I’m a big credit card fan. I understand there are risks associated with using credit cards. But if you are like me and pay your bill in full each month, then you can use credit cards to your advantage.
I keep several credit cards in rotation, using cards based on their rewards program. I have some credit cards that offer excellent cash back, and I have travel credit cards that earn me airline miles.
There are even credit cards for military members. The best credit cards for military members generally fall into a few categories. For example, this can include credit cards from major military financial institutions, credit card issuers that don’t charge foreign transaction fees, or credit cards that offer best in class rewards (travel, cash back, etc.).
Do You Prequalify?
If you’re already a NFCU member, you can find out if you prequalify for a credit card before you submit an application. This won’t affect your credit score.
Navy Federal Credit Union cashRewards Credit Card
The Navy Federal Visa cashRewards Card fits nicely into this last class of credit cards. The cashRewards Credit Card from Navy Federal is one of their most popular rewards cards for military members, and for good reason.
It’s simple and straightforward, offering cash back that racks up with every purchase. And unlike most reward cards, cashRewards honors all purchases, so even if you’re buying a soda down the street, you’re earning up to 1.75% cash back on every purchase for cardholders with direct deposit (1.5% for cardholders without direct deposit).
This cash back can be redeemed in various ways, including as statement credits or deposits into a Navy Federal account, making it flexible and convenient. Unlike many other cards, the rewards never expire, allowing users to accumulate them over time without pressure to redeem quickly.
Another significant advantage is the lack of fees associated with the card. There are no annual fees, which means the card is cost-effective from day one (see terms and conditions). Additionally, it does not charge foreign transaction fees, a crucial benefit for military members stationed overseas or frequently traveling. The absence of cash advance and balance transfer fees further enhances its value, making it an economical choice for various financial needs.
Too good to be true? Usually; but not this time. Because Navy Federal is a not-for-profit credit union, they don’t have demanding stockholders to appease. So instead, they can stay focused on their members.
Our Verdict
Summary
It’s no wonder that Navy Federal shines in its member-service reviews and lives up to its no-strings-attached reputation. In addition to leaving their members well-served, this card offers several advantages, including some of my favorites:
- Annual Fee: The card comes with no annual fee, making it a cost-effective option for long-term use (see terms and conditions).
- Sign-Up Bonus: New cardholders can earn a $300 bonus cash back after spending $3,000 within the first 90 days of account opening.
- Special Offer: A limited-time offer includes a $98 statement credit after paying $49 or more for an annual Walmart+ membership using the card (from 7/1/2024 to 10/9/2024).
- Cash Back: Earn 1.75% cash back on all purchases if enrolled in and maintaining direct deposit with Navy Federal; otherwise, earn 1.5% cash back.
- APR: The card features a variable APR ranging from 14.90% to 18.00% for purchases and balance transfers, making it a competitive option (see terms and conditions).
- Fees: Enjoy no foreign transaction fees and no balance transfer fees. There is a $0.50 fee for cash advances performed at non-Navy Federal ATMs.
- Rewards: Cash back rewards do not expire as long as the account remains open, providing flexibility in redemption.
- Additional Perks: Includes benefits like a zero liability policy for unauthorized purchases, auto rental collision damage waiver, and the ability to freeze and unfreeze the card via the mobile app. Earn more rewards by shopping with your Navy Federal credit card at Member Deals.
- Eligibility: Available to active duty, retired, and veteran military personnel, their immediate family members or household members, DoD civilian personnel, existing Navy Federal members, and parents, grandparents, or guardians of minors.
- Security: Equipped with chip-and-PIN technology for enhanced security.
- Late Fee: The maximum late fee is $20, making it manageable if payments are occasionally late.
- Overlimit Fee: There are no fees for exceeding the credit limit.
- Penalty APR: The maximum penalty APR is 18%, which applies under certain conditions.
- Grace Period: Enjoy a 25-day grace period for paying off new purchases without incurring interest.
- Terms & Conditions apply; see full card details for more information.
Pros
- High Cash Back Rates: Earn up to 1.75% cash back with direct deposit, and 1.5% without, on all purchases.
- No Annual Fee: Keep your costs low with no annual fee to worry about.
- No Foreign Transaction Fees: Ideal for military members stationed abroad or frequent travelers.
- Additional Perks: Includes auto rental collision damage waiver, zero liability for unauthorized purchases, and the ability to freeze/unfreeze your card.
- 24/7 Customer Support: Access dedicated, stateside customer service at any time.
Cons
- Membership Requirement: Must be a member of Navy Federal Credit Union to apply, limiting eligibility.
- Lower Cash Back Rate Without Direct Deposit: Earns only 1.5% cash back without direct deposit.
- Variable APR: The APR can be as high as 18%, which might be a consideration for those who carry a balance.
- Cash Advance Fee at Non-Navy Federal ATMs: A $0.50 fee for cash advances at non-Navy Federal ATMs.
- Eligibility Limitations: Restricted to military personnel, veterans, their families, and certain civilian personnel.
Compare the rates, fees, and rewards of top credit cards for military servicemembers and veterans, including cards with waived annual fees under the SCRA.
Final Thoughts
The Navy Federal cashRewards Credit Card offers a compelling mix of benefits and features tailored to the military community. Its generous cash back program, absence of fees, and strong security features make it a top choice for those eligible.
The card’s user-friendly design and exceptional member support further enhance its appeal. For military members and their families looking for a reliable and rewarding credit card, the Navy Federal cashRewards Credit Card is highly recommended.
Disclosure:
Navy Federal Credit Union is an Equal Housing Lender. The products and services offered by Navy Federal are available to military servicemembers, veterans, and their families, but the credit union is not affiliated with the U.S. Department of Veteran Affairs or any other government agency. For more details about Navy Federal’s offerings and to ensure you are getting the most accurate and updated information, please visit Navy Federal’s official website.
About Post Author
About the comments on this site:
These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.