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Navy Federal Credit Union cashRewards card review

Navy Federal Credit Union cashRewards card review

Published: March 1, 2019
Published: March 1, 2019
Ratings Policy
Cash Back Rating:
4.3 rating
4.3 rating
4.3 / 5
Rewards Value: 4.0
Annual Percentage Rate: 4.0
Rewards Flexibility: 4.3
Features: 3.0
Customer Experience 4.8

In a Nutshell:

With a low APR and up to 1.5 percent 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.

View similar rewards credit cards

Rewards Rate
1.5% cash back on general purchases

Sign-up Bonus
$250 if you spend $2,500 in first 90 days (offer expires 9/3/2019)

Annual Bonus
None

Annual Fee
$0

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

APR
11.9-18% (variable)

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

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

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

Low Interest Rating:
2 rating
2 rating
2 / 5
Rates, Fees, Penalties: 1.8
Rewards: 2.1
Features: 1.0
Customer Experience 4.8

In a Nutshell:

The Navy Federal Credit Union Cash Rewards card offers a very low regular APR along with very reasonable rates and fees.

View similar low interest credit cards

Regular APR
11.9-18% (variable)

Introductory Purchase APR
None

 

Introductory Balance Transfer APR
None

Fees

  • No annual fee
  • No balance transfer fee
  • No foreign transaction fee
  • No cash advance fee

Penalties

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

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

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

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’s flagship cash rewards card ranks high on our list of cash back cards, thanks to its relatively high rewards value and affordable 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 percent 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.

Generous limited-time introductory bonus

Until Sep. 3, 2019, cashRewards cardholders can enjoy a $250 introductory bonus if they spend $2,500 in the first 90 days. This is one of the highest sign-up offers you’ll find on a cash back card, and it requires a relatively modest spend threshold.

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. If you spend roughly $3,000 a month, for example, you can take home nearly $700 – including the card’s one-time sign-up bonus – by the end of the card’s first year. 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 11.9 percent, which is especially low for a rewards card. The average APR for cash back credit cards, for example, is around 17 percent, according to CreditCards.com data. Meanwhile, the maximum APR for cardholders with imperfect credit is 18 percent, which is significantly lower than many competitors.

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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