Navy Federal Credit Union cashRewards Review: Cash Return Credit Card

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Navy Federal Credit Union cashRewards Review: Cash Return Credit Card

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

Navy Federal, which mainly acts army workers and their own families, provides this cash return charge card to people of the credit union.

This card provides limitless 1.5% cash return on everyday acquisitions for select users. It posesses $150 bonus that is welcome. And it’s the approval of income specialist Clark Howard. Due to the card’s low advertised APR interest rate, Clark believes it might be reasonable to hold a stability about this card in the event that you needed to.

In this review, we’ll explore the perks of the card, explain just how to use and compare the card with other popular cash back cards available on the market.

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 Cash
  • Summary

Team Clark has spent time assessing the bank card market in lot of groups such as the cash that is best back once again credit cards. We’ve compared the Navy Federal Credit Union cashRewards card into the most readily useful cards in this section regarding the market. And we’ve determined that it is a choice that is viable 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 cash return charge card for present and retired United States Armed Forces workers, their loved ones as well as other select people.

It features limitless cash back rewards of 1.5per cent on everyday acquisitions, a welcome bonus for brand new cardholders, no stability transfer charge and a basic 0% APR period on brand new acquisitions. To be eligible for a 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 print that is fine examine a number of the card’s perks and downsides:

Cardholder Advantages

  • Limitless 1.5% money back: The backbone perk with this card is really a 1.5% cash return bonus on all acquisitions. And there’s no benefits limitation with this, rendering it an everyday spending option that is attractive.
  • $150 Welcome Bonus: in the event that you invest at the very least $2,000 in your first 3 months of card account, you’ll obtain a $150 money back 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 first half a year of card account, you’ll pay 0% APR on brand new acquisitions. Select customers also might be provided a 12-month duration for 0% APR on transfers of balance. Not all the known people will be eligible for this one, though.
  • 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 having less a stability transfer cost expands beyond the marketing APR offer that some users will get.
  • Instant benefits Without Expiration: you have access to and redeem your hard earned money straight straight straight back benefits since quickly while you make them, without any minimal investing quantity. 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 the account is active, your cash return benefits will expire never.
  • Rental automobile Protection: in the event that you lease automobile together 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 coverage to your current protection and might help defray expenses if the rental is taken, damaged or requires a tow.
  • Mobile phone Protection: you can qualify for cell phone protection if you pay your cell phone bill with your cashRewards card. This can save money that is big your phone gets lost, broken or stolen.

Cardholder Charges

Here’s a quick glance at a number of the costs you may possibly encounter utilizing 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’s $0.50 per cash loan transfer. But remember the attention price for payday loans about 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

If you would like benefit from the perks for this charge card, first you must get in on the Navy Federal Credit Union. Also you may still be eligible if you’re not an active member of the United States military.

Here’s a fast consider who qualifies for account utilizing the credit union:

Military Personnel

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

Military Nearest And Dearest

Navy Federal stretches its account offer to “direct” family unit members of armed forces workers, which it describes because:

  • Moms And Dads
  • Grand-parents
  • Spouses
  • Siblings
  • Kiddies (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 when it comes to Department of Defense
  • Retirees and annuitants

To use for membership you’ll need certainly to give a Social Security number, government-issued ID and home address that is current. In the event that you qualify, you’ll be asked to make a short deposit from a preexisting 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 fee that is monthly the bank checking account.

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

Recently, Clark additionally endorsed Navy Federal’s cashRewards card due to the perks it provides as well as the possibility of the lowest fixed APR on acquisitions. (Note: APR prices fluctuate predicated on a amount of facets including an assessment of individual creditworthiness. Your price may vary.)

Here’s exactly exactly how the 2 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% 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 23.99percent
Foreign Transaction Fee None 3percent of purchase

Predicated on this information, it seems the cashRewards card could last well site. Citi has yet another 0.5% money back on everyday acquisitions when compared to standard 1.5% for the bucksRewards.

Clark doesn’t suggest holding balances on benefits bank cards with lousy standard APRs, so he advises choosing the Citi card only when you intend to pay for the balance in full every month.

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