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 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 loved ones, provides this cash return charge 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 bonus that is welcome. And it offers the approval of income specialist Clark Howard. Due to the card’s low advertised APR interest price, Clark believes it can be reasonable to transport a balance about this card in the event that you needed to.

In this review, we’ll explore the perks of the card, explain how exactly to use and compare the card to many other popular cash return cards in the marketplace.

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 many groups such as the cash that is best back credit cards. We’ve compared the Navy Federal Credit Union cashRewards card to your most useful cards in this portion regarding the market. And we’ve determined that it is a viable choice — because of its steady cash return benefits and customer-friendly way of costs.

As you’re making your buying decision about whether this card is really a fit for you personally, please utilize this review along 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 credit card for present and United that is retired States Forces workers, their loved ones as well as other choose users.

It features cash that is unlimited benefits of 1.5per cent on everyday acquisitions, a welcome bonus for brand new cardholders, no stability transfer cost plus a basic 0% APR duration on brand brand new acquisitions. 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

  • Unlimited 1.5% cash return: The backbone perk for this card is really a 1.5% cash return bonus on all acquisitions. And there’s no benefits restriction on this, rendering it an everyday spending option that is attractive.
  • $150 Welcome Bonus: online payday loans East Sussex in the event that you invest at the least $2,000 inside your very very first ninety days of card account, you’ll get a $150 money back bonus reward. That’s only a little less generous than other provides in the marketplace, however it’s additionally relatively simple to obtain.
  • Introductory 0% APR Period: For the first 6 months of card account, you’ll pay 0% APR on brand brand new acquisitions. Choose customers also could be provided a 12-month duration for 0% APR on transfers of balance. Not all the known users will be eligible for any particular one, however.
  • No Balance Transfer Fee: aside from the possible 12-month 0% APR duration, cardholders can also make those transfers with no costs. That produces a window that is one-year a possible fee-free transfer of current credit debt. It’s worth noting that the possible lack of a stability transfer cost stretches beyond the marketing APR offer that some people will get.
  • Instant benefits Without termination: you have access to and redeem your hard earned money straight straight back benefits since soon while you earn them, without any minimal investing quantity. You are able to access the benefits and always check balance in real-time through the Navy Federal website or mobile application. And also as long as your account is active, your cash return benefits will never ever expire.
  • Rental automobile Protection: in the event that you rent vehicle along with your cashRewards card, you’ll immediately get Collision harm Waiver protection on rentals of 15 days or less. This will act as additional insurance to your current protection and may help defray expenses if the rental is taken, damaged or requires a tow.
  • Mobile Protection: you can qualify for cell phone protection if you pay your cell phone bill with your cashRewards card. This may help you save money that is big your phone gets lost, broken or taken.

Cardholder Fees

Here’s a look that is quick a number of the charges you might encounter using 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 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 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 if you’re perhaps not a working person in the united states of america army, you might nevertheless meet the requirements.

Here’s a look that is quick whom qualifies for account with all 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 of the U.S. Armed Forces’ Delayed Entry Program (DEP)

Military Family Unit Members

Navy Federal expands its membership offer to “direct” household members of army workers, which it defines 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 employees that are civilian
  • Usa Government employees assigned to Department of Defense
  • Contractors for the Department of Defense
  • Retirees and annuitants

To try to get account you’ll need certainly to supply a Social Security quantity, 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 banking account to your credit union account. Remember that Navy Federal calls for $1,500 funds on deposit to prevent a ten dollars fee that is monthly the bank account.

Navy Federal cashRewards vs. Citi Double Money: That 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 cash specialist Clark Howard has considered the Double money to be worth their wallet as a result of its straightforward money back provide on all acquisitions: just as much as 2% (1% whenever you buy, 1% once you spend your bill).

Recently, Clark additionally endorsed Navy Federal’s cashRewards card due to the perks it gives along with the possibility of a reduced APR that is fixed acquisitions. (Note: APR prices fluctuate according to a quantity of facets including an evaluation of individual creditworthiness. Your price may differ.)

Here’s exactly 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 Purchase APR Range 9.65% to 18.00% 13.99% to 23.99percent
Foreign Transaction Fee None 3percent of purchase

According to this given information, it appears the cashRewards card could last well. Citi has one more 0.5% cash return on everyday acquisitions when compared to standard 1.5% for the cashRewards.

Clark doesn’t suggest carrying balances on benefits charge cards with lousy standard APRs, so he suggests choosing the Citi card only when you intend to pay for the bill in complete every month.