How To Get Navy Federal Credit Card
This article explains all you need to know about Navy Federal Credit Card.
In a world where limitless 2 percent cash back cards are prevalent, the Navy Federal cashRewards card’s unlimited 1.75 percent cash back falls short. However, while the card is a good alternative for those with medium credit, the rewards potential is lacking.
With phone insurance and rental car collision damage waiver, the cashRewards card offers some decent perks not available on other cards. The card’s lower-than-average APR range may appear like a lifeline to consumers with average credit who are generally subject to higher-than-average interest rates.
* No yearly fee
* $200 incentive after spending $2,000 in the first 90 days
* 1.75 percent cash back on all purchases (direct deposit enrollment required; 1.5 percent cash back earned otherwise)
* Cell phone insurance
* Auto rental collision insurance
Purchases and balance transfers are variable 9.65%-18.00% APR. No balance transfer fee
* No FX fees
Earning Rewards With the cashRewards card, you may earn up to 1.75 percent cash back on all purchases (direct deposit enrollment required; 1.5 percent cash back earned otherwise). Amounts earned are unlimited and do not expire as long as the account is open.
The card also comes with a $200 first-year welcome bonus after spending $2,000 in the first 90 days.
The cashRewards card has no minimum redemption amount. Payments into Navy Federal bank accounts or credit to card accounts are possible. Rewards must be redeemed before closing an account.
How much can a Navy Federal cashRewards Card earn? Consider how much an average American household spends on credit cards each year. Forbes Advisor analyzes government data to calculate baseline income and spending averages across multiple categories. We base spending on the 70th percentile of wage-earning households earning $100,172 yearly.
Forbes Advisor estimates the household’s credit cardable spending at $26,410. The cashRewards Card earns 1.75 percent cash back, or $462.18 per year.
Other Card Perks
* Auto Rental Collision Damage Waiver: Pay with the card and decline the collision damage waiver at the rental desk to receive secondary coverage.
* No foreign transaction fees: Use the card overseas without paying fees on every transaction.
Annual Fee: None
* Cash Advance Fee: N/A if made at a Navy Federal bank or ATM. Otherwise, $0.50 domestic, $1.00 abroad.
Purchase transaction fee: nil
The Card’s Value
Navy Federal cashRewards vs. Citi® Double Cash
The Citi® Double Cash Card earns 2% cash back on all purchases—1% when made and 1% when paid off. The 0.25 percent advantage over cashRewards might mount up over the course of the year. For those with mediocre credit, the Navy Federal cashRewards Credit Card* may be better.
The Citi Double Cash also has a 0% start APR on balance transfers for 18 months. This is followed by a standard variable APR range of 14.24 – 24.24 %. Introductory balance transfer fees of $5 or 3% of any transfer made within the first four months of account opening are also charged. Then it’s 5% of each transfer (minimum $5). The cashRewards card has a lower initial APR. The cashRewards card offers the edge in card extras: phone protection, auto rental collision damage waiver, and no international transaction fees.
Navy Federal cashRewards vs Navy Federal GO REWARDS®
When it comes to a Navy Federal credit card, the Navy Federal Go Rewards credit card offers a different rewards system. 3 points per dollar at restaurants, 2 points per dollar at gas stations, and 1 point per dollar everywhere. Those who spend a lot on transportation and food will likely get more incentives overall.
While the Go Rewards card protects your phone, it does not cover rental car collision damage. It also has a distinctive welcome offer: 15,000 bonus points (worth $150) after spending $1,000 in the first 90 days. Plus a 6 month introductory APR of 0.99 percent. May 02, 2022
Navy Federal Cash Rewards vs Capital One QuicksilverOne Cash Rewards
The Capital One Quicksilver One is a flat-rate cash-back card that earns 1.5 percent cash back on all purchases. The Capital One Quicksilver One has a lower earn rate than the cashRewards card, but it does not require credit union membership. It also has an annual charge of $39 whereas cashRewards does not. For customers with a balance, the QuicksilverOne has a substantially higher APR than cashRewards, 26.99 percent (Variable).
Due to the lesser earn rate, yearly fee, and higher APR than the cashRewards, most people may not choose the QuicksilverOne.
Navy Federal Credit Card: Conclusion
If you have mediocre credit, it can be difficult to locate a card that earns substantial cash back. Members with medium or better credit may qualify for the Navy Federal cashRewards Credit Card*. A flat 1.75 percent cash back on all eligible purchases, with no international transaction fees. Be aware that there are other cards that provide 1.75 percent cash back without requiring credit union membership or direct deposit. For some, those two features may be enough to rule out this card.
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