Navy Federal Credit Union cashRewards Card review

Robin Saks Frankel  in  Excellent Credit How we rate our cards  | 

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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:
N/A
Regular APR:
9.65% - 18.00% (Variable)
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 percent cash 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, Department of Defense civilian personnel 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 percent 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 with rates capped at an 18 percent APR. This card is no exception.

The purchase and balance transfer APR is a variable 9.65 percent to 18 percent, depending on creditworthiness. If you qualify for the lower end of the range, it’s a lot better than then the current average interest rate.

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. And if you apply before March 1, 2021, you may get an even better value if you qualify for the 12-month 1.99 percent intro balance transfer APR (9.65 percent to 18 percent variable APR thereafter) and the $150 cash back bonus (after spending $3,000 within your first 90 days). You may ultimately save more money transferring debt to the cashRewards card instead of one with a 0 percent 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 choose this card over another cash back credit card. The Capital One Quicksilver Cash Rewards Credit Card, for example, also comes with no annual fee,  an unlimited 1.5 percent cash back on all purchases and a nice sign-up bonus.

Who should get this card

Anyone who qualifies for Navy Federal Credit Union membership and wants a simple and a no annual fee 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, are civilian personnel with the Department of Defense or are an immediate family member of either.

Fees and APR

  • This card comes with a purchase and balance transfer variable APR of 9.65 percent to 18 percent (introductory 12-month 1.99 percent balance transfer APR before March 1, 2021).
  • 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 percent 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 or World Mastercard perks, which could include cellphone protection, auto and travel insurance protection and/or discounts and upgrades at select rental car agencies, hotels and cruises depending on your credit card network.

Points never expire and can be redeemed at any time in any amount but can’t be used in conjunction with cash for partial reward redemptions (your points must cover the entire purchase). 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.

 

The information about the Navy Federal Credit Union cashRewards Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.