Paycheck Chronicles

Navy Federal Military Appreciation Week

Each May, Navy Federal Credit Union (NFCU) has Military Appreciation Week with a wide variety of special offers just for military service members.  There are some amazing deals.

4.0% Certificate of Deposit

I've just opened a special Military Appreciation Week Certificate of Deposit that is paying 4.0% interest.  It's hard to find that kind of interest right now.  You can put a maximum of $5,000 in the account, and you can set up automatic deposits so that you can grow your balance at that rate.  Unlike some of the other Military Appreciation Week offers, this deal is not limited to the actual active duty, reserve, Guard, and retired military members.  You could theoretically open an account for each person in your family who is a NFCU member.  That's a lot of high-interest savings!

New Member Bonuses

Refer an active duty, reserve, National Guard or retired service member to become a NFCU member, and you'll each earn $40.  Not too shabby, especially if you can convince more than one person to join.

Active Duty Checking Bonus

Active duty, retired or reserve military who receive regular deposits of military pay can open a NFCU Active Duty checking account.  Open it this week, and you'll receive a $40 bonus.  The most popular aspect of the Active Duty checking account is that you will receive your military pay deposits one business day earlier than other NFCU members.

Refinance Your Car, Earn $300 Bonus

You know I'm always in favor of refinancing car loans to your benefit.  It's hard to go wrong with super-low interest rates and a $300 bonus.

Discount on Loans

Save .25% on your auto, motorcycle or personal loan if it is opened this week.

Why I'm Not Happy About The Balance Transfer Offer

NFCU is also offering a 0% balance transfer offer.  However, due to the way NFCU calculates interest on balance transfers, this is not a good idea if you also use the card, even if you pay off the entire purchase balance each month.  I got caught in this trap in January and paid my first credit card interest in years.  It was only $6, but I felt betrayed by the interest calculation method, and I never got a satisfactory answer from NFCU.  It is a great deal if you transfer a balance on a zero balance card, and don't use the card, but it is easy to get caught in the crazy interest calculations trap.  Of course, if you're paying higher interest on another card, this will still benefit you.  But if you're just trying to squeeze a few extra cents out of an offer, don't bother.  As soon as I figured out what they were doing, I immediately paid off the balance to escape the trap.

These Military Appreciation Week offers are available 4 to 11 May, meaning that they end today.  (Why do I never hear about these offers until the end.  Seriously, I spend my life tracking down deals like this.)  Get started now by calling 1-888-842-6328.  Some things, like the CD, can be opened online if you have online access.  Go, go, go, and take advantage of these offers!

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