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Navy Federal Cash Rewards Credit Card Review: Earn up to 1.75% Cash Back

 1 year ago
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Navy Federal cashRewards Credit Card review: Earn a $100 welcome bonus offer for a limited time, plus up to 1.75% cash back with no annual fee

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Finding a rewards credit card that's light on fees can be a challenge. The Navy Federal Credit Union® cashRewards Credit Card is as close as it gets — and you'll even earn up to 1.75% cash back on all purchases. However, to qualify, you'll need to have ties to the military and join the credit union. 

4.4/5
A five pointed starA five pointed starA five pointed starA five pointed starA five pointed star
Editor's Rating
Annual Fee
$0
Regular APR
10.40% - 18.00% Variable
Recommended Credit Score
Average to Excellent
Pros & Cons Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Pros
  • Good flat-rate cash back earning of up to 1.75% on all purchases
  • Cash welcome bonus offer plus a low intro APR
  • No annual, foreign transaction, balance transfer, or cash advance fees
Cons
  • Must be a member of Navy Federal Credit Union to qualify
  • To earn 1.75% cash back, you must have direct deposit with Navy Federal
Details Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information
  • The information related to the Navy Federal Credit Union® cashRewards Credit Card has been collected by Business Insider and has not been reviewed by the issuer.
  • Earn $100 bonus cash back when you spend $2,000 within 90 days of account opening. Expires on Oct. 31, 2022.
  • Plus, you’ll earn 1.75% cash back on your purchases when you get a cashRewards card and enroll in direct deposit. Without direct deposit, you’ll still earn 1.5% cash back.
  • Start redeeming rewards as soon as you earn them
  • No annual fees
  • No balance transfer fee
  • No foreign transaction fees
  • No cash advance fees

Review: Is the Navy Federal Cash Rewards the best credit card for you?

Navy Federal Cash Rewards vs the competition
  • 623b93f3ce16b60018edf3be?width=400
    Citi® Double Cash Card
  • 628f9e12f099c40019567510?width=400
    Wells Fargo Active Cash® Card
  • 62e29fc4536a23001912073c?width=400
    Navy Federal Credit Union® cashRewards Credit Card
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Rewards Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
Intro Offer Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
$200 cash back after spending $1,500 on purchases in the first 6 months of account opening
Annual Fee Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Rewards Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Earn unlimited 2% cash rewards on purchases.
Intro Offer Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
$200 cash rewards bonus after spending $1,000 in purchases in the first 3 months from account opening
Annual Fee Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Intro Offer Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
$100 bonus cash back when you spend $2,000 within 90 days of account opening (expires on 10/31/22)
Annual Fee Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Apply Now
On Citi's website

The Navy Federal Credit Union® cashRewards Credit Card is ideal for credit union members looking for a simple yet reliable card. It comes with a welcome bonus offer of $100 bonus cash back when you spend $2,000 within 90 days of account opening (expires on 10/31/22), and if you've got a direct deposit set up with Navy Federal, you can earn 1.75% cash back on all your eligible purchases (otherwise, you'll earn 1.5% cash back).

To be eligible for the Navy Federal Credit Union® cashRewards Credit Card (or any card from Navy Federal), you'll need to be a member of the credit union. Active-duty servicemembers, National Guard members, Department of Defense (DOD) officers or reservists, retirees, veterans, and their family members are all welcome to join.

Navy Federal allows its cardholders to redeem their rewards, with no minimum attached. The Navy Federal Credit Union® cashRewards Credit Card is a cost-effective choice: There's no annual fee to worry about, and all foreign transaction fees are waived.

Not only that, but the ongoing interest rates on the card are lower than the industry standards. The purchase and balance transfer APR will fall between 10.40% - 18.00% Variable, depending on your creditworthiness. New cardholders also receive a 1.99% intro APR for 6 months from account opening on purchases (followed by a 10.40% - 18.00% Variable APR).

When applying, you can choose between a Visa Signature or a World Mastercard, where you'll enjoy additional perks on top of what's offered by Navy Federal. Both networks are accepted by millions of retailers around the world, so you can't go wrong with either network.

However, the World Mastercard may be the better option as cardholders enjoy unique benefits like a free ShopRunner membership for complimentary two-day shipping at various stores, price protection, and more.

If you don't qualify for the Navy Federal Credit Union® cashRewards Credit Card, there are other similar cash-back cards that don't require membership. You may want to consider the Citi® Double Cash Card for 2x points (2% cash back) on all purchases (1 point when you buy, and 1 point when you pay), or the Chase Freedom Unlimited® for bonus categories and 1.5% cash back on all other purchases – more on this below.

