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FiDeals: Checking out Reward Checking

Over the past few years, online banks and credit unions started offering “Reward Checking” accounts with above market interest rates. Some rates are advertised above 6.00%! But, upon closer inspection, these accounts require significant maintenance - jumping through fiery hoops, even - to earn the high rate. Mess up, and you’re back to a measily 0.10%. Here’s what we found among some of offers out there:

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FiDeals: The Right Way to Transfer a Balance

Thanks to our credit card guru, Dave Hanson, for pointing us in the direction of a great balance transfer offer from PenFed, the street name for the Pentagon Federal Credit Union.

In a time when credit is tough, Pentagon Federal Credit Union is offering a 2.99% APR on any loan or credit-card balance you transfer to any of their credit cards for the life of the balance. There is a 1% fee with a minimum of $10 and a max of $100 and it costs $20 to join the credit union (anyone can). The offer expires on June 15. You’d have to join today, open the card tomorrow, and get the balance transfer done by the 15th. It’s tight, but so is credit right now.

Dave has more details here. Read on to hear our take on it.

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