Navy Federal Credit Union cashRewards Review: Cash Return Charge Card

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 desire to pay a yearly charge, you might see if you’re qualified to receive the Navy Federal Credit Union cashRewards card.

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

This card provides limitless 1.5% money back on everyday acquisitions for choose people. It has a $150 bonus that is welcome. And the approval is had by it of cash specialist Clark Howard. Due to the card’s low advertised APR interest price, Clark believes maybe it’s reasonable to hold a stability about this card if you had to.

In this review, we’ll explore the perks with this card, explain simple tips 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 Eligible for the Navy Federal Credit Union cashRewards Card
  • Navy Federal Credit Union cashRewards vs. Citi Double Money
  • Conclusions

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

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 money back charge card for present and retired United States Armed Forces workers, their loved ones along with 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 as well as a basic 0% APR duration on new purchases. To be eligible for this card, you need to be person in Navy Federal Credit Union.

Navy Federal cashRewards Card: Specs and Perks

Let’s take a good look at the small print to examine a few of the card’s perks and disadvantages:

Cardholder Advantages

  • Limitless 1.5% cash return: The backbone perk of the card is a 1.5% cash return bonus on all acquisitions. And there’s no benefits restriction with this, rendering it an everyday spending option that is attractive.
  • $150 Welcome Bonus: in the event that you invest at the least $2,000 in your very very first 3 months of card account, you’ll obtain a $150 money back bonus reward. That’s only a little less generous than various other provides in the marketplace, however it’s additionally relatively simple to have.
  • Introductory 0% APR Period: When it comes to very very first half a year of card membership, you’ll pay 0% APR on brand new acquisitions. Choose customers also are provided a 12-month duration for 0% APR on transfers of balance. Not all the known people will be eligible for a any particular one, however.
  • No Balance Transfer Fee: besides the possible 12-month 0% APR duration, cardholders may also make those transfers without the costs. That produces a window that is one-year a prospective 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 users will get.
  • Instant benefits Without termination: you are able to access and redeem your hard earned money straight right back benefits since quickly with no minimum spending amount as you earn them. You have access to the benefits and look your balance in real-time through the Navy Federal site or app that is mobile. And also as long as your account is active, your cash return benefits will expire never.
  • Rental vehicle Protection: If you rent a motor car together with your cashRewards card, you’ll automatically receive Collision harm Waiver protection on rentals of 15 days or less. This will act as additional insurance coverage to your current protection and might help defray expenses in case the rental is taken, damaged or requires a tow.
  • Mobile phone Protection: in the event that you spend your cellular phone bill along with your cashRewards card, you can easily be eligible for cellular phone security. This can help you save a lot of money if your phone gets lost, broken or taken.

Cardholder Charges

Here’s a fast examine a few of the costs you might encounter aided by the Navy Federal card:

  • Yearly Fee: None
  • Balance Transfer Fee: None
  • Advance loan Fee: None so long as you perform the deal at a Navy Federal-approved ATM. Otherwise, it’s $0.50 per advance loan transfer. But take into account that the attention price for payday loans with this card is 2% APR greater than your price for acquisitions.
  • Foreign Transaction Fee: None
  • Later Payment Fee: As Much As $20

How to be qualified to receive 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 if you’re maybe not an energetic person in the united states of america army, you might still meet the requirements.

Here’s a fast have a look at whom qualifies for account because of the credit union:

Military Personnel

  • Active members of 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 of the U.S. Armed Forces’ Delayed Entry Program (DEP)

Military Family Unit Members

Navy Federal expands its account offer to “direct” family relations of army workers, which it describes as:

  • Moms And Dads
  • Grandparents
  • Partners
  • Siblings
  • Young ones (adopted and stepchildren included)
  • Grandchildren
  • Family 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 utilize for account you’ll need certainly to give a Social Security quantity, government-issued ID and present house target. In the event that you qualify, you’ll be asked to make a deposit that is initial a current banking account to your credit union account. Keep in mind that Navy Federal calls for $1,500 funds on deposit to prevent a ten dollars month-to-month charge on the bank checking 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 expert Clark Howard has considered the Double money to be worthy of their wallet as a result of its straightforward cash back offer on all acquisitions: just as much as 2% (1% once you purchase, 1% once 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 centered on a wide range of facets including an evaluation of individual creditworthiness. Your price might differ.)

Here’s just exactly exactly how the two 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% once you purchase, 1% whenever 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 23.99%
Foreign Transaction Fee None 3percent of purchase

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

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 cover the balance in complete every month.