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The WORST Way to Balance Transfer with Navy Federal Platinum Credit Card - YouTube
Channel: Money Growth Project
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what's up money growers
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jacob back here with another video to
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help you guys out today with something
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uh
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that could this could really help save
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you guys some pain uh when it comes to
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the world of credit in the world of
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finance and credit cards because this is
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a mistake that people do make with navy
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federal and this is really the worst way
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the worst way to do a balance transfer
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with maybe fiddle so we're gonna talk
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about the worst way to do it because it
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involves a lot of risk and if it doesn't
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work out the way you want then you're
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kind of dead in the water as far as
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trying to do a balance transfer that you
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may be looking to do but we're also
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going to talk about how to do it the
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better way i'll call it the right way
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because it gives you more flexibility
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just gives you another tool that you
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know
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that you can utilize if you're in a
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situation like this where you do want to
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do a balanced transfer with navy federal
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so guys first i got to give a shout out
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to everyone who subscribed the channel
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you guys have been awesome thank you for
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liking the videos i see some of the same
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people in the comment section all the
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time i see bj i see john i see maurice i
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see tammy um i see corey i see a lot of
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you guys in there all at the same time i
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appreciate you guys being so awesome and
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yeah you guys really helping this
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channel out you guys are like some of
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the original subscribers out here so i'm
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enjoying this i'm enjoying doing two
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videos a day pushing out content and uh
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seeing the channel grow and sharing
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stuff that i'm learning um you know i'm
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learning with you guys and you guys
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teach me a lot so thank you so this is
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something that i uh learned from just
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talking to navy federal and i've never
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seen this um online in another video
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i've never seen a group of group that
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i'm in for credit i've never seen anyone
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talk about it but here's a tool you have
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that you're not going to find on navy
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federal's website um i've never seen
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anybody else talk about this online you
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just learn it by being
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in the system long enough talking of
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different people and you just learn
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things you know kind of by trial and
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error and just by asking lots of
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questions so this is when it comes to
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doing a balance transfer with navy
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federal credit cards now when you think
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balance transfer if you're familiar with
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maybe federal credit cards you're
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thinking about the platinum card and yes
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that is a card that um whenever they do
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their promos
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it's the same promo every time what's
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about with the platinum cards the same
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zero percent intro apr for 12 months um
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that you get um on the balance transfer
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card or on the platinum card now you
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have 30 days to actually transfer the
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balance so that's one thing to keep in
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mind i've actually forgotten to mention
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that in other videos before and some
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people have pointed that out in the
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comments section so thank you to
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everyone who pointed that out in the
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comments section you have a 30-day
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window to make that balance transfer
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when it comes to getting the platinum
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card now the platinum card gets no
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rewards like all it is is a balanced
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transfer card
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now so people what they do is they want
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to do a balance transfer and they don't
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have a platinum card yet with navy
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federal so they'll go ahead and apply
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for one or they don't have any card at
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all if they may be federal yet they're a
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member and it's like the first card they
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apply for with navy federal no don't do
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that okay don't do that because you run
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a big risk when you do that with navy
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federal especially if it is your first
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credit card and especially if you have
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not been with them very long as a member
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because navy federal is big on
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relationship banking and that's part of
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how you can get those higher limits now
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you see lots of videos here on youtube
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of people saying they did the late night
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hack for
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a credit card where they got uh you know
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15 20 25 30 000 limit approved like just
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like that and oftentimes without having
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like a great credit score either just
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having average credit so
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keeping that in mind what you want to do
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when it comes to the platinum card is if
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you apply for it it's your first card or
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if you apply for it and you just maybe
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don't have the greatest relationship
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with navy federal you run the risk of
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getting approved for a low amount three
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thousand five thousand dollars six
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thousand dollars on the platinum card
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now
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that kind of screws you in a couple of
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ways one you basically wasted a hard
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inquiry because if you don't if that's
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such a low limit that you know the
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amount you're trying to do a balance
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transfer for is higher than that um he
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said you're like dead in the water on it
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or it sets if you're trying to stay
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under certain utilization i mean five
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thousand six thousand dollars i mean you
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know if you're trying to stay under 30
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utilization
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say it's a six thousand dollar limit i
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mean that's less than two thousand
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dollars that you can do on a balance
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transfer that might work for some people
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if they're doing something small but for
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a lot of people that's not going to be
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enough so
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here's what you want to do okay with the
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card so what you want to do is apply for
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another card
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first one of the unsecured cards if you
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want to um now i am of the belief that
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it's easier to get a higher limit on
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some of the other unsecured cards like
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the go rewards and the cash rewards
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because those are some of their lower
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tier cards the more rewards might be a
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little tougher to get a higher limit on
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and in my experience with the flagship
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that's a hard one to get a high limit on
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right off the bat i got a 7 100 limit
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when i applied for the flagship card
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using the late night hack so the hack
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didn't really work for me i asked them
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if they could increase my limit like
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right when i saw that was what they gave
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me they said nope this is what you get
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this is what you're starting off with so
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i think if you go for one of the lower
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tier cards like the cash awards or the
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go rewards it'll be easier to get a
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higher limit and then you can obviously
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build that limit up even higher over
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time so it's going to take some planning
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on your part for doing a balanced
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transfer you don't want to have your you
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don't want to have an opportunity to
