Credit card charges can rack up from annual fees to interest rates, potentially taking a toll on your finances. With this, it is essential to find the right card for your needs. In this Navy Federal Credit Union Platinum Credit Card review, I will talk about some of its features so you can decide if this is the right credit card for you.
The Navy Federal Credit Union Platinum Credit Card is exclusive to active-duty and retired members, veterans, and veterans’ families. It is available in Visa or Mastercard, both of which will have their respective benefits. Some of the perks include cellphone protection, travel assistance, zero liability protection, and round-the-clock customer support.
The table below shows a quick summary of the rates and fees for using this credit card:
|Balance Transfer Fee||None|
|Foreign Transaction Fee||None|
|Cash Advance Fee||None|
|Annual Percentage Rate||5.99 to 18%|
|Penalties||Returned and late payments – Up to $20|
Read on to learn more about the Navy Federal Credit Union Platinum Credit Card, including its fees, as well as a few of its pros and cons.
About the Navy Federal Credit Union Platinum Credit Card
The Navy Federal Credit Union was established in 1993 by some naval employees. Since then, it has grown into a member-owned and non-profit credit union. Today, it has over 10.7 million members from the following:
- Marine Corps,
- Air Force,
- Coast Guard,
- Space Force, and
More so, the bank has more than 346 branches, including international locations.
Today, the Navy Federal Credit Union offers checking and savings accounts. Additionally, they lend loans to eligible members. They also have different credit cards, including the following:
- Go Rewards
- Visa Signature Flagship Rewards
- More Rewards American Express
- nRewards Secured
While they have multiple credit cards, I will focus on the Platinum Credit Card in this review. It is a great option if you frequently transfer balances from other credit cards. Not to mention, it does not charge an annual fee. Meanwhile, the card does not earn rewards.
Main Features of the Navy Federal Credit Union Platinum Credit Card
This section provides a quick rundown of some of the features you will love with the Navy Federal Credit Union Platinum card:
1. Collision Damage Waiver
If you often rent a car, this is one credit card feature that you will enjoy. However, to be eligible, the rental should be 15 days or less. This coverage will include the following:
- Physical damage
2. Cellphone Protection
All you must do is pay your monthly mobile phone bill with this credit card to be eligible for this benefit. In turn, you are covered against theft and physical damage. It is a great way to save money on costly repairs, as well as a replacement when you lose your phone. However, the specifics will differ depending on if your card is Visa or Mastercard.
3. Zero Liability
Combat fraud with your Navy Federal Credit Union card. If you notice any suspicious activity or fraudulent charge, report it immediately. In turn, the bank will not charge you for the purchase. It requires timely reporting, so follow the steps.
4. Emergency and Travel Assistance
If you have a legal or travel emergency, this credit card can help. Talk to their customer service representatives, and someone is immediately available to address your concerns. One of the best situations wherein this feature is handy is when you have lost luggage.
5. Access Your Credit Score
Primary credit cardholders can also access their credit scores online. The use of this feature does not affect your credit rating. More so, the credit reporting bureau will not even know that you are doing so. It is a great way to stay abreast of your latest credit standing.
6. Extended Warranty
A feature exclusive to the Mastercard version of this credit card, you can double the original warranty from the manufacturer. To be eligible, the maximum original warranty should not be more than 12 months.
7. Price Match
This is another feature that is available only to Platinum Mastercard. If you purchase a product and you see a lower price available, you can file a report. In turn, the credit card will match the lowest price you have seen.
Again, what does the Navy Federal Credit Union Platinum Credit Card offer? The Navy Federal Credit Union Platinum Credit Card is only available for active-duty and retired members, veterans, and veterans’ families. This card’s benefits include cellphone protection, travel assistance, zero liability protection, and round-the-clock customer support. Also, you get to choose between Visa or Mastercard.
