Navy Federal Credit Union cashRewards

Robin Saks Frankel  in  Excellent Credit How we rate our cards  |  Advertiser Disclosure
Navy FCU Image

Recommended Credit Score

Fair to Good (580 - 740)

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Annual Fee:
None
Purchase Intro APR:
1.99% introductory APR for 12 months
Regular APR:
11.90% to 18.00%
Terms and Restrictions Apply | Rates and Fees

Bankrate Rating

This card offer is currently unavailable on Bankrate. To see more cards in this category, please visit our excellent credit category page.

For those who find tracking bonus categories too cumbersome and just want simple cash-back rewards, the Navy Federal Credit Union cashRewards card delivers. The card pays 1.5% back on every purchase, without any complicated rules or fees.

Review

The Navy Federal Credit Union cashRewards card is a great choice if you belong to this credit union, which caters to members of the military and their families. We like this card because the rewards are easy to understand and straightforward. There are no games to play here.

Every time you make a purchase with your card, be it gas, groceries, clothing, the latest electronic must-have, you’ll earn 1.5% cash back on that purchase.

Navy Federal, like most credit unions that issue credit cards, generally charges lower annual percentage rates than the big banks. This card is no exception.

The purchase and balance transfer APR is a variable 10.65% to 18.0%, depending on creditworthiness. If you qualify for the lower end of the range it’s a lot better than then the industry average.

There are also no annual or balance transfer fees, which could make this card a compelling choice as a balance transfer card depending on the amount you’re looking to transfer. You may ultimately save more money transferring debt to the cashRewards card instead of one with a 0% balance transfer offer that charges a fee, but it pays to do the math.

This all sounds great, right?

You should, however, ask yourself why you would you choose this card over another cash-back card? The Chase Freedom, for example, also comes with no annual fee and a nice sign-up offer.

Who should get this card

Anyone who qualifies for Navy Federal Credit Union membership and wants a simple and fee-free cash-back rewards card can benefit from owning this card.

If you’re considering this card, keep in mind you have to be a member of the credit union to apply. Eligibility is restricted to those who serve or have served in the military or are an immediate family member of the military.

Advantages
  • There’s no cost to own this card.
  • It won’t cost you to transfer a balance.
  • If you qualify for the lower end of the APR range it’s below the industry average.
  • Rewards are unlimited and can be redeemed in any amount, any time.
  • You can use this card on overseas purchases without incurring extra charges.
Disadvantages
  • There’s no introductory 0% APR offer on purchases or balance transfers.
  • A card that offers bonus rewards in specific categories may ultimately earn you greater rewards.
  • You have to be a member of Navy Federal Credit Union to apply for this card, which not everyone will qualify for.

Fees and APR

• This card comes with a purchase and balance transfer variable APR of 10.65% to 18.0%.
• You’ll pay no annual fees, balance transfer fees or foreign transaction fees with this card.
• If you miss a payment or pay late, a variable penalty APR of 18.0% may be applied to your account until you make at least six consecutive payments. Plus, a late fee of up to $20 may apply.

Extras, perks and using points

This card comes with Visa Signature perks, which include auto and travel insurance protection and discounts and upgrades at select rental car agencies, hotels and cruises.

Points never expire and can be redeemed at any time in any amount. To use your rewards, log in to your account online and select “Rewards.” You can use your rewards to book travel through the Navy Federal site, to buy select merchandise and gift cards, or as a statement credit against your card or a deposit to your bank account.