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come to you you're like oh crap i need a
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balanced chance let me just go get the
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platinum card because if you get that
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low limit like i said earlier you're
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screwed
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so
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what you want to do is get say the go
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rewards card all right you get that card
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and you want to build that credit limit
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up to say 25 30 35 40 50 000
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all of the unsecured credit cards navy's
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federal go up to at least a 50 000 limit
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the flagship goes up to 80 but the other
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cards go up to 50 all right so let's say
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you get the go rewards card you go up to
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a 50 000 limit on that card you build it
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up over time
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and you get then you have a opportunity
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where you need to do a balance transfer
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and like okay you want to get um
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basically take out a zero percent
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interest loan is what it is so like okay
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i got an opportunity here i want to do
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this balance transfer so now you apply
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for the platinum card and say the
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platinum card you get that and they only
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approve you for like five thousand
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dollars
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okay well that sucks because maybe
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you're trying to balance transfer you
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know ten thousand that's what you wanna
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do a ten thousand dollar balance
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transfer okay so that's what you wanna
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do you've only got a five thousand
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dollar limit on your platinum card
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you're like what the hell here's what
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you can do it's called credit limit
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migration that's the official term i
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heard the navy federal rep use and i
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like that one you can call it
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reallocating a limit you can call it
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transferring a limit you know whatever
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term you want to use but basically
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take that situation five thousand dollar
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limit on the platinum fifty thousand
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dollar limit on your go rewards your
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cash awards whatever other card you have
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if you wanna do a ten thousand dollar
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balance transfer but what you do is you
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call navy federal and you say hey i
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would like to do credit limit migration
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i would like to take part of my credit
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limit on my go rewards card or my cash
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rewards and move it over to the platinum
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card and you say i need to do this for a
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balanced transfer that's the only way
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they're going to do it is for a balanced
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transfer and i can let you do it just
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because you want to do it it has to be
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for a balanced transfer
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and understand after you do the balance
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transfer the only way to move it back is
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for another balance transfer but you
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don't have to max out the actual credit
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limit you're transferring over you don't
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have to do that so in this case let's
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say you've got 5000 on the platinum 50
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000 on your cash rewards or go rewards
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and you say okay well i want to move
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uh let's say
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yeah let's say 35 000 of this so you
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want to take 35 000 from your 50 move it
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over here now you have 40 on your
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platinum and you're going to have 15
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left as a credit limit on your go
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rewards all right so now you have 40 000
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limit on your platinum card so you can
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do a balance transfer for 10 000
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utilization is still going to be low
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over on the platinum card so you have to
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worry about a high utilization you know
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screwed up your credit score but now
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you've given yourself a much bigger
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limit on your platinum card that you can
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now work with so you have to do some
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planning ahead but that is really the
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best way to do it is not to wait until
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you're like oh crap i have a chance here
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for and i have a good opportunity here i
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won't do a balance transfer let me get
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the navy federal platinum card
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and you get a 5 000 limit on that card
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and then you're like okay well now i'm
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kind of screwed or if your other credit
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card you have with them only has an 8
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000 limit or 12 000
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you can only be able to transfer so much
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so over time take the steps to build up
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your credit limit on those other cards
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or other card you have with them
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and then when the opportunity arises
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then you can okay transfer part of that
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limit over now understand this is
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subject to approval so it's not a
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guarantee they're gonna do it but um
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when i was talking to the rep it was
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like are you telling us for a balance
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transfer like they're gonna transfer it
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for you okay so but if you you can't
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just say hey i'd like to just you know
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migrate part of my limit over here just
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for the fun of it no that's not what
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they're gonna do um
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also it's not a hard pull it's not a
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soft pull nothing like that it doesn't
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you know you already been your credit
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worthiness has already been deemed by
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virtue of them giving you the card so
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you already got the credit card so it
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doesn't cost you anything in terms of a
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hard inquiry or something like that but
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that's really the best way to do it if
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you're going through that balance
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transfer okay people love balance
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transfers with navy federal because they
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have no balance transfer fee and they
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and again they have that zero percent
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apr
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um on the platinum card for 12 months
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but you only have 30 days to do it so
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that's why if you if you get that low if
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you get that low limit on the platinum
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card in 30 days is not going to be
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enough time for you um to get probably
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raise your limit high enough that you
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know it's worth it if you want to do a
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larger balance transfer this is what you
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do though okay so this is what you're
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going to do
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you get another card first build that
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credit limit up and then when the time
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comes when the opportunity comes you are
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prepared to apply for a platinum card
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and you're prepared you take part of
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your credit limit from the other card
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you already have and move it over then
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you can do your balance transfer and
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then you can you know put money where
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you need to for something else take
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advantage of an opportunity and you have
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that zero percent interest loan
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basically that's what you have for an
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entire year on that card enjoy so guys
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hope this video was helpful for you i
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want to share it because like i said i
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haven't seen this info in very many
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other places i haven't seen it anywhere
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actually so this is another tool you
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have in your financial arsenal that you
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can use if you ever have an opportunity
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to come your way now you know now you
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know that there's something else you can
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do another option you have particularly
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with navy federal that maybe you didn't
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know you had before so guys subscribe
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the channel thank you for being so
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awesome and until next time keep growing
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your money
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