7% return on 7month cd for up to 7K

[HAPPYINAZ]

I didn't see this opportunity posted yet, so I figured I would share for those that might be interested.

looks like you can fund with a credit card, so that you increase your return if you are using a rewards card!

http://moneymetagame.com/uncategorized/new-bank-opportunity-a-7-month-7-cd-at-nrlfcu/

[Vanguards and Lentils]

Awesome! With a 2% cash back card, you are getting $140 up front, plus $285 in interest after 7 months, for a >6% return in 7 months.

I don't have $7k cash right now, so I "borrowed" it from my 1% cash back card which has a 0% introductory APR. Not bad, as I'm earning interest on someone else's money.

[PhysicianOnFIRE]

That's pretty sweet! I need some frequent flier miles, so I may have to get myself a Delta card and sign up for the deal.

Thanks for sharing!
-PoF

[onecoolcat]

tagging!

[JZinCO]

I read about this as an off topic mention in a different thread.

When mine finalized, I will post for others to see who wish to see confirmation.

My application went in around noon on 4/29. I would've loved to fund $7K with a card but NRL FCU  doesn't take AMEX and Chase tends to code such things as cash advances, so I had to bank to bank transfer. ah well.

I'm not too bummed that it is capped at $7K but I hope that teaser is around in 7 mo to renew.

[Dsteadma]

I tried to explain this to some coworkers. They told me I'm crazy or gave me blank stares. Arg.
Let me know what credit cards you guys use that didn't call it a cash advance. I'd love to get in on this.

[CanuckExpat]

Thanks for heads up. Will be taking advantage.

[HAPPYINAZ]

I read about this as an off topic mention in a different thread.

When mine finalized, I will post for others to see who wish to see confirmation.

My application went in around noon on 4/29. I would've loved to fund $7K with a card but NRL FCU  doesn't take AMEX and Chase tends to code such things as cash advances, so I had to bank to bank transfer. ah well.

I'm not too bummed that it is capped at $7K but I hope that teaser is around in 7 mo to renew.

How long did it take you to hear back from the American Consumer Council to get a membership number so you could apply for the account?  I submitted my info yesterday but haven't received any email from them so that I could then apply for an account. 

[ender]

This makes me tempted to find a good credit card to open purely for what looks like a total of $9k manufactured spend.

Are there good ones that would have such a large spend requirement?

[okobrien]

This makes me tempted to find a good credit card to open purely for what looks like a total of $9k manufactured spend.

Are there good ones that would have such a large spend requirement?

Chase ink plus (business) has a $5000 min purchase for a 60000 ultimate rewards bonus. (Worth over $750 for travel rewards) if you pm me, I can send you a link and I will get 10,000 bonus points as well.

Sent from my LGLS675 using Tapatalk

[johnny847]

Any opinions on NRLFCU's 2015 annual report:
http://www.nrlfcu.org/wp-content/uploads/2016/04/2015AnnualReport-AR-3-16-FINAL.pdf

$404MM in member's accounts
$237MM in loans (to members)
$182MM in investments (???)

So right now all of the member's account balances are essentially tied up in loans and investments out to other people with about $3.6MM cash in reserve.  Is that a fair assessment?

Everything looks good and liquid to others?  Just want to make sure because the high rate reeks of desperation to get more liquidity for the short term.  Want to know if others feel it is a safe bet before dropping $7000 on this.

They're federally insured by the NCUA, the credit union analog to the FDIC. I couldn't care less about their annual report.

[onecoolcat]

This makes me tempted to find a good credit card to open purely for what looks like a total of $9k manufactured spend.

Are there good ones that would have such a large spend requirement?

Chase ink plus (business) has a $5000 min purchase for a 60000 ultimate rewards bonus. (Worth over $750 for travel rewards) if you pm me, I can send you a link and I will get 10,000 bonus points as well.

Sent from my LGLS675 using Tapatalk

Anyone know whether Chase Ink Plus will credit this as a credit card transaction or a cash advance?

[turketron]

hmmm, following to keep an eye on this. I'm maybe getting a mortgage soon so I don't currently want to do anything to affect that, but if I don't this looks like a good deal. Any indication of when the "limited time offer" expires? I didn't see a date on their page.

[JZinCO]

I read about this as an off topic mention in a different thread.

When mine finalized, I will post for others to see who wish to see confirmation.

My application went in around noon on 4/29. I would've loved to fund $7K with a card but NRL FCU  doesn't take AMEX and Chase tends to code such things as cash advances, so I had to bank to bank transfer. ah well.

I'm not too bummed that it is capped at $7K but I hope that teaser is around in 7 mo to renew.