Navy Federal Credit Union Platinum Credit Card Rates and Fees
Like other credit cards, you must settle different fees, including those that I will talk about below:
1. Annual Fee
To keep your credit card account open, the bank will charge an annual fee. It is a one-time charge that will appear on the statement every anniversary. Luckily, the Navy Federal Platinum card does not have an annual fee.
2. Balance Transfer Fee
One of the best features of this credit card is that you can transfer your balances from other cards. It is a great way to consolidate your debts. The best thing is that you won’t have to pay any balance transfer fee.
3. Foreign Transaction Fee
Observe caution when using your credit cards when traveling. Your bank might charge a fee for using it in another country or currency. However, with your Platinum card, there are zero fees for all foreign transactions.
4. Cash Advance Fee
If you need cash, you can use the Platinum card for withdrawing money through a compatible ATM. The bank will record this as a cash advance, and it has zero fees.
5. Annual Percentage Rate
As a new member, you will enjoy a zero-interest in your purchases with this credit card. However, this is good for only 12 months. After this, the interest will range from 5.99 to 18%.
The Navy Federal Credit Union imposes two types of penalties for this credit card:
- Returned Payment – Maximum of $20
- Late Payment – Maximum of $20
Pros and Cons of the Navy Federal Credit Union Platinum Card
Is this the right credit card for you? To help you decide, weigh the good and the bad.
Pros of the Navy Federal Credit Union Platinum Card
Here is a quick rundown of some of the compelling reasons to choose this credit card:
1. No Major Fees
The best thing about this credit card is that it does not have the major fees that other credit cards charge to their users. You will enjoy zero annual fees, balance transfer fee, cash advance fee, and foreign conversion fee. This is a great way to save money, especially if you travel and purchase using your credit card.
2. Choose from Visa or Mastercard
Another good thing about the Platinum card is that you can choose from Visa or Mastercard. Both have global acceptance and a wide array of perks. Pick one that is more suitable for your spending habits and personal preferences.
3. Excellent Safety Features
With state-of-the-art security features, you can have peace of mind with this credit card. The bank is proactive in using technologies that will combat fraud. Take note, however, that you are still largely responsible for making sure that your card is safe.
4. Round-the-Clock Customer Service
It is easy to get hold of someone who will answer any query or concern that you have. They have stateside customer service representatives who are available 24/7. Whether reporting a lost card or asking a question, someone is immediately available to extend a helping hand.
Cons of the Navy Federal Credit Union Platinum Card
Despite the benefits, there are also several drawbacks, including those I will list below:
1. Does Not Come with Rewards
One of the biggest shortcomings of this credit card is that it does not reward your purchases. This means that you cannot maximize your expenses. It would have been better to earn cashback or points every time you are using the card.
2. Not for Everyone
Another drawback of this credit card is that it is exclusive to the National Federal Credit Union members. It is only for active-duty service members, retired, and veterans, as well as their families.
3. Lack of Introductory Bonus
A lot of credit card companies offer welcome bonuses or rewards to entice new members. Unfortunately, the Platinum card does not have such a perk. It does not have any immediate benefit that you can enjoy upon signing up.
Are you interested in this credit card? Visit the website of the National Federal Credit Union or call their customer service hotline. It takes less than ten minutes to apply. Below are some of the most essential application requirements:
- Active membership, retired, veterans, or family members
- Social Security number
- Government-issued ID
- Current address
Conclusion – Navy Federal Credit Union Platinum Credit Card
The Navy Federal Credit Union is one of the top credit card issuers in the country. Unsurprisingly, their Platinum Credit Card is an impressive choice if you are eligible for such. It does not have an annual fee, foreign transaction fee, balance transfer fee, and cash advance fee. Plus, you will enjoy 0% APR on the first 12 months of use. After which, the APR ranges from 5.99 to 18%.
As a cardholder, you will enjoy many perks. For instance, there is 24/7 customer assistance, free access to your credit score, zero liability protection, and cellphone protection, among other benefits. Nonetheless, there are also some drawbacks, such as the lack of rewards and welcome bonuses.