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The Navy Federal Visa cashRewards Card is a no-annual-fee cash-back credit card for Navy Federal Credit Union account holders with a simple earning structure. The welcome bonus and Walmart+ perks make it a worthy contender for those with an account at the bank over traditional bank credit cards.
Here's all there is to know about the Navy Federal cashRewards.
Page Contents
- Navy Federal cashRewards Pros
- Navy Federal cashRewards Cons
- Navy Federal cashRewards Welcome Bonus
- Navy Federal cashRewards Benefits
- Navy Federal cashRewards Earning Rates
- Redeeming Points With the Navy Federal cashRewards
- Application Restrictions
- Cards That Compete With the Navy Federal cashRewards
- Bottom Line
- No annual fee
- No foreign transaction fees, balance fees, or cash advance fees
- Earn up to 1.75% cash back on all purchases
- One-time $98 statement credit when you pay at least $49 for an annual Walmart+ membership
- This card is only open to the following people: Active duty, veteran, or retired members of the armed forces and their immediate families; Department of Defense civilian employees' U.S. government employees assigned to Department of Defense installations; and Department of Defense contractors assigned to U.S. government installations
- More cash-back earnings can be had with other credit cards
Earn $300 cash back when you spend $3,000 on the Navy Federal cashRewards in the first 90 days of account opening. You'll also receive a one-time $98 statement credit when you use your card to pay $49 or more for an annual Walmart+ membership.
Up to 1.75% cash back
Navy Federal accountholders with direct deposit who open a Navy Federal cashRewards will earn 1.75% cash back on all purchases. Those without direct deposit will only earn 1.5% cash back.
You can enroll in direct deposit at any time to increase your cash back amount. There is no minimum direct deposit amount required to earn the increased 1.75% elevated cash back.
No annual fee or foreign transaction fees
In addition to no annual fee on the Navy Federal cashRewards, there are also no foreign transaction fees, balance transfer fees, or cash advance fees.
Low APR
The APR on the Navy Federal cashRewards is between 14.90% and 18%. The average credit card APR from Navy Federal Credit Union is almost at least 5% lower than the industry average.
Zero liability protection
You won't be liable for unauthorized purchases made to your Navy Federal cashRewards account.
Free annual Walmart+ membership for the first year
Get a one-time statement credit of $98 when you pay at least $49 for an annual Walmart+ membership. The annual membership must be purchased within 1 year of opening the Navy Federal cashRewards.
The Navy Federal cashRewards earns cardholders up to 1.75% cash back on all purchases. In order to receive the full 1.75% cash back from this card, you must have direct deposit set up to your Navy Federal account.
Cardholders without direct deposit will earn 1.5% cash back on all purchases made with the card. You can enroll in direct deposit at any time to increase earnings to 1.75%.
Cash back rewards earned with the Navy Federal cashRewards can be redeemed in two ways. You can redeem your cash back in the form of a statement credit or as a deposit into either the primary cardholder's checking account or a joint account.
Cash back never expires as long as your account is open and in good standing.
Application Restrictions
We don't know a lot about the application restrictions for the Navy Federal cashRewards or any other Navy Federal credit card. Here's what we do know.
In order to apply for a Navy Federal credit card, you must have an account at Navy Federal Credit Union. You can only apply for a Navy Federal account and the Navy Federal cashRewards if you are an active, retired, or veteran of the armed forces or select Department of Defense and U.S. government employee or contractor.
You can have three Navy Federal credit cards at one time. There is a 90-day waiting period between card applications.
- If you prefer to earn reward points toward travel, gift cards, and more, then the Navy Federal GO REWARDS credit card might be for you. With this card, you can earn points that can be redeemed for cash, travel, gift cards, and merchandise. There is no annual fee, balance transfer fee, foreign transfer fee, or cash advance fee when using this card either. The lifestyle card earns 3x at restaurants, 2x on gas, and 1x on everything else.
- If you want a travel card but don't qualify for Navy Federal Credit Union, consider the Chase Sapphire Preferred® Card. This credit card earns 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases. The annual fee is just $95 and you'll earn 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
- If you want a credit card that earns more cash back, then the Citi Double Cash® Card is the card for you. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel. The card has $0 annual fee.
Bottom Line
If you qualify to have an account at Navy Federal Credit Union, a Navy Federal cashRewards could be a great addition to your wallet. Perks such as a statement credit for a Walmart+ membership and no annual fee make it available as a lifestyle card as well. And applying for any Navy Federal credit card seems straightforward from what our research found.
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