Navy Federal Credit Union cashRewards Card review

Navy Federal Credit Union cashRewards Card review

Updated: February 22, 2022
Updated: February 22, 2022
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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 and has not been reviewed or approved by the issuer.

All reviews are prepared by 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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