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

How to earn rewards with the Navy Federal Cash Rewards credit card

The Navy Federal Credit Union® cashRewards Credit Card earns 1.75% cash back on eligible purchases for cardholders with direct deposit with the credit union. If you aren't enrolled in direct deposit, you'll earn 1.5% cash back on purchases instead.

This additional 0.25% in earnings can add up over time, and the more you spend, the more cash back you'll earn. For instance, if you spent $30,000 on the Navy Federal Credit Union® cashRewards Credit Card in a year, you'd earn an additional $75 in rewards from the difference alone.

You'll qualify for the higher 1.75% earning rate once you set up direct deposit or an ACH transfer from your employer, military pay, or certain government agency pay or benefits deposited into your Navy Federal account. Note that if you want to keep getting 1.75% cash back from Navy Federal, you'll need to keep up your direct deposit.

How to use rewards from the Navy Federal Cash Rewards card

Redeeming your cash-back rewards is easy with the Navy Federal Credit Union® cashRewards Credit Card. When you log into your account online or through the Navy Federal app, you'll see your rewards balance by selecting your card.

Then, you can redeem your cash-back rewards for any amount, whether you've accrued $5 or $500. You'll choose between redeeming your cash back directly into your Navy Federal bank account or for a statement credit on your card balance. Your rewards will only expire if you ever decide to close your account.

Navy Federal Cash Rewards card benefits and features

For a no-annual-fee cash-back card, the Navy Federal Credit Union® cashRewards Credit Card comes with a decent selection of lifestyle and travel benefits. Many of the card's perks will also depend on whether you choose between a Mastercard and Visa, so it's worth skimming through the World Mastercard benefits guide here, and the Visa Signature guide here.

Complimentary car rental insurance

You'll receive complimentary car rental coverage when you use your Navy Federal Credit Union® cashRewards Credit Card to pay for your eligible vehicle and decline the rental agency's collision damage waiver. This is secondary to your personal insurance and will cover the remainder of the charges for physical damage and theft, reasonable towing charges, and more.

Purchase protection

The Navy Federal Credit Union® cashRewards Credit Card offers purchase protection. When paying for an eligible new purchase with your Navy Federal card, you can be reimbursed for damage or theft within the first 90 days of purchase. The coverage maximum will depend on your card network, whether you choose Mastercard or Visa.

Travel assistance services 

If you run into any snafus on your trip, you can get access to travel assistance services for legal, medical, or other referrals. While it's free to contact this hotline, you're on the hook for any third-party costs they arrange for you.

4.4/5
A five pointed starA five pointed starA five pointed starA five pointed starA five pointed star
Editor's Rating
Annual Fee
$0
Regular APR
10.40% - 18.00% Variable
Recommended Credit Score
Average to Excellent
Pros & Cons Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Pros
  • Good flat-rate cash back earning of up to 1.75% on all purchases
  • Cash welcome bonus offer plus a low intro APR
  • No annual, foreign transaction, balance transfer, or cash advance fees
Cons
  • Must be a member of Navy Federal Credit Union to qualify
  • To earn 1.75% cash back, you must have direct deposit with Navy Federal
Details Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information
  • The information related to the Navy Federal Credit Union® cashRewards Credit Card has been collected by Business Insider and has not been reviewed by the issuer.
  • Earn $100 bonus cash back when you spend $2,000 within 90 days of account opening. Expires on Oct. 31, 2022.
  • Plus, you’ll earn 1.75% cash back on your purchases when you get a cashRewards card and enroll in direct deposit. Without direct deposit, you’ll still earn 1.5% cash back.
  • Start redeeming rewards as soon as you earn them
  • No annual fees
  • No balance transfer fee
  • No foreign transaction fees
  • No cash advance fees

Fees and costs

The Navy Federal Credit Union® cashRewards Credit Card offers cash-back rewards at a lower-than-average cost. Cardholders enjoy:

  • No annual fee
  • No foreign transaction fees
  • No balance transfer fees
  • No cash advance fees

In addition, there's a 1.99% intro APR for 6 months from account opening on purchases (then a 10.40% - 18.00% Variable APR). 

