A credit card that offers a simple way to earn cash rewards, and does not complicate things when redeeming the rewards, is the card you need to have. In this Navy Federal Credit Union cashRewards, I’ll list all the details you need to know to see if this is the card for you.
The Navy Federal Credit Union cashRewards Credit Card can earn you 1.5% cash back on all your purchases. You don’t need to pay annual, transfer, and balance fees. It’s a bit different from other cards because you can choose either Mastercard or Visa when you apply for it.
This credit card also comes with many features and benefits similar but not identical to other credit cards. It is open to all military personnel and those who are directly or closely related to them.
Read on to learn more about the Navy Federal Credit Union cashRewards Credit Card, its features and benefits, its requirements, and its pros and cons so that you’ll know if it will satisfy your needs.
About the Navy Federal Credit Union cashRewards Credit Card
If you want a card that does not over-complicate things when earning and redeeming rewards, you need the Navy Federal Credit Union cashRewards Credit Card. This card has a straightforward way of doing things.
Choose Between Visa and Mastercard
It is a bit different from other standard credit cards because, at the time of your application, you have an option to choose either Mastercard or Visa as your actual card issuer. In terms of features, perks, and benefits it is similar but not identical to other credit cards.
When redeeming rewards, the length of time from ‘pending to confirmed and available’ may take 7 to 90 days. This length of processing time is common to other credit cards. It really depends from store to store.
Safe to Use
It is safe to use this cash rewards credit card. The personal information you have supplied during your application is securely stored because it uses the most advanced encryption technology. Navy Federal also uses a two-factor authentication process that helps ensure that only you can withdraw your cashback or change important details in your account.
Cashrewards make money when they are paid a certain percentage of the sale process on their site by the brands you buy. When you use this credit card to buy things from their store partners, they are paid a certain commission.
You Should Be a Member of the Military
To be approved, you need to be a member of the military. But they expanded their field of membership in February 2017. So, even if you are not a Navy Fed member yet, you may be able to join, even if you are not military personnel.
Family Members of Military Personnel Can Now Be Accepted as Members
Family members of military personnel and military veterans can now be accepted as members—even those who have close family members who were in the military before can be eligible for membership.
Minimum Credit Score
Your minimum credit score to be approved should be ‘good.’ This means your credit score should fall between 700 and 850. The Navy Federal will pull your credit information from Experian, Equifax, or TransUnion when you apply.
Navy Federal Credit Union Established This Credit Card
The Navy Federal Credit Union established this credit card. The Union itself was established by 7 members of the Navy Department who wanted to attain their financial goals and help the other members reach theirs.
That was in 1933. Since then, their list of members has included all military members, their nearest kin, DoD personnel, and military veterans. Their membership has now grown to 10 million. These members are also owners of the Union. This union is regularly audited by an independent auditing firm, PricewaterhouseCoopers LLP.
Key Features of the Navy Federal Credit Union cashRewards Credit Card
To see if the Navy Federal Credit Union cashRewards Credit Card offers things of value to your financial future, you need to know its essential features and if they are really that valuable. In that regard, here are the key features of this cash rewards credit card:
You can earn 1.5% cashback on all your purchases if you use this credit card. And you can start claiming your rewards with actual dollars as soon as they are earned.
2. No Fees on Balance Transfer and Foreign Transactions
TThis credit card doesn’t charge any fees if you do balance transfers and foreign transactions. So you can do worry-free traveling abroad.
3. No Liability for Unauthorized Transactions
The issuer of this credit card will not hold you responsible for transactions that you did not authorize, just as long as you report it as soon as you see the fraudulent entry on your account/statement. You can report it over the phone or online.
4. Security Features
This cash reward credit card comes with a security feature that is the industry standard. This feature includes account monitoring and temporary freezing of your account if you lose your physical credit card.
This card uses the most advanced fraud prevention systems. If any unusual and suspicious activity or fraud is committed on your account, you will be notified immediately.
5. Easily Access Your Credit Score
This credit card will help you build and establish good credit. If you are a primary cardholder, you get free credit scores, which they won’t report to the credit bureaus so that it won’t affect your credit score.
6. Other Features
Here are some additional features that make this credit card worth considering:
- Luxury hotel discounts
- Automatic room upgrades
- Concierge service
- Complimentary breakfast
- Travel and emergency assistance
- Warranty manager service
- VIP status
- Car rental insurance
- Roadside dispatch
- EMV chip
Benefits of the Navy Federal Credit Union cashRewards Credit Card
If you look at the benefits that come with this cash reward credit card, you will be persuaded into applying for one. What are these benefits?
1. Welcome Bonus
Right after your application is approved, the Navy Federal Credit Union cashRewards Credit Card will help you earn $150 bonus cashback. To get this bonus, you need to use the credit card for your purchases for the next 90 days. The sum of your spending should be at least $2,000.
