Reviews Navy Federal Credit Union Platinum card review
Navy Federal Credit Union Platinum card review

Navy Federal Credit Union Platinum card review

Published: May 26, 2017
Advertiser Disclosure
Ratings Policy
Low Interest Rating:
2 rating
2 rating
2 / 5
Rates, Fees, Penalties: 2.1
Rewards: 0.0
Features: 3.0

In a nutshell:

The Navy Federal Credit Union Platinum credit card is a very low interest rate card with some unique features, but it lacks an introductory APR and is only available to members of the armed forces and their families.

Regular APR
7.99-18%

Introductory Purchase APR
None

Introductory Balance Transfer APR
None

Fees

  • No annual fee
  • No balance transfer fee
  • 0.8-1% foreign transaction fee
  • Cash advance APR is 2% over the regular APR
  • Cash-advance fee is $.50 domestic, $1 overseas, free at NFCU ATM

Penalties

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

Other Notable Features: Travel and emergency assistance, Apple Pay, EMV chip-and-PIN, roadside assistance, identity-theft solutions, purchase assurance, price protection

Our reviews and best card recommendations are based on an objective rating process and are not driven by advertising dollars. However, we do receive compensation when you click on links to products from our partners. Learn more about our advertising policy

The Navy Federal Credit Union Platinum credit card has a 7.99 percent APR, which is one of the lowest interest rates in the industry. In addition, it has no annual fee, a low foreign transaction fee, low penalty fees and a relatively low penalty APR.  It has a low cash-advance APR, and its cash-advance fees are very low as well. Unfortunately, the card doesn’t offer a zero percent introductory APR for new purchases or balance transfers. For cardholders seeking to save money on interest, this could be a huge drawback.

Low cash-advance fees and APR
Usually, when you borrow cash from an ATM machine, you immediately get hit with a high APR and costly cash-advance fees. The NFCU Platinum credit card offers a cash-advance APR that is only 2 percent higher than your regular APR, and it will not exceed 18 percent. In addition, you pay no cash-advance fees if you use an NFCU ATM. If you use your card in a different ATM, the cash-advance fees range from 50 cents domestically to $1 internationally.

Low penalty fees and APR
While NFCU Platinum doesn’t waive the penalty APR, it keeps it reasonably low at 18 percent. Penalty fees are $20, which is much lower than the typical fee of $35 to $38.

No zero percent introductory APR
The main drawback of this card is the lack of an introductory offer. Many low interest cards  offer a zero percent APR to new cardholders for 12 months or longer. Cardholders who intend to transfer or build up a new balance could save hundreds of dollars of interest with a zero percent APR card, as long as they pay off the balance in good time.

Chip-and-PIN for overseas travel
While U.S. credit card providers are actively sending out credit cards with new EMV chip technology, the majority of these cards won’t work in unmanned terminals in Europe and other parts of the world that require a personal identification number. The NFCU Platinum credit card gives you an option to set up a personal four-digit PIN, so it can work seamlessly almost anywhere you travel.

Member Mall
While there is no rewards program, you can earn cash back in addition to regular discounts by shopping at Member Mall, the online NFCU portal. The cash back you can earn is not substantial, but online coupons and discounts for members can be quite good.

Purchase assurance and price protection
If an item you purchase with the card gets damaged, lost or stolen within 90 days of the date of purchase, you will be reimbursed for up to $1,000 per incident and up to $25,000 a year. Also, if you find a lower price within 60 days after the purchase, NFCU Platinum will reimburse the difference up to $250 per occurrence, up to four times a year.

Reasons to get it:

  • You tend to carry a balance and want a low APR.
  • You don’t care about rewards or cash back.
  • You often travel overseas and want a chip-and-PIN card.

How to use it:

  • Avoid borrowing cash despite low fees and low cash-advance APR.
  • Use the card to book travel in order to enjoy extra travel benefits.
  • The NFCU Platinum MasterCard credit card has a generous purchase assurance program. Use the card to buy big-ticket items, especially if you are planning to travel with them, because you never know when things can go wrong.

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. 

Responses to comments in the discussion section below are not provided, reviewed, approved, endorsed or commissioned by our financial partners. It is not our partner’s responsibility to ensure all posts or questions are answered.