The Navy Federal cashRewards Credit Card is designed for people with good to excellent credit who are members of Navy Federal Credit Union and are looking for a credit card with no annual fee, no balance transfer fee, low interest rates, and an easy to use cash back rewards program. However, the Navy Federal Credit Union is only open to people who are affiliated with the Armed Forces, either directly or through a relative or household member.
The Navy Federal Credit Union was founded in 1933. When it started it had seven members, now it has 5.7 million and $69.9 billion in assets. Bauer Financial gives it five stars and it has an A rating with the BBB.
Interest rates range from 9.65% to 18% APR, depending on the creditworthiness of the member. Cash advance rates range from 11.65% to 18% APR. There is an 18% penalty rate that is triggered when a cardholder is late on payments.
The Navy Federal cashRewards Credit Card has no annual fee and no balance transfer fee. ATM cash advances are also free when performed at a Navy Federal Branch or ATM. Otherwise, cash advances have a low $0.50 fee on domestic cash advances and $1 on international cash advances. Foreign transactions have a 0.80% fee when the transaction is performed in dollars and 1% if the transaction must be converted to dollars.
The Navy Federal cashRewards Credit Card has a straightforward cash back rewards program that gives 1.5% back on every transaction. There is no limit to the cash back you can earn, rewards never expire, and members can redeem their cash back as soon as they earn it. A cardholder who spends an average of $1,000 a month in purchases will earn $180 in cash back a year, and this does not include the signup cash bonus.
The Navy Federal cashRewards Credit Card gives new cardholders a $150 cash back bonus when they spend at least $1,500 on eligible purchases within the first three months of opening an account.
The Navy Federal cashRewards Credit Card gives cardholders all the benefits of a Signature Visa. This includes collision damage waiver on car rentals, extended warranty protection, travel and emergency assistance, lost luggage reimbursement, travel accident insurance (up to $250,000), concierge service and roadside dispatch.
The Navy Federal cashRewards card offers prime benefits and low rates without charging an annual fee. It also packs an easy to use cash back rewards program with a flat 1.5% reward rate and a generous $150 signup bonus for cardholders who spend $1,500 within the first three months. It is rare for a card to combine all these features. The rub is that only Navy Federal Credit Union members can qualify for this credit card and its membership is restricted to people affiliated to the armed forces and their relatives.
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