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The Navy Federal Credit Union Platinum Card is a low-interest, no-annual-fee credit card designed for those who need help paying off high-interest debt. While it's always recommended that you pay your card in full each month, sometimes life gets in the way and large expenses make it difficult to do so. When that's the case, it's beneficial to have a credit card with a low interest rate to cover that expense.
Here's everything you need to know about the Navy Federal Credit Union Platinum Card.
- Get a 0.99% intro APR for 12 months from account opening on balance transfers made within the first 60 days. After that, a variable APR between 10.49% and 18.00% applies. And, kick those balance transfer fees to the curb—we don't charge any!
- Pay no annual, balance transfer or foreign transaction fees.
- Lowest interest rate offered of all Navy Federal Credit Union credit cards.
- Travel and emergency assistance.
Page Contents
- Navy Federal Platinum Card Pros
- Navy Federal Platinum Card Cons
- Navy Federal Platinum Card Welcome Bonus
- Navy Federal Platinum Card Benefits
- Navy Federal Platinum Card Earning Rates
- Redeeming Points With the Navy Federal Platinum Card
- Application Restrictions
- Cards That Compete With the Navy Federal Platinum Card
- Bottom Line
- No annual fee
- No balance transfer fees, foreign transaction fees, or cash advance fees
- A lower-than-average ongoing interest rate between 10.49% - 18.00%
- Navy Federal Credit Union credit cards are only available to Navy Federal members
- While the interest rate is low, it's not zero
- No additional cardholder benefits
There is no traditional welcome bonus on the Navy Federal Platinum Card. Instead, you'll take advantage of a 0.99% intro APR for 12 months on balance transfers made within 60 days from account opening. After that, the standard APR of 10.49% - 18.00% applies.
This could potentially save you hundreds of dollars in interest, depending on your current interest rate and total balance.
For instance, if you have a $5,000 balance on a card with a 24% interest rate, and you pay $500 per month toward the balance, it would take you 12 months and an additional $635 in interest to pay it off. Instead, you could transfer that balance to your Navy Federal Platinum Card (with no balance transfer fee!), and pay it off in just 11 months, paying only $23 extra in interest.
No annual fee
The Navy Federal Platinum Card has no annual fee as well as no balance transfer fees, foreign transaction fees, or cash advance fees.
Low interest rate
Apart from the low intro APR on balance transfers, the Navy Federal Platinum Card comes with a low interest rate between 10.49% - 18.00%. If you're on the lower end of this range, your interest rate would be less than half of the national average.
This is great for anyone who needs to make a large payment and will keep a balance on their credit card. However, even with a lower interest rate, you can still quickly accumulate interest charges. Be careful when carrying a balance, and try to pay it off as quickly as possible.
Travel benefits
As a cardholder of the Navy Federal Platinum Card, you'll receive a secondary auto rental collision damage waiver when you rent a car for 15 days or less. You'll also receive travel and emergency assistance if something happens when you're gone.
The Navy Federal Platinum Card does not earn cash back or credit card rewards.
There are no points to redeem with the Navy Federal Platinum Card.
Application Restrictions
Applications are restricted to those with a Navy Federal Credit Union account. In order to qualify for an account, you must be one of the following:
- An active, retired, or veteran member of the U.S. Armed Forces
- An immediate family member of someone listed above
- Select employees and contractors of the U.S. Department of Defense
If you qualify to have a Navy Federal credit card, there are other factors to consider when applying for a Navy Federal Platinum Card or other credit card. For starters, you can only be the primary account holder on three Navy Federal credit cards at one time. There is no waiting period to open your first Navy Federal credit card, but a 90-day waiting period applies to opening any subsequent Navy Federal credit cards.
- If you don't mind a slightly higher interest rate in exchange for earning credit card rewards, consider the Navy Federal GO REWARDS® Card. The ongoing interest rate is slightly higher than that of the Navy Federal Platinum Card, but the trade-off is the opportunity to earn up to 3X points per $1 spent. Plus, you can take advantage of a 0.99% intro APR on purchases for the first 6 months of account opening, which is helpful if you have a large expense coming up.
- If you want to earn cash back on every purchase, then the Navy Federal Visa cashRewards Card might be the card for you. You'll earn up to 2% cash back on all purchases, depending on which version you are approved for (the cashRewards or cashRewards Plus). It offers a 1.99% intro APR for 12 months on balance transfers made within the first 60 days. While slightly higher than the Navy Federal Platinum Card, it's still much better than 24%.
- If you want a no-annual-fee credit card with 0% interest on purchases and balance transfers, check out the U.S. Bank Shield™ Visa® Card. You can take advantage of a 0% introductory APR on purchases and balance transfers for an incredible 24 billing cycles (5% of each transfer amount, $5 minimum will apply), then a regular variable APR of 16.99% - 27.99%. The U.S. Bank Shield Visa also comes with $600 cell phone reimbursement if your phone is lost or stolen, as long as you use your card to pay your mobile bill.
- 3X points at restaurants
- 2X points on gas
- 1X points on everything else
- Earn unlimited 2% cash back with cashRewards Plus or unlimited 1.5% cash back with cashRewards. Network benefits vary by card.
Bottom Line
The Navy Federal Platinum Card is a no-frills, low-interest credit card with no annual fee. Its main benefit is the low intro APR on balance transfers and lower-than-average ongoing APR. However, note that this still may not be the best card to keep a balance on. The best option would be one with a 0% intro APR offer, allowing you to pay off a balance or a large purchase without incurring any interest charges. If you need to transfer a balance, check out our list of the best 0% intro APR offers with no annual fee.
- Get a 0.99% intro APR for 12 months from account opening on balance transfers made within the first 60 days. After that, a variable APR between 10.49% and 18.00% applies. And, kick those balance transfer fees to the curb—we don't charge any!
- Pay no annual, balance transfer or foreign transaction fees.
- Lowest interest rate offered of all Navy Federal Credit Union credit cards.
- Travel and emergency assistance.
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