❊Just Announced!
You've seen a lot of back and forth about the new SECU rewards card in the last couple of posts [link]. One commenter said: "Tell us how the Rewards card is less competitive."
😎 Funny how life works sometimes. The mail today included an unsolicited, pre-approved rewards card offer from Navy Federal Credit Union (NFCU). I've never served in the military, but have a son who has - so I'm eligible to join! If you're not eligible to join NavyFed; you definitely can join PenFed [which has an extraordinary array of rewards cards - link]. You're eligible at PenFed: 1) if you've ever said, or heard someone say, the Pledge of Allegiance or 2) if you've ever said, or heard someone say, "Thank you for your service!"
A request to set sail!
✼ The disclosures, restrictions and legalese which apply to both SECU and NFCU cards are extensive (compare for yourself at the websites). But it seems clear that NavyFed's best interest rate is slightly better (14.9% vs 15%) than SECU. The NFCU Cash Advance rate is much better (16% vs 18%). Neither card has an annual fee; both have a grace period.
✼ In the rewards points area, many different limitations apply [link] but where both credit unions "spell it out" it appears NFCU is paying more points (3x) at grocery stores than SECU. For members traveling abroad SECU charges a 1% foreign exchange fee, NFCU charges nothing.
✼ NavyFed will give you 40,000 points free to open an account and pay your annual membership fee for free home delivery from Walmart.
✼ NFCU rewards never expire, SECU's do expire after 5 years.
Lower rates, higher rewards, bonus points, other pers, no expiration....
Where ya' gonna enlist?
will enlist at SECU. Navy not a competitor,
ReplyDelete8:42 am Believe you may be living in la-la land.
DeleteNext up will be the business rewards cards. can't wait!
ReplyDeleteAlso checked eligibility at Navy. Need to have a military member in your family. Not for everyone.
ReplyDelete8:57pm Much like the "most requested service" survey, you didn't check very closely. Another convenient , "raise your hand analysis" ? More fiction than fact!
DeleteWhy not legitimately report honestly on NFCU membership eligibility?
The harshest criticism is not against the rewards card, its about the decline in credibility...
8:57pm While you're rechecking your facts on NFCU membership assume you have no disagreement that anyone can join PenFed?
Delete(For the record and so you won't get the facts wrong, PenFed "bought" Progressive Credit Union (NY) several years ago thereby acquiring a true, fully legal "anyone can join" credit union.)
Compare to one credit union we don't even compete with and case closed, eh?
ReplyDelete9:32pm "Don't even compete with" ....Another voice from the land of La!
Deleteexplain why the statement isn't true. Navy is not even close to being a primary competitor of ours.
DeleteLet the members decide if they want a rewards card.
ReplyDelete10:45am Yep, think they will.
ReplyDeleteProjections have always indicated that while SECU would make more money with rewards cards, @70% of rewards card members would not benefit due to the 3+% higher interest rate.
Perhaps those type ethical concerns are no longer important.
Didn't force any member to make that mistake by baiting the trap after all.
11:00am You dwell on your little industry standard stats from at least 10 years ago. There is a May 24 Fed Reserve study indicating 47% of cardholders carry a balance.
Delete2:01pm
DeleteThe @70% was not from some national industry standard, was from the aqctual past ratio of SECU cardholders.
Assume you're not saying it would be okay if "only 47%" of SECU cardholders were hurt rather than @70%..