Comparison: Navy Federal Cash Rewards vs other Navy Federal Credit Union cards

 

Navy Federal Credit Union® cashRewards Credit Card

Navy Federal Credit Union® More Rewards American Express® Credit Card

Navy Federal Credit Union® Visa Signature® Flagship Rewards Credit Card

Annual fee

Rewards rate

1.75% cash back on all purchases (if you have direct deposit at Navy Federal Credit Union)

1.5% cash back on all purchases (without direct deposit)

3x points at restaurants and on food delivery

3x points at supermarkets

3x points on gas and transit

1 point per dollar on all other purchases

3x points on travel

2 points per dollar on all other purchases

Welcome bonus offer

$100 bonus cash back when you spend $2,000 within 90 days of account opening (expires on 10/31/22)

30,000 bonus points when you spend $3,500 within 90 days of opening your account plus a year of free Amazon Prime® (expires on 8/31/22)

Card benefits

Car rental insurance

Purchase protection

Travel and emergency assistance services

Visa Signature or World Mastercard benefits (depending on the version you choose)

No foreign transaction fees

Car rental insurance

Travel and emergency assistance services

Purchase protection

Extended warranty

No foreign transaction fees

Global Entry or TSA PreCheck application fee credit

Car rental insurance

Travel accident insurance

Travel and emergency assistance services

Lost luggage reimbursement

Purchase protection

No foreign transaction fees

Navy Federal Cash Rewards vs other cash-back credit cards

 

Navy Federal Credit Union® cashRewards Credit Card

Citi® Double Cash Card

Chase Freedom Unlimited®

Annual fee

Rewards rate

1.75% cash back on all purchases (if you have direct deposit at Navy Federal Credit Union)

1.5% cash back on all purchases (without direct deposit)

1 point (1% back) per dollar when you buy, plus 1 point per dollar (1% back) when you pay your bill

5% cash back (5x points) on travel purchased through Chase Ultimate Rewards

3% cash back (3x points) on dining and drugstore purchases

1.5% cash back (1.5x points) on everything else

Welcome bonus offer

$100 bonus cash back when you spend $2,000 within 90 days of account opening (expires on 10/31/22)

$200 cash back after spending $1,500 on purchases in the first 6 months of account opening

1.5% cash back in addition to regular earning on everything you buy up to $20,000 spent in the first year (worth up to $300 cash back)

Card benefits

Car rental insurance

Purchase protection

Travel and emergency assistance services

Visa Signature or World Mastercard benefits (depending on the version you choose)

No foreign transaction fees

Access to Citi Entertainment 

0% intro APR on balance transfers for 18 months, then a 16.24% - 26.24% Variable APR

Purchase protection

Extended warranty

Car rental insurance (secondary in the US, primary otherwise)

Trip interruption/cancellation insurance

Travel and emergency assistance services

0% intro APR on purchases and balance transfers for the first 15 months, then a 17.24% - 25.99% Variable

Review

 

Citi Double Cash card review

Chase Freedom Unlimited card review

Navy Federal Cash Rewards card frequently asked questions (FAQ)

Who is eligible for the Navy Federal Credit Union cashRewards card? Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

To be considered for the $100 bonus cash back when you spend $2,000 within 90 days of account opening (expires on 10/31/22), you'll first need to be a member of the Navy Federal Union. Current and retired servicemembers from all branches of the armed forces are eligible for membership. Immediate family members and household members can also qualify, as well as Department of Defense Civilians. You can find the full list of eligibility requirements here. Note that a $5 minimum balance for your Navy Federal savings account is required to keep your credit union membership.

It takes about 10 minutes to apply for a membership, and you can do it entirely online, by calling 888-842-6328, or by visiting a branch in person. You'll need to provide your Social Security Number, home address, driver's license or government ID, and form of payment to fund your account.  

What credit score do you need for the Navy Federal cashRewards card? Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

The $100 bonus cash back when you spend $2,000 within 90 days of account opening (expires on 10/31/22) is intended for people with average to excellent credit. For your best chances of approval, you'll want to maintain a FICO credit score of at least 630. If you need to improve your credit score, the Navy Federal Credit Union® nRewards® Secured Credit Card is a great option to consider.

On the bright side, Navy Federal offers a prequalification tool for its members, so that you can find out if you'll qualify for the $100 bonus cash back when you spend $2,000 within 90 days of account opening (expires on 10/31/22) before submitting an official application.

Can I use an ATM with a Navy Federal cashRewards credit card?  Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

Yes, and there are no cash advance fees if you withdraw money at a Navy Federal branch or ATM. For all other ATMs, there's a $0.50 charge per domestic transaction and a $1 charge for foreign transactions.

How often can you get a credit limit increase on the Navy Federal cashRewards card? Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

You can submit a credit line increase request when logged into your online banking account, and you'll want to prepare relevant information like your employment, income, and housing expenses. In general, Navy Federal will consider credit line increases once every six months.

Juan has been writing and editing stories involving credit cards, loyalty programs, travel, and personal finance for more than 10 years. In addition to contributing to a number of outlets including The Points Guy, Forbes, and CNN Underscored, Juan was recently the editor-in-chief at Money Under 30, where he led a team of personal finance journalists. You can follow Juan on Instagram and Twitter @doubledutydaddy
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