Navy Federal cashRewards 2024 review: Smooth sailing for those with average credit
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BLUEPRINT
Updated 2:05 p.m. UTC Feb. 12, 2024
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If you’re a Navy Federal Credit Union member with average or better credit, you could earn 1.75% cash back on purchases for cardholders with direct deposit at Navy Federal or 1.5% cash back on purchases without direct deposit with the Navy Federal Credit Union cashRewards Credit Card.
Navy Federal Credit Union cashRewards Credit Card
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- 50+ cards analyzed.
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Navy Federal cashRewards card basics
- Annual fee: $0.
- Welcome bonus: $300 cash back after spending $3,000 on purchases in the first 90 days of account opening, plus a one-time $98 statement credit after paying $49 or more for an annual Walmart+ membership with the card. Offer ends June 30, 2024.
- Rewards: 1.75% cash back on purchases for cardholders with direct deposit at Navy Federal or 1.5% cash back on purchases without direct deposit.
- APR: 14.90% to 18.00% variable APR applies to purchases and balance transfers.
- Other perks and benefits: No foreign transaction or balance transfer fees, secondary auto rental collision coverage, 24/7 customer service, zero liability for unauthorized transactions, fraud notifications, option to freeze and unfreeze your card, credit score monitoring.
- Does the issuer offer a preapproval tool? Yes, for credit union members.
About the Navy Federal cashRewards card
The Navy Federal cashRewards card is a straightforward rewards card for members of the credit union that offers a flat rate of back on your purchases. You can qualify for 1.75% cash back on purchases for cardholders with direct deposit at Navy Federal or 1.5% cash back on purchases without direct deposit. There is no minimum amount required for the direct deposit in order to qualify for the higher cash-back amount.
The card doesn’t charge an annual fee, foreign transaction fees or balance transfer fees. Plus, it offers $300 cash back after spending $3,000 on purchases in the first 90 days of account opening, plus a one-time $98 statement credit after paying $49 or more for an annual Walmart+ membership with the card. Offer ends June 30, 2024.
While the Navy Federal cashReward card’s rewards rate isn’t the highest in the world of credit cards, it does come with relatively low APR: 14.90% to 18.00% variable APR applies to purchases and balance transfers. Cardholders are also eligible for Navy Federal member deals at select retailers, which can earn up to 15% cash back when you shop at certain stores.
One speed bump with this card to be aware of: You’ll need to be a Navy Federal Credit Union member to apply for the card. Membership is limited to service members in all branches of the armed forces, veterans, Department of Defense civilians, and qualifying family members.
Pros
- Light on fees: The Navy Federal cashRewards card doesn’t charge annual, foreign transaction or balance transfer fees.
- Flat rewards rate: Since the card has a flat cash back rate, you won’t have to worry about rotating categories. That said, you could maximize your points if you use the credit union’s member deals at select retailers.
- Relatively low APR: The cashRewards card comes with a 14.90% to 18.00% variable APR applies to purchases and balance transfers, while some other cards have much higher APRs.
- Flexible redemption options: You can redeem your points in a variety of ways, including cash, merchandise, gift cards and travel.
Cons
- Rewards rate is lower if you don’t have direct deposit: Without direct deposit, you won’t qualify for the higher cash back rate.
- Cash rewards rate could be better: There are multiple no-annual-fee credit cards that earn a flat 2% cash-back rewards rate on purchases.
- Only available to credit union members: You must be a Navy Federal Credit Union member to qualify for this card.
Looking for a credit card with a higher cash-back rate? Here’s our list of the best 2% cash-back credit cards.
Navy Federal cashRewards card rewards
The Navy Federal cashRewards card offers a flat rate of 1.75% cash back on purchases for cardholders with direct deposit at Navy Federal or 1.5% cash back on purchases without direct deposit.
Members can also access special deals at select retailers, such as Apple, Best Buy, and Kohl’s. Depending on the deal of the week, your card might earn up to 15% cash back when you use it to shop online through the credit union’s member deals.
