The Navy Federal Cash Rewards Visa is a good choice for people who want to earn cash back on every purchase made with the card without the hassle of rotating categories or spending caps. It is only available to Navy Federal Credit Union members. You are eligible to join if you fall under any of these categories:
- Department of Defense (DOD) Uniformed Personnel
- S Coast Guard Personnel
- Department of Defense Reservists
- Army and Air National Guard Personnel
- Delayed Entry Program Personnel
- Department of Defense Officer Candidate Programs
- S. Government Employees Assigned to DOD Installations
- DOD Civilian Employees
- Family Members
This card is a Visa Signature credit card and comes with no annual fee. There is no signup bonus offered with the Navy Federal Cash Rewards Credit Card.
The cash back rewards program is simple and straightforward. Card members earn 1.5% cash back on all eligible net purchases made with the card. You do not have to sign up to receive your cash back rewards. Once you are approved for the card, you are automatically enrolled in the rewards program. There is no limit on the amount of cash back rewards you can earn and rewards never expire.
Cash back rewards may be redeemed once they have been credited to your account. Note: Unlike many points/cash back reward programs which have a minimum redemption amount, there is no minimum rewards requirement to meet in order to redeem cash back rewards. Rewards may be deposited into a checking or savings account or may be posted as a statement credit.
Net purchases are all transactions which post to your account less any credits, returns, or other adjustments. Cash advances, balance transfers, and interest charges do not qualify as purchases and do not earn cash back rewards.
The Navy Federal Cash Rewards Credit Card offers a variable APR of 9.65% to 18% on purchases, cash advances, and balance transfers. Your actual APR will be determined at the time of approval and is based on your credit score and other financial factors.
Card members receive additional Visa Signature benefits, including:
- Purchase Security- Provides replacement, repair, or reimbursement for eligible items purchased with the card for up to 90 days from the date of purchase. Limitations and restrictions apply.
- Lost Luggage Reimbursement- Covers any carry-on or checked bag that is lost or stolen. Your entire common carrier ticket must be charged to your Navy Federal Cash Rewards Credit Card to qualify.
- Visa Signature Concierge- Provides 24/7 assistance with finding tickets to entertainment and sporting events, booking travel, and making dining reservations.
Cardholders are charged a 1% foreign transaction fee for any purchases made with the card while traveling internationally. (Many credit cards charge a 3% fee so the 1% is relatively nominal.)
Below we have broken down the specifics of the Navy Federal Cash Rewards Credit Card to help you determine if it’s a good choice for you.
Simple rewards program:
The cash back rewards program is clear and concise. Every net purchase made with the card earns you 1.5% in cash back rewards. There are no rotating categories or disclaimers about what qualifies as a grocery store/gas station and what doesn’t.
Easy redemption process:
As soon as your cash back rewards post to your account you can redeem them. There is no minimum amount required. Rewards can be redeemed as a deposit to your checking or savings account or may be posted as a statement credit.
Cash back rewards don’t expire:
As long as your account is open and in good standing, the cash back rewards you earn do not expire.
No spending caps:
There is no limit to the amount of cash back rewards you can earn (either monthly or annually).
Visa Signature benefits:
- Purchase Security
- Lost Luggage Reimbursement
- Visa Signature Concierge
No annual fee:
Card members are not charged an annual fee for this card.
No sign up bonus or introductory APR:
This card does not offer a sign up bonus or an introductory APR to new account holders.
Not everyone will be approved:
Applicants generally need very good to excellent credit (720+ FICO) to be approved for this card.
This card is only available to members of Navy Federal Credit Union. You must meet its eligibility requirements to join.