This card is designed exclusively for members of Navy Federal Credit Union. It offers two versions: the standard cashRewards with 1.5% unlimited cashback and the cashRewards Plus, offering 2% cashback if your credit limit is $5,000 or more. It’s a practical option for those who value simplicity and consistent rewards.
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In addition to cashback, this card comes with no annual fee, no foreign transaction fees, and an APR that ranges between 14.90% and 18.00%, depending on your creditworthiness. It’s ideal for everyday purchases and even better for those who travel frequently.
Key features of the Navy Federal Credit Union cashRewards Credit Card
One of the standout features of this credit card is its uncomplicated rewards system. Whether you qualify for the standard or Plus version, you’ll enjoy unlimited cashback on every purchase without dealing with rotating categories. New cardholders can also earn a $250 welcome bonus by spending $2,500 within the first 90 days.
Approval requirements
To be eligible, you must first be a Navy Federal Credit Union member. The regular cashRewards card is suitable for applicants with average to good credit, while the Plus version requires very good to excellent credit. Additionally, the Plus version is granted only if you receive a minimum credit line of $5,000. A prequalification tool is available that won’t affect your credit score.
Benefits of the Navy Federal Credit Union cashRewards Credit Card
This card offers a variety of valuable perks. Beyond the unlimited cashback, rewards never expire, and there are no fees for balance transfers, cash advances, or foreign transactions. It also includes 24/7 customer support, fraud notifications, and free access to your credit score, giving cardholders both convenience and peace of mind.
Exclusive highlight
A major highlight is the introductory balance transfer offer. You get a 1.99% APR for 12 months on balance transfers made within the first 60 days of opening the account. Additionally, the Zero Liability Policy ensures protection against unauthorized transactions, which enhances the security of your finances.
Drawbacks and things to consider about the Navy Federal Credit Union cashRewards Credit Card
One downside is that the card is exclusive to Navy Federal Credit Union members, meaning it’s not available to the general public. Another limitation is that the highest cashback rate (2%) is only available to those who qualify for the Plus version by securing a credit line of $5,000 or more.
Additionally, while the flat cashback is convenient, it may not compete with cards offering higher rewards (3% or 5%) on specific categories like groceries, gas, or travel. Users looking for maximized returns in certain areas might find other options more suitable.
Step-by-step application process
Start by checking your eligibility for Navy Federal membership. Once confirmed, complete the online application through their website. If your approved credit limit is $5,000 or higher, you will automatically receive the Plus version; otherwise, you will get the standard card. You can also use their prequalification tool to see your chances without impacting your credit score.
Who is the Navy Federal Credit Union cashRewards Credit Card best for?
This credit card is ideal for Navy Federal members who prefer simple, straightforward rewards without the hassle of tracking spending categories. It’s a great fit for those who want consistent cashback on all purchases with no hidden fees.
It’s also excellent for travelers thanks to zero foreign transaction fees and solid fraud protection. Whether you’re building credit or just want a hassle-free cashback card, the Navy Federal Credit Union cashRewards Credit Card is a solid and reliable option.
