The Navy Federal Credit Union Flagship Rewards Visa is the premier travel rewards card offered by NFCU. This card is only available to Navy Federal Credit Union members. The rewards program allows cardholders to earn points on purchases which can be redeemed for flights, hotel stays, merchandise, and gift cards. There is currently no signup bonus offered to new account holders. This card has an annual membership fee of $49 which is not waived for the first year.
Applicants must fall into one of the following categories to be eligible for membership in Navy Federal Credit Union:
- Department of Defense (DOD) Uniformed Personnel
- Department of Defense Reservists
- Army and Air National Guard Personnel
- S. Coast Guard Personnel
- Department of Defense Officer Candidate Programs
- Delayed Entry Program Personnel
- S. Government Employees Assigned to DOD Installations
- DOD Civilian Employees
- Family Members
The Navy Federal Credit Union Flagship Rewards Visa offers a variable annual percentage rate of 9.99% to 18%. Your actual APR will be determined at the time of approval and is based on your credit history and other financial factors.
Two nice perks of this card are members are never charged a balance transfer fee or a foreign transaction fee. Most credit cards charge 3-4% or $5 per transfer and 3% on transactions made outside of the U.S. – it’s rare for a rewards card not to assess these fees.
Cardholders earn two points for every $1 of net purchases made with the card. Net purchases are the total amount of new purchases minus any credits, returns, or other adjustments. Cash advances, balance transfers, fees of any kind, and convenience checks do not qualify as purchases and do not earn points. There is no limit on the amount of points you can earn and as long as your account is active and in good standing, points never expire.
Points can be redeemed as soon as they post to your account. Here is a sampling of redemption values:
| Points | Rewards |
| 10,000 | Annual fee credit ($49) |
| 20,000 | Various gift cards/merchandise or cash back of $100 deposited to savings account |
| 30,000 | Various gift cards/merchandise or cash back of $150 deposited to savings account |
| 40,000 | Various gift cards/merchandise or cash back of $250 deposited to savings account |
| 60,000 | Various gift cards/merchandise or cash back of $450 deposited to savings account |
| 100,000 | Various gift cards/merchandise or cash back of $750 deposited to savings account |
Rewards that are redeemed for a cash back deposit will post to your bank account within 10 days.
Travel-related rewards may be redeemed starting with 100 points. The following are examples of travel redemption rewards:
- 15,000 points = $150 round-trip airline ticket
- 30,000 points = $300 round-trip airline ticket
- 50,000 points = $500 round-trip airline ticket
Cardholders are not limited to a specific airline when redeeming points for tickets.
Members receive additional Visa Signature benefits such as:
- Travel – Upgrades (when available) and savings on accommodations (including many luxurious properties, worldwide).
- Entertainment – Savings on music, books, and movie tickets.
- Sports – Access to popular sporting events, golf packages, and tickets.
- Shopping – Discounts at premium retailers.
- Concierge Services – 24/7 assistance with travel planning, gift buying, and dining reservations.
The Facts
Below we have broken down the specific details of the Navy Federal Credit Union Flagship Rewards Visa card to help you decide if it’s worth signing up.
The Good:
Easy to earn points:
Card members earn two points for every eligible $1 net purchase. There are no bonus categories and you don’t have to sign up to start earning points. Net purchases are total transactions minus any credits, returns, or other adjustments. Note: NFCU offers more than one rewards credit card. Points are not transferrable from one card to another. Each rewards program is separate from any other program offered by NFCU.
Multiple redemption options:
Points may be redeemed as soon as they post to your account. They can be redeemed in the following ways:
- Annual fee credit
- Deposited to your savings account
- Various gift cards/merchandise
- Travel rewards
There is no limitation on the number of points you can earn. Points never expire (provided that your account is active and in good standing).
No balance transfer fee:
Most cards charge a balance transfer fee of at least 3-4% or 5-$10 per transfer. This card does not.
No foreign transaction fees:
Typically, rewards credit cards charge a 3% foreign transaction fee on all purchases made while traveling internationally. No fee is a good perk.
Visa Signature benefits:
- Travel
- Entertainment
- Sports
- Shopping
- Concierge Services
The Bad:
No signup bonus:
New account holders do not receive bonus points when signing up for this card. There is also no introductory APR on either purchases or balance transfers.
Annual fee:
Members are charged an annual fee of $49 for the card. This fee is not waived for the initial year.
Harder to qualify:
Generally, an excellent credit score (740+FICO) is needed to qualify for this card.
The Ugly:
Limited Eligibility
Only members of Navy Federal Credit Union may apply for this card. Membership requirements are fairly restrictive so not everyone will be eligible to join.
Redemption Concerns
For people who do qualify for membership in NFCU, this card delivers an above-average two points per dollar on all purchases with no rotating categories. However, the redemption rate does not offer a consistent 2% rate of return. For example, you would have to spend $5,000 on the card to earn your first 10,000 points. Those 10,000 points can only be redeemed for the $49 annual fee credit – a 1% rewards rate and half the promised rate. Also, while the process for subsequent cash back redemptions is straightforward – the redemption rate for merchandise and gift cards is available to card members only – not to prospective applicants. This is usually a red flag that redemption values are low.