Navy Federal Credit Union GO REWARDS
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For a no-fee credit card, the Navy Federal Credit Union GO REWARDS card offers a pretty decent rewards rate on dining out and gas. Where this card really shines is with its low APR on purchases and balance transfers for those who qualify.
Navy Federal Credit Union, with more than 7 million members, is the nation’s largest credit union. It offers financial products, including credit cards, that charge lower rates and fees than many banks typically offer. The Navy Federal Credit Union GO REWARDS card is no exception, offering a variable annual percentage rate as low as 9.99% on purchases and balance transfers for those who qualify.
The card pays 3 points per $1 spent at restaurants, 2 points per $1 spent on gas and 1 point per $1 on all other spending. If you dine out frequently or put a lot of miles on your car, this is a card to consider.
The rewards program here is fine, but few cards offer such an appealing combination of rewards, no annual fee, a low interest rate and reduced or eliminated fees.
Here’s an example: You’ll pay no balance transfer fee and no foreign transaction fee on purchases made outside the U.S.
For this, you’ll sacrifice the sign-up bonus so many rewards cards — including those that charge no annual fee — offer new cardholders.
Keep in mind that to apply for a Navy Federal Credit Union-branded credit card, you have to be a member of the credit union. Eligibility is restricted to those who serve or have served in the military or who have an immediate family member in the military.
Who should get this card
If your credit is just good and not excellent, you could benefit from the low APR and OK rewards structure of this card.
Fees and APR
• This card has a variable APR on purchases and balance transfers of 9.99% to 18.0% based on creditworthiness.
• You’ll pay no foreign transaction fee on purchases made outside the U.S.
• There are no fees to transfer a balance.
• Late payments won’t affect your APR but you may be subject to a late fee of up to $20 every month you are past due on the minimum payment.
Extras, perks and using points
GoREWARDS points expire 4 years from the end of the month in which they were earned. There is no limit to the amount of rewards you can earn.
You have to have a minimum of 1,000 points to redeem. Each point is worth about 1 cent and can be redeemed through the Navy Federal Credit Union portal by logging into your account and selecting “Redeem Rewards.” Points can be used for travel purchases, gift cards, or cash back deposited to your Navy Federal savings account.
Receive collision damage waiver coverage for 15 days or less when you pay for the rental with the card.
As a Visa Signature card, this card comes with benefits including access to a Visa signature concierge and special savings and upgrades at select hotels and auto rental companies.
How this card compares
If you have excellent credit and can qualify for the Navy Federal More Rewards American Express Card, the bonus structure of an unlimited 3 points at supermarkets and gas stations, 2 points at restaurants and 1 point on anything else may work out better for typical households. The card doesn’t charge any annual, foreign transaction or balance transfer fees and also comes with a sign-up bonus of 25,000 points if you spend $3,000 within the first 90 days of opening the account.
The USAA Preferred Cash Rewards Visa Signature offers attractive benefits, most notably its 1.5% cash back on all purchases, without limits or restrictions. Most non-rotating cash-back cards offer 1%, so the extra half percentage point definitely is a score in its favor.
You won’t earn one of those huge sign-up bonuses other cards offer, but if you’re looking for a no-frills cash-back card, the Discover it credit card does come with one intriguing feature: Discover automatically matches all the cash back you earn at the end of your first year.
If you’re up for the challenge of tracking bonus rewards categories, the Chase Freedom card can give you some real cash-back bang for your buck. For travel junkies and road warriors, this card is ideal when paired with an eligible Chase card to reap maximum travel rewards on your spending.
If you don’t want to do the work, get a card that offers a flat cash-back rate better than what you’ll find here.
Opinions expressed here are author's alone, not those of any bank, credit card issuer, airlines, or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.