Navy Federal Credit Union cashRewards Card review

Navy Federal Credit Union cashRewards Card review

Updated: February 22, 2022
Updated: February 22, 2022
Ratings Policy
Cash Back Rating:
3.7 rating
3.7 rating
3.7 / 5
Rewards Value:3.6
Annual Percentage Rate:4.9
Rewards Flexibility:3.7
Features:2.0
Customer Experience4.8

In a Nutshell:

With a low APR and up to 1.5% cash back on every purchase, this modest credit union card is a great choice for cardholders who plan to carry a balance and want low-maintenance rewards at an affordable price.

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Rewards Rate
1.5% cash back on general purchases

Poor

Sign-up Bonus
$150 in cash back when you spend $1,000 in first 90 days (expires 02/28/2022)

Excellent

Annual Bonus
None

Poor

Annual Fee
$0

Excellent

Average Yearly Rewards Value ($1,325 monthly spend)
$321

Excellent

APR
9.65% -18% (variable)

Excellent

Rewards Redemption
Pros

  • Rewards don’t expire
  • Redeem for statement credit or bank deposit
  • No limit on amount of cash back
  • No minimum redemption amount

Cons

  • Can’t redeem cash through paper checks
Excellent

Customer Experience

  • Consumer Reports rating: 95 (3% of issuers ranked higher)
  • 24/7 customer service?: Yes
  • Online chat available?: Yes
  • Google Play Store mobile app rating: 3.8/5
  • Apple Store mobile app rating: 4.9/5
Excellent

Other Notable Features: EMV chip, car rental insurance, luxury hotel discounts, concierge service, roadside dispatch, travel and emergency assistance, warranty manager service, automatic room upgrades, complimentary breakfast and Wi-Fi, VIP status

Ratings Policy
Low Interest Rating:
2.1 rating
2.1 rating
2.1 / 5
Rates, Fees, Penalties:1.8
Rewards:2.1
Features:1.0
Customer Experience4.8

In a Nutshell:

The Navy Federal Credit Union cashRewards Card offers a very low regular APR along with very reasonable rates and fees.

View similar low interest credit cards

Regular APR
9.65-18% (variable)

Very Good

Introductory Purchase APR
None

 

Poor

Introductory Balance Transfer APR
1.99% for 12 months (for balance transfers made within 90 days of account opening)

Average

Fees

  • No annual fee
  • No balance transfer fee
  • No foreign transaction fee
  • Cash-advance fee is $.50 domestic, $1 overseas, free at NFCU ATMs
Excellent

Penalties

  • $20 late payment fee
  • 18% penalty APR
  • $20 returned payment fee
Very Good

Customer Experience

  • Consumer Reports rating: 95 (3% of issuers ranked higher)
  • 24/7 customer service?: Yes
  • Online chat available?: Yes
  • Google Play Store mobile app rating: 4.4/5
  • Apple Store mobile app rating: 3.3/5
Excellent

Other Notable Features: EMV chip, car rental insurance, luxury hotel discounts, concierge service, roadside dispatch, travel and emergency assistance, warranty manager service, automatic room upgrades, complimentary breakfast and Wi-Fi, VIP status

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The Navy Federal Credit Union cashRewards Card* isn’t the most generous cash back card on the market, but it’s a good deal for cardholders who want substantial rewards without a complicated redemption scheme or a sky-high APR.

Navy Federal Credit Union membership is limited to active and retired military service members and their families, though, so you may not qualify for the card if you don’t have a military connection.

Simple cash back

If you’re looking for ample cash back but don’t want to keep track of rotating spending categories or bonus purchases, this card can be a good option. The card offers 1.5% cash back on every purchase. So if you use the card for all purchases, you can take home a substantial amount of cash. For example, if you spend roughly $1,600 each month for 12 months, you can earn nearly $300 by the end of your card’s first year. Even a modest $500 in monthly spending can earn you nearly $100 in cash back.

If you want to earn a little more, you can get 1.75% cash back with the cashRewards Card as long as you enroll in direct deposit. Otherwise, you’ll earn the base 1.5% cash back.

Decent sign-up bonus

The cashRewards Card is currently offering a sign-up bonus of $150 in cash back if you spend $3,000 within 90 days of opening your account (offer expires Feb. 28, 2022). While this is on par with the sign-up offers available with many no-annual-fee cash back credit cards, the spending requirement is higher than some others.

Easy, straightforward redemption

Navy Federal Credit Union also makes it easy to redeem the cash you earn by imposing relatively few restrictions. There are no caps on how much you can earn. So if you’re a fairly heavy spender, you can potentially take home a considerable amount. The cash rewards also don’t expire, so you can rack up cash without immediately redeeming it. In addition, Navy Federal Credit Union doesn’t restrict how much or how little you can redeem.

Lower-than-average APR

Compared to most cash back credit cards, the average APR on the Navy Federal Credit Union is also relatively low. Cardholders with the highest credit scores are offered an APR as low as 9.65%, which is especially low for a rewards card. The average APR for cash back credit cards, for example, is around 16%. Meanwhile, the maximum APR is 18%, which is significantly lower than many competitors.

The card also offers a 0% intro APR for six months on balance transfers made within 90 days of account opening (offer expires Feb. 28, 2022), which could come in handy if you want to pay down a small debt within six months.

Why get the Navy Federal Credit Union cashRewards Card?

  • You want a simple, straightforward cash back program with no rotating bonus categories.
  • You’re looking for an affordable cash back card with a lower-than-average APR.
  • You’re already a Navy Federal Credit Union member.

How to use the Navy Federal Credit Union cashRewards Card:

  • Maximize the amount of cash back you earn by using your card for all your everyday purchases.
  • Try to repay your card in full each month to avoid paying interest.
  • Take advantage of the card’s Visa Signature benefits, such as car rental and lost luggage insurance, by using your card for domestic travel purchases.

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*All information about the Navy Federal Credit Union cashRewards Card has been collected independently by CreditCards.com and has not been reviewed or approved by the issuer.

All reviews are prepared by CreditCards.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information.

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