Navy Federal Credit Union cashRewards Review: Cash Return Charge Card

If you’re on the market for a cash return benefits credit card but don’t like to spend an annual fee, you might want to see if you’re entitled to the Navy Federal Credit Union cashRewards card.

Navy Federal, which primarily acts personnel that are military their own families, provides this cash return credit card to people in the credit union.

This card provides limitless 1.5% cash return on everyday acquisitions for select people. It has a $150 welcome bonus. And the approval is had by it of income specialist Clark Howard. Because of the card’s low APR that is advertised price, Clark believes it might be reasonable to transport a stability with 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 Table of articles

  • What’s the Navy Federal Credit Union cashRewards Card?
  • Card Specs and Perks
  • How to be entitled to the Navy Federal Credit Union cashRewards Card
  • Navy Federal Credit Union cashRewards vs. Citi Double Money
  • Conclusions

Team Clark has invested time assessing the bank card market in lot of groups like the cash that is best back once again credit cards. We’ve compared the Navy Federal Credit Union cashRewards card towards the most useful cards in this part associated with the market. And we’ve determined that it is a viable choice — by way of its steady cash return benefits and customer-friendly method of charges.

As you’re making your buying decision about whether this card is really a fit for you personally, please make use of this review together with Clark Howard’s 7 Rules for making use of bank cards.

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 retired United States Armed 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 brand new acquisitions. To be eligible for this card, you truly must be a known 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 Advantages

  • Limitless 1.5% cash return: The backbone perk for this card is a 1.5% cash return bonus on all acquisitions. And there’s no benefits limit with this, that makes it an attractive every day investing choice.
  • $150 Welcome Bonus: in the event that you spend at the least $2,000 inside your very first ninety days of card account, you’ll obtain a $150 cash return bonus reward. That’s only a little less generous than several other provides in the marketplace, however it’s additionally relatively simple to obtain.
  • Introductory 0% APR Period: For the very very first half a year of card account, you’ll pay 0% APR on brand new purchases. Choose customers also could be provided a period that is 12-month 0% APR on balance transfers. Not absolutely all people will be eligible for this 1, however.
  • No Balance Transfer Fee: aside from the possible 12-month 0% APR duration, cardholders may 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 fee stretches beyond the marketing APR offer that some people will receive.
  • Instant benefits Without termination: you have access to and redeem your money right back benefits since quickly with no minimum spending amount as you earn them. You have access to the rewards and always check your balance in real-time through the Navy Federal site or app that is mobile. So that as long as your account is active, your cash return benefits will never ever expire.
  • Rental automobile Protection: If you hire vehicle along with your cashRewards card, you’ll immediately get Collision harm Waiver protection on rentals of 15 times or less. This will act as additional insurance to your current protection and may help defray expenses when your leasing is taken, damaged or requires a tow.
  • Mobile phone Protection: in the event that you spend your mobile phone bill together with your cashRewards card, you are able to be eligible for cellular phone security. This might help you save money that is big your phone gets lost, broken or taken.

Cardholder Charges

Here’s a fast have a look at a number of the costs you could encounter with all the Navy Federal card:

  • Yearly 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 take into account that the attention price for payday loans with this card is 2% APR more than your price for acquisitions.
  • Foreign Transaction Fee: None
  • Late Payment Fee: As Much As $20

How to be entitled to the Navy Federal Credit Union cashRewards Card

You have to join the Navy Federal Credit Union if you want to enjoy the perks of this credit card, first. 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 membership because of the credit union:

Military Personnel

  • Active people in the U.S. Army, Marine Corps, Navy, Air Force, Coast Guard, nationwide Guard and area Force
  • Veterans, retirees and annuitants for the above services
  • People in the U.S. Armed Forces’ Delayed Entry Program (DEP)

Military Nearest And Dearest

Navy Federal stretches its account offer to “direct” nearest and dearest of army workers, which it describes because:

  • Moms And Dads
  • Grand-parents
  • Spouses
  • Siblings
  • Kids (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 for the Department of Defense
  • Retirees and annuitants

To try to get membership you’ll need certainly to give a Social Security quantity, government-issued ID and current house target. In the event that you qualify, you’ll be asked to make a preliminary deposit from a current banking account to your credit union account. Observe that Navy Federal calls for $1,500 funds on deposit in order to avoid a ten dollars month-to-month charge on the bank account.

Navy Federal cashRewards vs. Citi Double Money: Which Can Be Better?

With regards to money back charge cards, Team Clark wants to compare them to your CitiВ® Double money card.

That’s because money specialist Clark Howard has considered the Double money to be worth their wallet as a result of its cash that is straightforward back on all purchases: just as much as 2% (1% once you buy, 1% whenever you spend your bill).

Recently, Clark additionally endorsed Navy Federal’s cashRewards card due to the perks it gives along with the prospect of the lowest APR that is fixed acquisitions. (Note: APR prices fluctuate considering an amount of facets including an evaluation of individual creditworthiness. Your price might differ.)

Here’s just how the 2 cards compare 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 0per cent 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 23.99per cent
Foreign Transaction Fee None 3percent of purchase

Centered on this information, it seems the cashRewards card could last well. Citi possesses yet another 0.5% cash return on everyday acquisitions when compared to standard 1.5% for the bucksRewards.

Clark will not suggest holding balances on benefits bank cards with lousy standard APRs, so he suggests selecting the Citi card as long as you intend to pay for the balance in complete each month.