How long did it take you to hear back from the American Consumer Council to get a membership number so you could apply for the account?  I submitted my info yesterday but haven't received any email from them so that I could then apply for an account.

I haven't received word on anything except that my application was approved. The promotion started on 4/26 but really started catching wind over this weekend.

I noticed on the credit union website you can apply for membership to ACC separately from the credit union but when I submitted an application for a deposit account with the credit union it didn't ask me for ACC membership details. I assume personal information from the credit union gets forwarded to ACC so you're probably simultaneously applying for ACC membership. If I were you I wouldn't wait for confirmation with ACC membership before you submit with the credit union. Who knows how long this loss-leader CD will last!

Oh and don't forget that after application you need to login to the application website to verify email and submit a scanned ID as well.

[HAPPYINAZ]

I read about this as an off topic mention in a different thread.

When mine finalized, I will post for others to see who wish to see confirmation.

My application went in around noon on 4/29. I would've loved to fund $7K with a card but NRL FCU  doesn't take AMEX and Chase tends to code such things as cash advances, so I had to bank to bank transfer. ah well.

I'm not too bummed that it is capped at $7K but I hope that teaser is around in 7 mo to renew.

How long did it take you to hear back from the American Consumer Council to get a membership number so you could apply for the account?  I submitted my info yesterday but haven't received any email from them so that I could then apply for an account.

I haven't received word on anything except that my application was approved. The promotion started on 4/26 but really started catching wind over this weekend.

I noticed on the credit union website you can apply for membership to ACC separately from the credit union but when I submitted an application for a deposit account with the credit union it didn't ask me for ACC membership details. I assume personal information from the credit union gets forwarded to ACC so you're probably simultaneously applying for ACC membership. If I were you I wouldn't wait for confirmation with ACC membership before you submit with the credit union. Who knows how long this loss-leader CD will last!

Oh and don't forget that after application you need to login to the application website to verify email and submit a scanned ID as well.

For some reason when I first tried to apply I couldn't because it was asking for a member ID or ACC number.  So I figured I had to do the ACC app first.  But after reading your reply, I went back and did the application and it all went through.  Uploaded an ID and am hoping to fund it through my Barclay Arrival card for 9K.  I hope it goes through OK for those bonus miles. I called Barclay and asked them to set my cash advance limit to 0 so I can avoid any accidental fees in case it got charged as a cash advance.  I think this way, it will either go through fine as a purchase, or it will get rejected by Barclay.  I will update when I know the result.

[kpd905]

Anyone do this with credit card funding yet and have it post as a purchase?  If so, which card worked?

[HAPPYINAZ]

fyi, I called the bank today to check on my account since I wasn't able to login.  The rep said you aren't allowed to login until someone reviews your application and replies back to you by email.  But while I was on hold on the phone, the recording said "thank you for your interest in our 7% CD but it is no longer available".  That was a short-lived offer!

[Northwestie]

Rats huh?  Personally I don't chase these credit card things - it's not worth the time it takes (IMO) to chase down this stuff, read the fine print, go online, call, blah, blah.  I use my hourly billing rate as a gage as if it's worth my time -- and really, I neither need another credit card or additional screen time.  Would rather work in the garden or take a long bike ride home.

[JZinCO]

They really take this 7 thing seriously. Took them 7 days to remove the $7000.

Funny thing is, I have been called on the phone to teleconference with both sender & receiver banks to do a $1,000 ACH pull. But I guess my sender credit union had no qualm with a 7,000 request!

So, money at NRLFCU, I assume paperwork is in the mail with my login information.

[Vanguards and Lentils]

For anyone who's still following, here was my timeline:

April 30: Applied online with credit card info, using Chase AARP card for 1% cash back, uploaded scan of driver license
May 6: Received an email with a document to e-sign, account is opened, credit card gets charged (as a purchase, not a cash advance).
...
December 6: Reminder to opt out of CD being renewed!

I absolutely don't understand how it makes business sense for them to allow credit card funding, but I'm not complaining. Thanks for the free $350+, NRLFCU!

[thedayisbrave]

Looks like the offer has expired :(

[JJ-]

Looks like the offer has expired :(

Yeah. I submitted an application before they showed it expired and still have yet to hear from them. I think I put it in last Sunday.

[HAPPYINAZ]

They did honor my application since it was in before they posted the offer expired.  And it was funded fine with my barclay card....sa-weeeeet!!   9K (7 for CD, 2 for savings) funded by cc and then still getting the 7% for the 7 months on the CD.  so that's like 10% return when combining the CC and CD returns.  Used the $180 credit card reward to cover a recent two night hotel stay for my hubby and I and out two dogs.  And that was a work trip, so it's a business expense and I was making money during that time too! 

So happy!  I hope several of you got in your app before the offer expired.