New cardholders can earn a welcome bonus of $300 cash back after spending $3,000 on purchases in the first 90 days of account opening, plus a one-time $98 statement credit after paying $49 or more for an annual Walmart+ membership with the card. Offer ends June 30, 2024. You can redeem your rewards in a variety of ways, including cash, merchandise and gift cards. You may also be able to use your rewards to directly book travel, including flights, hotels and car rentals.
Navy Federal cashRewards card rewards potential
Using government data and other publicly available information, we estimate that a household in the U.S. that would be in the market for this card has an annual income of $84,352 and $25,087 in expenses they are likely to be able to charge to a credit card.
Assuming that you charge $25,087 on your Navy Federal cashRewards card, here’s what you could earn in cash-back rewards:
| SPENDING CATEGORY | SPENDING AMOUNT | CASH-BACK RATE | CASH-BACK EARNED |
|---|---|---|---|
Rate with direct deposit
| $25,087
| 1.75%
| $439.02
|
OR
| |||
Rate without direct deposit
| $25,087
| 1.50%
| $376.31
|
If you’re a new cardholder, you could also qualify for the welcome bonus of $300 cash back after spending $3,000 on purchases in the first 90 days of account opening, plus a one-time $98 statement credit after paying $49 or more for an annual Walmart+ membership with the card. Offer ends June 30, 2024.
Navy Federal cashRewards card APR
The Navy Federal cashRewards card comes with a 14.90% to 18.00% variable APR applies to purchases and balance transfers, depending on creditworthiness. Some other credit cards have APRs of 20% or higher, so this range is on the lower side.
How the Navy Federal cashRewards card compares to other cash rewards cards
Navy Federal cashRewards card vs. Citi Double Cash® Card * The information for the Citi Double Cash® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
The Citi Double Cash Card is another no-annual-fee credit card, but it comes with a higher cash-back rate of 2% cash back on purchases — 1% when purchases are made and another 1% when they’re paid off, plus, for a limited time, 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24. It also offers a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 19.24% to 29.24%. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed in the first four months. After that, the fee will be 5% of each transfer (minimum $5).
Rewards technically come as Citi ThankYou® points and are typically worth one cent each when redeemed as a cash-back statement credit, direct deposit, check, gift card or for travel. You can also Shop With Points at Amazon, although this option is a poor value at less than once cent per point. You’ll earn more cash-back overall with the Citi Double Cash card than the Navy Federal cashRewards card.
Navy Federal cashRewards card vs. Capital One QuicksilverOne Cash Rewards Credit Card * The information for the Capital One QuicksilverOne Cash Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
If your credit is just fair, and you aren’t eligible for or interested in joining Navy Federal’s credit union, the Capital One QuicksilverOne is a good alternative to the cashRewards card. For an annual fee of $39, the card earns 1.5% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel, has no foreign transaction fees and offers up to 6 months of complimentary Uber One membership through 11/14/2024, which typically costs $9.99 a month. Rewards can be redeemed for cash back as a check, a statement credit or used to buy gift cards.
Although the earning potential on the QuicksilverOne card is lower than the Navy Federal cashRewards card’s potential, you don’t need to join the credit union to apply for the QuicksilverOne. This is likely to be more appealing to those with fair credit who don’t already belong to the credit union.
Navy Federal cashRewards card vs. Chase Freedom Flex℠ * The information for the Chase Freedom Flex℠ has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
If you don’t mind keeping track of different reward categories, the no-annual-fee Chase Freedom Flex merits a look. The card earns 5% cash back on up to $1,500 in categories that rotate quarterly (requires activation), 5% cash back on travel purchased through Chase Travel℠, 3% cash back on dining and drugstores and 1% cash back on all other purchases. Depending on your spending patterns this could work out to be more lucrative for you than the flat cash-back rate on all purchases offered by the Navy Federal cashRewards card.
