Navy Federal cashRewards Card Review: Is It Worth It?

The Navy Federal cashRewards Card is designed for people who want to earn cash back on everyday purchases. It offers a straightforward rewards program, making it easy to understand and use. With no annual fee and competitive benefits, it’s a solid choice for Navy Federal Credit Union members. Whether you’re buying groceries, dining out, or filling up on gas, this card helps you save money while spending responsibly. But is it the right card for you? Let’s take a closer look at what it offers.

How Does It Work?

The Navy Federal cashRewards Card makes earning rewards effortless. With 1.5% cash back on every purchase and no caps or complicated categories, it keeps things simple. Rewards are automatically credited to your account each month, eliminating the hassle of tracking points or meeting redemption thresholds.

Additionally, the card comes with a sign-up bonus of $200 after you spend $3,000 in the first 90 days of account opening. This is a relatively low spending requirement compared to other cards and can be easily achieved by using the card for everyday expenses.

Benefits of the Navy Federal cashRewards Card

Aside from its cash back program, the Navy Federal cashRewards Card also comes with a range of benefits that make it an attractive option for cardholders. These include: cash

No Annual Fee

One of the biggest perks of this card is that it comes with no annual fee. This means you can enjoy all its benefits without having to pay a yearly cost, making it more budget-friendly.

Competitive APR and Introductory Offer

The Navy Federal cashRewards Card offers an introductory 0% APR on purchases for the first 12 months, giving cardholders some breathing room for larger purchases. After that, the standard variable APR ranges from 9.65% - 18.00%, depending on your creditworthiness.

Cell Phone Protection

This card offers up to $250 in coverage per claim if your cell phone is stolen or damaged, as long as you use the card to pay your monthly phone bill. The benefit includes a $50 deductible and allows up to two claims within a 12-month period.

Purchase Security

If an eligible item purchased with the Navy Federal cashRewards Card is damaged or stolen within 90 days of purchase, you may be reimbursed for up to $500 per claim and $1,000 per year.

Fraud Protection

The Navy Federal cashRewards Card comes with advanced fraud detection technology and zero liability protection, meaning you won’t be held responsible for unauthorized charges on your account.

Travel Benefits

While this card doesn’t offer any travel rewards, it does come with some useful benefits for those who frequently travel. These include emergency card replacement, travel and emergency assistance services, and rental car collision damage waiver.

Considerations of the Navy Federal cashRewards Card

While the Navy Federal cashRewards Card has many benefits, there are a few things to consider before applying. These include:

Membership Requirement

To be eligible for this card, you must be a member of Navy Federal Credit Union. This means you’ll have to meet certain criteria and join the credit union before applying.

Limited Redemption Options

Unlike other rewards cards that offer various redemption options, the Navy Federal cashRewards Card only allows for cash back as a statement credit or deposit into your savings, checking, or money market account with Navy Federal Credit Union.

Foreign Transaction Fee

If you plan on using this card while traveling abroad, be aware that it comes with a 1% foreign transaction fee. This can add up quickly and negate any cash back earnings on international purchases.

Is the Navy Federal cashRewards Card Worth It?

Overall, the Navy Federal cashRewards Card is a solid option for those looking to earn cash back on everyday purchases. Its simple rewards program, no annual fee, and competitive benefits make it an attractive choice for Navy Federal Credit Union members.

However, if you’re not a member of the credit union or prefer more redemption options, there may be better rewards cards available. It’s important to evaluate your spending habits and needs before deciding if this card is worth it for you.

How to Apply for the Navy Federal cashRewards Card

If you’re interested in applying for the Navy Federal cashRewards Card, you can do so online or at a branch of Navy Federal Credit Union. To be eligible, you must meet the credit union’s membership requirements and provide necessary personal and financial information.

Once approved, your card will arrive in the mail within 7-10 business days. From there, you can begin using it to earn cash back on all your purchases. Remember to use it responsibly and pay off your balance in full each month to avoid interest charges and maximize your rewards earnings.

Competitive Alternatives

If you’re considering the Navy Federal cashRewards Card, it’s always a good idea to compare it with other similar cards on the market. Some potential alternatives include:

Chase Freedom Unlimited

The Chase Freedom Unlimited offers 1.5% cash back on all purchases, similar to the Navy Federal cashRewards Card. However, it also has rotating quarterly bonus categories that can earn you up to 5% cash back.

Citi Double Cash Card

The Citi Double Cash Card also offers a flat rate of 2% cash back (1% when you make a purchase and an additional 1% when you pay off your balance) on all purchases. It also has no annual fee and a 0% APR introductory offer for the first 18 months.

Discover it Cash Back

The Discover it Cash Back card offers 5% cash back on rotating quarterly categories, up to $1,500 in combined purchases. It also offers a sign-up bonus of cash back match for the first year, effectively doubling your earnings.

Conclusion

The Navy Federal cashRewards Card is a solid option for those looking for a straightforward and low-maintenance rewards program. Its membership requirements and limited redemption options may be drawbacks for some, but its benefits and competitive interest rates make it worth considering for Navy Federal Credit Union members. Be sure to weigh your options and choose the card that best fits your needs and spending habits. So, it's always a good idea to do some research and compare different cards before making a decision.