Navy Federal Credit Union offers a top rewards credit card


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Navy Federal Credit Union, the nation’s largest credit union by asset size, has launched a new rewards credit card that offers one of the top returns on everyday spending.

The new card, named the Navy Federal More Rewards American Express Card, has an unlimited earnings structure of 3x points at supermarkets and gas stations, 2x points at restaurants, and 1x point on everything else.

No other credit card on the market today offers unlimited rewards this good for both grocery purchases and spending at the pump.

“We wanted to bring out a product that provided accelerated benefits where our members were spending every day,” says Matthew Freeman, head of credit card products for Navy Federal.

What to know about this card

Because the card is a Navy Federal Credit Union-branded credit card, 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.

Holders of the new card will receive Navy Federal Rewards points, not American Express Membership Rewards points. Navy Federal Rewards are worth 1 cent per point and can be redeemed for cash back, travel, gift cards or merchandise through the Navy Federal website. There is no fee to redeem your points, and they never expire for as long the account remains open and in good standing.

Other highlights:

  • There is no foreign transaction fee, making this a good card to use during travel outside the U.S.
  • You’ll be charged no annual fee and no balance transfer fee.
  • There is no introductory interest rate on purchases or balance transfers, so if you’re looking for a card with that kind of deal, you’ll need to look elsewhere.
  • There’s also no sign-up bonus with this card, which makes it a bit less attractive than other no-annual-fee cards that offer an extra incentive to apply.

The More Rewards Card is the first partnership between Navy Federal and American Express, and it comes with Amex benefits like early access to entertainment, special dining options and extended warranty coverage. It also has Navy Federal benefits, which includes 24-hour customer service and exclusive discounts and offers.

Is it a good deal?

For those who spend less than $6,000 a year on groceries, the Blue Cash Preferred Card from American Express may provide greater savings. Although the card has a $95 annual fee,( rates and fees) it has beefed-up rewards for everyday spending, paying 6 percent back at U.S. supermarkets, up to $6,000 a year in annual spending (then 1 percent) on all other purchases. You can also earn 3 percent back at U.S. gas stations and on transit including taxis/rideshare, parking, tolls, trains, buses and more.

You’d have to spend at least $9,000 a year on groceries to come out ahead owning the Navy Federal Card instead of the Blue Cash Preferred in this category.

Keep in mind, both the Navy Federal More Rewards Card and the Blue Cash Preferred Card do not count purchases at wholesale clubs or discounters in the bonus rewards category, so if you do most of your shopping at Costco, Target or a similar merchant, you may be better off with a card that offers rewards at your preferred store.

It’s also important to note that if you carry a balance on any rewards credit card, the amount you’ll pay in interest is likely to outweigh the value of any rewards.

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For rates and fees of the Blue Cash Preferred® Card from American Express, please click here.