2. No Limit on Rewards
If you spend more, you will earn more. There is no limit to the rewards you can earn. Let your earnings accumulate and redeem your rewards whenever you want to get them.
3. No Expiration of Rewards
If you keep your account active, you will never lose any reward that you have earned. Keep on spending, and your rewards will also keep on accumulating.
4. Cell Phone Protection
This credit card gives you extra protection for your mobile gadgets. To benefit from this feature, pay your phone bills using this cash reward credit card. In case you need to file a claim, you have to communicate with the Benefit Administrator of the issuer of the card, either with Mastercard or Visa, whichever you have chosen.
5. Just Tap to Pay
With the Navy Federal Credit Union cashRewards Credit Card, you can make purchases safely and quickly. If you can see the Contactless Symbol at the checkout counter, tap your card against the card reader, and you are done.
6. Collision Damage Waiver
But take note that this credit card coverage is secondary only to the primary insurance coverage available as you rent the car. Protection includes theft and physical damage to the rented car and other applicable coverage.
Again, what does the Navy Federal Credit Union cashRewards Credit Card offer? The Navy Federal Credit Union cashRewards Credit Card gives its customers an option between Visa and Mastercard. Plus, you get to earn 1.5% cashback without worrying about annual, transfer, and balance fees.
Rates of the Navy Federal Credit Union cashRewards Credit Card
The rates of interest followed by this cash reward credit card are as follows:
- Introductory Purchase APR – none for the first 6 months of being approved
- Regular APR – 9.65 to 18% (variable)
- Penalty APR – 18% (variable)
- Cash Advance APR – 20% (variable)
- Introductory Balance Transfer – 1.99% for 12 months (for balance transfers done within 90 days after being approved)
Fees of the Navy Federal Credit Union cashRewards Credit Card
This cash rewards credit card also has certain fees related to its use. Here are those fees:
- Late Payment Fee – $20
- Returned Payment Fee – $20
- Cash Advance Fee – free at NFCU ATMs, $.50 domestic, and $1 overseas
- No Foreign Transaction Fee
- Zero Balance Transfer Fee
- No Annual Fee
Requirements of the Navy Federal Credit Union cashRewards Credit Card
If you want to apply for this credit card, you should satisfy its minimum requirements, which are the following:
- Must have a good credit score of 700 to 850
- You have to be a member of the Navy Federal Credit Union
- You have to supply your personal information such as your annual income, Social Security number, bank account number where you will fund your credit card account, and so forth.
How to Earn Rewards with the Navy Federal Credit Union cashRewards Credit Card
Basically, you will earn 1.5% cashback on all your purchases using this card. When you earn your rewards, you can start redeeming them. Earning rewards is very simple with this credit card. You can earn unlimited rewards, and they will never expire as long as you have an active account.
Earning up to 15% in cashback is also possible if you use the Navy Federal Members Deals, an online shopping portal, for your purchases. You can earn cashback on your purchases on restaurants, gas, and groceries if you use this cash rewards credit card.
How to Redeem Rewards with the Navy Federal Credit Union cashRewards Credit Card
Redeeming your rewards is also very simple with this credit card. Your rewards will be reflected in your account the same day as the transaction is posted. The rewards can be redeemed in the form of a cash deposit or through a statement credit to your Navy Federal bank account. You can also manage the redemption of your rewards online or through an app.
You can also redeem your points or rewards in the following manner:
- Gift cards or merchandise
- Directly book hotels, flights or car rentals
There are two ways you can redeem your rewards, either online or through an app.
Here is how you can redeem your rewards online:
- Sign into your online account
- One you have accessed your account page, choose a rewards card
- Under Rewards Points, click the ‘Rewards’ button to access the redemption site
- Redeem your rewards
You need your mobile gadget to redeem your rewards through an app.
- Sign in to the mobile app
- Once you are on your account page, choose a rewards card
- Choose ‘Rewards’
- Tap ‘Redeem Rewards’ to access the redemption site
- Redeem your rewards
Pros and Cons of the Navy Federal Credit Union cashRewards Credit Card
To complete my NFCU cashRewards credit card review, I will now give you its basic pros and cons:
- No annual fee
- Low APR rates and fees
- Simple rewards redemption
- Offers option between Visa and Mastercard
- Must be a Navy Federal Credit Union member or qualify
- High spend to get welcome bonus
- Introductory rates are limited
Conclusion: Navy Federal Credit Union cashRewards Credit Card
If you use the Navy Federal Credit Union cashRewards Credit Card for all your purchases, you can earn 1.5% cash back rewards. This card does not require an annual fee or any balance and transfer fees.
It’s a bit different from other cards because you can choose either Mastercard or Visa as your actual card issuer at the time of your application. The process of redeeming rewards is also easy; that is why this credit card is really worth considering.