When credit card debt is piling up, it might seem as though there’s no way out. A balance transfer card like the Navy Federal Platinum can provide some time to catch up on payments.
Through August 2017, this credit card offers 0% for 12 months on balance transfers, and then the ongoing APR of 6.99% - 18.00% Variable. The introductory APR applies only to balance transfers requested within 30 days of opening the account. The Navy Federal Platinum doesn’t charge balance transfer fees, and the annual fee is $0.
Transferring a balance from another issuer’s high-interest card to the Navy Federal Platinum lets you pay off debt faster. You won’t have to worry about interest payments for 12 months, and you won’t be charged a percentage of the transferred balance. Your credit limit determines the amount you can transfer.
Depending on your credit score, you could have a low, ongoing APR once the introductory period ends. For comparison, the average APR for credit card accounts assessed interest in the first quarter of 2017 was 13.86%, according to Federal Reserve data.
You need a qualifying credit score and a membership at Navy Federal Credit Union to be eligible for this card. You might be able to join the credit union if you’re a current or former military service member, a civilian currently or formerly employed by the military, or a family member of a Navy Federal member.
If you want to transfer a balance, don’t qualify for membership and have excellent credit, consider the Barclaycard Ring™ Mastercard®. It offers 0% on Purchases for 15 months and 0% on Balance Transfers for 15 months (on balance transfers made within 45 days of account opening), and then the ongoing APR of 13.99% Variable APR. It doesn’t charge balance transfer fees, and its annual fee is $0.