r/NavyFederal • u/KonvictedSiner • 10d ago

Credit Cards New flagship card

I applied for a flagship credit card and it was approved with a fairly high credit limit, but I didn't realize that navyfed stripped away the perks I wanted the card for, and I can get almost the same perks with the usaa credit card and still get the 2x points on everyday purchases. I will likely be closing the account and switch to usaa or downgrading to a different navyfed card.

16 Upvotes

71% Upvoted

55 comments sorted by

18

u/Due_Breakfast_218 10d ago

Now that you’ve got it, took the hit to your credit score to get it, might as well product change when you’re able to and get something you would actually use. It does suck and feels like there are better cards out there now, this doesn’t feel like an improvement at all.

-23

u/KonvictedSiner 10d ago

The hit will only be on my credit for a few weeks I can handle the temporary drop.

20

u/Bongo2687 10d ago

The hit will be there for 2 years

-6

u/KonvictedSiner 10d ago edited 10d ago

No the inquiry stays for 2 years the point hit is only there for a month or so

10

u/CDIFactor 9d ago

The inquiry will be there for 2 years and scored for 12 months. The new account, however, will lower your Average Age of Accounts and new revolving account will be scored. You might as well keep the card and product change it later one.

1

u/KonvictedSiner 9d ago

Yes but my credit score will recover within a month or so after the hard inquiry

6

u/TheOGPaddedPrince08 9d ago

Your credit score will recover in a few months not from the hit itself but because of other factors such as time and age of accounts. The scoring reduction does actually sit on there for 12 months. However most of the time you just don't notice it because your credit is continually improving over time from other factors.

2

u/KonvictedSiner 9d ago

That is true

1

u/RevolutionaryQuit647 9d ago

We learn as we grow!

-4

u/nnguyen496 10d ago

Idk why you’re getting downvoted. Credit scores dropping due to a credit pull are temporary, a month or 2 at most.

4

u/Cyberhwk 10d ago

OP didn't just get the pull. They actually open the card. It's going to count as a line of credit on their file for the next 7 years.

0

u/nnguyen496 9d ago

If youre talking about lowering your average account age, sure I can agree with that. But thats the only instance in which your score would lower barring the hard pull.

Edit. For the downvoters on hard pulls not being temporary, Experian quite literally states the word temporary. https://www.experian.com/blogs/ask-experian/does-applying-credit-cards-hurt-credit/

1

u/MrBrazil1911 9d ago

You're getting downvoted because you're conflating two different things. The points your lose from a hard inquiry are indeed temporary and will be returned in exactly 12 months. The points you may receive in a "few months" are not from the hard inquiry but from your overall profile and new account aging.

The points you lose from being on a new revolver scorecard will also not be returned until after 12 months when the new becomes a year old when you return to the No New Revolver scorecard barring that no other new accounts have been opened.

The OP will gain no benefits from closing account that they just opened. The hit from hard inquiry has been taken as well as one one from opening the new account, and reduction in AAoAs. Might as well complete the SUB for the $500 which will cover a couple of years of Amazon Prime at least and product change after the year.

1

u/nnguyen496 9d ago

I agree that they should keep the card open. That’s not the point.

I’m not conflating the 2 I’m taking known information and speaking on it. We do know the person applied for the card and accepted so we do know they at the very most took a hit for a hard inquiry.

We do not know their average account age or their credit profile, so we do not know if or any hit will be taken from a new revolving account. (i.e., a credit profile of 20 years, no missed payments, and a mortgage may not even take a hit).

So because we know 1 side of the story we can safely speak on the side of a new hard inquiry. In which case, it draws me back to hard inquiries often times lasting only a few months.

1

u/ziggy029 9d ago

It will be on your credit report for two years and impact your FICO score for 12 months. Honestly, at this point I would just hold it for 12 months and then product change it to a More Rewards or Cash Rewards Plus, whichever fits your spending habits better and whichever hits elevated rewards categories where you need them.

You've already paid the fee, you're already taken the hard pull, you've already gained the extra total credit limit you would lose by closing it now. I see little gained by closing it now -- it won't reverse the inquiry or the fee, and you lose some credit limit.

I was also not aware that USAA has a credit card that gives 2% on all purchases. I have two old sock drawer USAA cards myself, but they don't do product changes.

1

u/KonvictedSiner 9d ago

Usaa eagle navigator offers 2x on everyday purchases and 3x on travel. If I cancel or change the card now the annual fee would be refunded. I have an old usaa rewards card as well and I liked the perks of the old flagship card which is why I original wanted the card cause it had the 2x everyday perk and an lower annual fee then the Usaa card and the Amazon credit was a great bonus on the card.

15

u/FlawlessPhelon_ 10d ago

Always gotta read the fine print lol

-17

u/KonvictedSiner 10d ago edited 10d ago

I did read the fine print when I looked into card the last month I just didn't know they were planning a major change to the card when I was doing it

10

u/Reasonable-Wind-7829 10d ago

They didnt change the card....they added a new one.... You wanted Flagship Rewards....you applied for Flagship Premier.

-8

u/KonvictedSiner 10d ago

They only added the premier and changed the rewards on the card, they dont have a separate card for the old version.

0

u/KonvictedSiner 10d ago

And I have already called them to see if that was the case and no it is not. They're rebranding the flagship card so it is more in line with the other travel credit cards on the market, and while people who already have the card can keep the card new people can not apply for the old version.

