If you’re on the market for a cash return benefits credit card but don’t desire to spend a yearly cost, you might want to see if you’re entitled to the Navy Federal Credit Union cashRewards card.
Navy Federal, which mainly acts personnel that are military their families, provides this cash return charge card to people in the credit union.
This card provides limitless 1.5% money back on everyday acquisitions for select users. It posesses $150 welcome bonus. And the approval is had by it of cash expert Clark Howard. Due to the card’s low advertised APR interest price, Clark thinks maybe it’s reasonable to transport a stability on this card in the event that you had to.
In this review, we’ll explore the perks with this card, explain how exactly to use and compare the card with other cash that is popular cards available on the market.
Dining dining dining Table of articles
- What’s the Navy Federal Credit Union cashRewards Card?
- Card Specs and Perks
- How to be qualified to receive the Navy Federal Credit Union cashRewards Card
- Navy Federal Credit Union cashRewards vs. Citi Double Money
- Summary
Team Clark has invested time assessing the bank card market in a number of groups including the cash that is best back once again credit cards. We’ve compared the Navy Federal Credit Union cashRewards card to your most readily useful cards in this section for the market. And we’ve determined that it’s a viable choice — as a result of its steady cash return benefits and customer-friendly method of costs.
For you, please use this review in conjunction with Clark Howard’s 7 Rules for Using Credit Cards as you’re making your decision about whether this card is a fit.
What’s the Navy Federal Credit Union cashRewards Card?
The Navy Federal Credit Union cashRewards card is a cash return charge card for present and United that is retired States Forces workers, their own families as well as other choose users.
It features limitless cash return benefits of 1.5per cent on everyday acquisitions, a welcome bonus for brand new cardholders, no stability transfer cost and a basic 0% APR duration on brand new acquisitions. To be eligible for this card, you really must be person in Navy Federal Credit Union.
Navy Federal cashRewards Card: Specs and Perks
Let’s have a look at the small print to examine a number of the card’s perks and downsides:
Cardholder Benefits
- Limitless 1.5% cash return: The backbone perk with this card is a 1.5% money back bonus on all acquisitions. And there’s no benefits restriction with this, rendering it an attractive every day investing choice.
- $150 Welcome Bonus: in the event that you invest at the very least $2,000 in your very very first 3 months of card account, you’ll get a $150 money back bonus reward. That’s only a little less generous than several other offers available on the market, however it’s additionally relatively simple to have.
- Introductory 0% APR Period: For the very very first half a year of card account, you’ll pay 0% APR on brand brand new purchases. Choose customers also might be provided a 12-month duration for 0% APR on transfers of balance. Only a few known users will be eligible for this one, though.
- No Balance Transfer Fee: besides the prospective 12-month 0% APR duration, cardholders can also make those transfers without having any charges. That produces an one-year screen for a possible fee-free transfer of current personal credit card debt. It’s worth noting that the possible lack of a stability transfer cost runs beyond the marketing APR offer that some people will get.
- Instant benefits Without termination: you have access to and redeem your money right straight back benefits since quickly with no minimum spending amount as you earn them. It is possible to access the benefits and check always balance in real-time through the Navy Federal site or mobile application. And also as long as your account is active, your cash return benefits will never ever expire.
- Rental vehicle Protection: in the event that you hire vehicle together with your cashRewards card, you’ll immediately get Collision harm Waiver protection on rentals of 15 times or less. This acts as additional insurance coverage to your current protection and may help defray expenses should your leasing is taken, damaged or requires a tow.
- Mobile phone Protection: you can qualify for cell phone protection if you pay your cell phone bill with your cashRewards card. This might help you save big bucks if your phone gets lost, broken or taken.
Cardholder Costs
Here’s a look that is quick a number of the charges you could encounter because of the Navy Federal card:
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- Annual Fee: None
- Balance Transfer Fee: None
- Advance loan Fee: None so long as the transaction is completed by you at a Navy Federal-approved ATM. Otherwise, it really is $0.50 per cash loan transfer. But remember that the attention price for payday loans with this card is 2% APR more than your price for acquisitions.
- Foreign Transaction Fee: None
- Later Payment Fee: As Much As $20
How to Become entitled to the Navy Federal Credit Union cashRewards Card
If you would like take pleasure in the perks with this charge card, first you need to join the Navy Federal Credit Union. Also you may still be eligible if you’re not an active member of the United States military.
Here’s a look that is quick whom qualifies for account using the credit union:
Military Personnel
- Active people in the U.S. Army, aquatic Corps, Navy, Air Force, Coast Guard, nationwide Guard and area Force
- Veterans, retirees and annuitants for the services that are above
- People in the U.S. Armed Forces’ Delayed Entry Program (DEP)
Military Family Relations
Navy Federal runs its account offer to “direct” household members of army workers, which it describes because:
- Moms And Dads
- Grand-parents
- Partners
- Siblings
- Young ones (adopted and stepchildren included)
- Grandchildren
- Family unit members
Department of Defense Personnel
- Department of Defense (DoD) Officer Candidates and Reservists
- DoD civilian workers
- Usa Government employees assigned to Department of Defense
- Contractors when it comes to Department of Defense
- Retirees and annuitants
To utilize for membership you’ll need certainly to give a Social Security number, government-issued ID and home address that is current. In the event that you qualify, you’ll be asked to make a deposit that is initial a preexisting bank-account to your credit union account. Keep in mind that Navy Federal calls for $1,500 funds on deposit in order to avoid a ten dollars fee that is monthly the bank account.
Navy Federal cashRewards vs. Citi Double Money: Which Will Be Better?
Them to the CitiВ® Double Cash card when it comes to cash back credit cards, Team Clark likes to compare.
That’s because money specialist Clark Howard has considered the Double money to be worth their wallet because of its cash that is straightforward back on all acquisitions: up to 2% (1% once you buy, 1% whenever you spend your bill).
Recently, Clark also endorsed Navy Federal’s cashRewards card due to the perks it gives along with the possibility of the lowest APR that is fixed acquisitions. (Note: APR prices fluctuate centered on a quantity of facets including an evaluation of individual creditworthiness. Your price may differ.)
Here’s exactly exactly just how the 2 cards build up against one another:
| Card Characteristic | Navy Federal cashRewards | Citi Double Cash |
|---|---|---|
| Annual Fee | None | None |
| Cash Back Reward | 1.5% on all acquisitions (2% promo for active military) | 2percent on all acquisitions (1% whenever you purchase, 1% once you spend) |
| Welcome Bonus | $150 on $2,000 investing in 90 days | None |
| Balance Transfer Intro Offer | 0% APR for 12 months | 0% APR for eighteen months |
| Balance Transfer Fee | $0 | $5 or 3percent of quantity, whichever is greater |
| Introductory 0% APR buy Period | 6 months | None |
| Advertised buy APR Range | 9.65% to 18.00% | 13.99% to 23.99percent |
| Foreign Transaction Fee | None | 3percent of purchase |
According to this information, it seems the cashRewards card could serve you well. Citi has one more 0.5% cash return on everyday acquisitions set alongside the standard 1.5% for the bucksRewards.
Clark will not suggest holding balances on benefits charge cards with lousy standard APRs, so he advises selecting the Citi card as long as you want to pay for the balance in complete every month.