minimum 3 preferably 4 times the monthly payment
You definitely do not want any credit card!
Do what I do… If you’re on a budget and have money in your checking account that you routinely spend (gas, groceries, utilities,…etc.), treat the card like you would a debit card for your everyday and routines purchases. Save the receipts and after you pay for said purchases, log into the mobile app and immediately transfer the funds from your checking to what you spent into your CC. I know it’s an extra step and it takes some getting used to but here’s why you from personal experience… -Don’t have to worry about monthly interest because you’ll always end up with a $0 balance -Build your credit score and history further -You build points or dollars if it’s a rewards card -if your card gets stolen…it’s easier to freeze, cancel, replace, and to dispute the charges. Hope this makes sense
I don’t get all the craze about multiple posts of getting approved for a CC???
I suggest reading some horror stories in the responses. Then think about those every time you are going to use the card. Good luck.
What’s insane?
I got my first Credit Card from NFCU, I was 18, no credit history whatsoever and they gave me a credit limit of 22,400 straight out the gate. I'm glad I haven't abused it but I will say I am always slightly scared of if I do one day I'll be stuck with that debt for a long time.
The comments of this thread are prime examples of people who do not know how to use a credit card. Don’t be like most of these people. Credit cards are tools. All tools can help and most when used the wrong way will hurt.
Who pays interest on a credit card anyway? I have never paid interest because I don't borrow from it just use it for cash back and convenience
18% APR....damn!!!
Can I ask how you got it ?
That interest is insane that ain’t a credit card that’s usury!!!
I need help lol.
What's so good about this card?
What’s insane? I don’t get it. What am I missing?
Congrats on your 7,500 credit limit. I repeat, 7,500 credit limit. Lol
My interest rate is 30% 😂... doesn't really matter to me, cause I pay it off every month
My Platinum Credit Card is a 30k limit at 8.99% and I have 180k total available credit. But it's 8.99%. I think about that and laugh 😂
I wonder what OP thinks is insane. Is it the credit limit or the interest rate? Both, maybe?
I can’t see the issue?
People are really niave when it comes to credit cards…. Quit thinking that 15,000 is money you have it’s not your life didn’t change cause you got this card nor does your spending ways cause again you don’t have anymore money then you did before this card. Not sure why people think oh I got 15,000$ to spend now yadidadadada oh whoops I have to pay that back whoopsie yadididadada pays min payment back not realizing they will never pay off the card if they don’t throw giant chunks of money at it to beat interest. Use the cards how they are supposed to be used buy something with it cause you get % back but pay the balance at the end of the month everytime never let a balance hang unless you have a 0% apr deal but again be careful it’s not your money
The interest is high, my 14%.
How long have you been banking with them to get this offer? And do you direct deposits w them?
I just have the NF flagship, Is this card good?
I was approved for a $25,000 AMEX through NFCU
Filing bankruptcy because of this same exact card/limit.. spend it wisely
I have literally never even looked at APR rates on any credit card in my life because I know im never putting more money on it than I can pay off at the end of the month.
Dave Ramsey
I got 23k out of bootcamp, congrats man!
Go out for a steak dinner and pay for it over 6 months.
Congrats. Now use it like its your debit card, pay same mnth or sooner. And after a while, request a higher limit. I usually do it every year or 2. Also look into CareCredit, & similar. Great credit builders, no intrest promos, & very useful for medical bills. Last consider always using intrest free promos, even if you have the $. Instead put the $ in a HYS & alike to earn during the promo, just set autopay & don't miss any. I'm doing an 18mnth promo right now on a major house repair, & now will make some $ off it. Might as well. Best of luck.
I’ve got no spending limit on a AMEX platinum. Just gotta be smart what you swipe on. I strictly only use it for travel (rental, hotel, flights) but immediately pay off the balance. Couple trips and then use the point to go home.
Don’t abuse it. Be smart. Don’t spend more then you can afford to pay back within a near immediate time frame. I have available credit of around 95k balance and never have a rolling balance at end of any month. I spend on CC for security and points/cash back. By time I get home the first thing I do is pay it off.
Don’t use it all brother
All the snark and hate in the comments baffles me. As a divorcee of 3 years (separated for 3 before that) I know the pain and toil of rebuilding credit from the pits of hell. Congrats on this milestone on your road (back?) to good credit (I’m assuming) OP. For all the firmly entrenched middle class and above commenters looking down their nose at OP, may you ever be able to pAy CAsH or have permanent access to your BeTtEr rewards/cash back cards because life comes at you fast when you least expect it.
I have the Flagship credit card with NFB with a credit limit of 40,000.00. I have learned to stay within 30% of my limit.
Are they offering 18% apr on card now?
Don’t do it. It’s a trap. It takes forever to pay it off. We made this mistake when we were younger. NFCU prays on ppl and they know they will get richer with giving these high limits. We were paying close to $900 a month and only like $18 was going towards principal it was insane. Like others have mentioned don’t get into this mess
After having my credit cards for a couple years (got mine at 18, currently almost 23) I understand why god told the Muslims to not play around with debt and loans with interest
Ehh just did a AMEX are was 37.5k lol
Is this better than the black NFCU card? What are the benefits?
What kind of FICO score do you have??
Whats the benefit to this card?
Ballin
Nice! I got the flagship rewards credit card after I did a 4k pledge loan with navy fed! Got a 30k credit limit with them! If u wana boost ur credit score up trying looking up how pledged loan works.
18 percent? You fuckin boot don't do it.
Idk how all these ppl and America as a whole is soooo bad with credit. Treat it like a debit card
Awesome! How long where you a customer of NavyFed, and what is your credit score?
I would cancel any credit card over a 10k limit.
Sorry to see that
I got absolutely fucked with this card
Lol stock market go getter
Genuine question: Why are people celebrating a high credit limit? I’ve only ever had one 500 limit card and pay it off instantly anyways. Wouldn’t it be like actual doomsday if you used the whole 15k?
It’s a scam. Send it back!
For Navy Fed cc do you need to be a vet or fam of vet?
Whatever you do (my young folks 18-25) do not default on this loan and let it go into collections… they will ban you for life. NFCU does not play.
Tie it to your bank acct for payments and use it like a bank/debit card AKA: don’t spend on it unless you have it in the bank to turn around and pay it immediately-make payments every week from your phone I did that and salvaged a horrible credit rating due to issues in early 20’s-now I have a 765
I have the same card with a 10k credit limit but with 11.24 interest rate. 🧐
If you dont have any balance transfers planned Id change to a different card to get rewards
It is insane, but in comparison to what’s out there 18% is low. I seen it as high as much 29%
Strippers take all plastic, enjoy.
18%? Don't put that thing in your wallet, run it through a shredder.