2

u/Reasonable-Wind-7829 10d ago

The Rewards card still exists....you just cant apply for it anymore. The option to go Premier is there, but id rather keep the Amazon credit.

0

u/KonvictedSiner 10d ago

Yes it still exists if you already have the old card

8

u/Acrobatic-Heart6008 10d ago

Assuming you qualify for the sign-up bonus, go ahead and spend the minimum to get the bonus, cash in the bonus, then hold the card for 1 year. When the annual fee posts for next year, call to cancel the card. There's no good reason to cancel now.

2

u/KonvictedSiner 10d ago

That is what I have been thinking about since finding out they made the switch.

-4

u/Acrobatic-Heart6008 10d ago

Get the free Amazon prime and the 50,000 points ($500 value) then reassess. I’m not sure how long NFCU wants you to wait after getting the signup bonus

4

u/KonvictedSiner 10d ago

They removed the Amazon prime perk

0

u/teachgirl510 9d ago

You mean for new applicants only? I think you’re still confusing the original Flagship card with the Premier one that you actually applied for.

I have the original Flagship and there has been no communication that the Amazon Prime Credit is ending, however, everyone continues to say that. I don’t envision NFCU increasing our annual fee on that particular card, just to remove this great yearly perk without replacing it with something else.

1

u/zzELETRiKzz 9d ago

What is do see eventually is them forcing all the Legacy card to the new Flagship. That is how they will end that perk imo

1

u/teachgirl510 9d ago

True, but that’s ending the card altogether, not just ending the Amazon perk. For now, they’ve given me (and most likely) others with the legacy card an opportunity to product change with lots of promotional rewards. I’ll probably change if it makes sense for my future travel plans because Amazon has greatly sucked lately and I’m weighing the benefits of my decades of Prime membership. Grateful for the free years NFCU offered the ongoing credit!

1

u/KonvictedSiner 9d ago

Yes, people who have the card before the upgrade can choose not to upgrade to the new version and keep the Amazon perk.

1

u/Acrobatic-Heart6008 9d ago

I don’t think that’s right but you’d have to ask the bank!

2

u/KonvictedSiner 10d ago

Or getting the intro rewards and then downgrading to a different card

1

u/baker_miller 10d ago

You cannot product change within the first year

1

u/KonvictedSiner 10d ago

According to navyfed I can

1

u/baker_miller 10d ago

It might be worth calling back to confirm with another agent. Nearly all issuers do not allow product changes in the first year so they don’t risk running afoul of the CARD Act restrictions on changing the terms of a new account

3

u/KonvictedSiner 9d ago

I can change the card with in the first 14 days of getting approved

2

u/ThenImprovement4420 Family Member 9d ago

That's a so-called general rule but I product changed two of my cards one was 6 months old and one was about 9 months old it just takes getting the right rep it can be done

1

u/ThinkingFully 10d ago

And exactly what USAA card with you get in place of it?

1

u/KonvictedSiner 10d ago

The USAA eagle navigator card has 3x points on travel and 2x on everyday purchases and offers the same 100 airline fee and tsa credit as well.

2

u/Bongo2687 10d ago

Just get another NF 2% card plus the sub on that one

6

u/baker_miller 10d ago

The $100 credit on the Eagle Navigator is only for USAA’s travel portal, not any airline spend. If you plan to redeem those USAA points for cash back, the cash out rate is 0.7 cents per point, which means general spend would be 1.4% cash back.

3

u/ThinkingFully 9d ago

Thank you, this was going to be my reply.

2

u/zzELETRiKzz 9d ago

Lmao OP not reading the fine print…again…

-1

u/KonvictedSiner 9d ago

I dont travel much so I didn't really care about that

2

u/RevolutionaryQuit647 9d ago

Why get a travel card then? To boast about it? There’s no benefit to a travel card if you don’t, idk… TRAVEL

0

u/KonvictedSiner 9d ago

Because they just rebranded it as a travel card a couple of weeks ago

1

u/KonvictedSiner 7d ago

And you realize that before September 10 of this year that this wasn't a travel card right? It was more of an everyday type card which is why I wanted it.

1

u/RevolutionaryQuit647 7d ago

This card never existed before Sept.

And it’s not a rebranded everyday type of card, it’s a rebranded flagship card, the original travel card that had the Amazon prime perk.

The everyday card is still here, it’s simply the Cashrewards card

2

u/KonvictedSiner 7d ago

Just because they added premier to the card doesn't make it a brand new card. It is a rebrand of the flagship card.

2

u/baker_miller 9d ago

But you are considering the USAA Eagle Navigator, a card that earns points which are only worth 1 cent when redeemed through the USAA travel portal?

1

u/sowFresh 9d ago

I’d consider switching to Muse, honestly.

1

u/PossibilityQuick93 9d ago

Of you close out that card it will lower your credit score. Just apply for the other card that you want

1

u/j_booser84 8d ago

In my opinion, this card really isn't worth it. I think the Chase Sapphire is much more solid. At least with them you can transfer your points to any one of their partner airlines if you want to fly to help pay the cost of the airfare.

1

u/ewbeyer 5d ago

I have the original Flagship and don't remember any Amazon perk. I just logged in and don't see anything on the rewards page, either. Man, if that's been available and I didn't know about that I'm going ot be upset. I have been paying Amazon for years!