Plus, the card comes with a slew of benefits including a 0% intro APR for the first 15 months on purchases and balance transfers, then a variable APR of 20.49% to 29.24%. There is an intro balance transfer fee of either $5 or 3% of each transfer, whichever is greater, in the first 60 days. Then the fee is the greater of $5 or 5% of each transfer. The Freedom Flex also offers cell phone protection, purchase protection, extended warranty protection, trip cancellation/interruption insurance and secondary auto rental coverage. Ultimate Rewards® are highly flexible and can be taken as cash back as a statement credit or direct deposit into a qualifying bank account, used to book travel through Chase or to purchase gift cards – all at a value of a penny per point. You can also pool the rewards from this card with other Ultimate Rewards-earning cards.
Should you get the Navy Federal cashRewards card?
If you’re a Navy Federal Credit Union member, it’s worth considering the Navy Federal cashRewards card, especially for those with fair credit. Navy Federal lets you pre-qualify through its website, so you can see if you’re eligible with no impact on your credit score and if you can meet the direct deposit requirement, the card’s earn rate of 1.75% cash back on purchases for cardholders with direct deposit at Navy Federal or 1.5% cash back on purchases without direct deposit will beat other flat-rate cash-back cards aimed at those with just-OK credit.
But those with stronger credit should choose a card with a rewards rate of 2% or better and a longer list of perks.
Navy Federal cashRewards card summary
| NAVY FEDERAL CASHREWARDS CARD DETAILS | |
|---|---|
Annual fee
| $0
|
Welcome bonus
| $300 cash back after spending $3,000 on purchases in the first 90 days of account opening, plus a one-time $98 statement credit after paying $49 or more for an annual Walmart+ membership with the card. Offer ends June 30, 2024
|
Rewards
| 1.75% cash back on purchases for cardholders with direct deposit at Navy Federal or 1.5% cash back on purchases without direct deposit
|
APR
| 14.90% to 18.00% variable APR applies to purchases and balance transfers
|
Balance transfer fee
| None
|
Foreign transaction fee
| None
|
Other perks
| Member deals at select retailers, 24/7 customer service, zero liability for unauthorized transactions, fraud notifications, option to freeze and unfreeze your card, credit score monitoring
|
Methodology
Our credit card team has spent hours analyzing hundreds of credit cards. We took a deep dive into the details of each product and that analysis, combined with our years of experience covering credit cards, informed us as we developed these credit card rankings.
Some of the factors evaluated in selecting the best rewards credit cards included:
- Rewards potential and redemption options.
- Welcome bonuses.
- Travel and shopping benefits.
- Intro APRs.
- Annual fees.
Frequently asked questions (FAQs)
The Navy Federal cashRewards card offers 1.75% cash back on purchases for cardholders with direct deposit at Navy Federal or 1.5% cash back on purchases without direct deposit.
While Navy Federal doesn’t disclose the credit score you need for its cashRewards card, but the card’s website does indicate that it’s aimed at those with average or better credit. On the FICO scoring range, a fair score starts at 580. That said, credit unions are known for their consumer-friendly policies, so it may be worth checking with customer service to discuss your options. Plus, Navy Federal members can prequalify for the card online, so you can see if you qualify with no obligation or impact on your credit score.
You must be a Navy Federal Credit Union member to get the Navy Federal cashRewards card. Membership is open to active duty servicemembers of all branches, veterans, Department of Defense civilians, and qualifying family members.
The credit limit on the Navy Federal cashRewards card will vary depending on your creditworthiness and other factors. Cardholders with a credit limit below $5,000 will receive a Visa® cashRewards card, while cardholders with a credit limit of $5,000 or greater will get a Visa Signature® cashRewards card. As for balance transfers, the maximum amount you can transfer is limited to your available credit line, but the maximum can’t be greater than $30,000.
*The information for the Capital One QuicksilverOne Cash Rewards Credit Card, Chase Freedom Flex℠ and Citi Double Cash® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
