Navy Federal cashRewards Credit Card Review

Since the Navy Federal cashRewards Credit Card offers a flat 1.5% cash back on everything you buy, it’s ideal for anyone who doesn’t like complicated rewards programs but would like to earn something from their credit card purchases. With below-average APRs and fees, this card is also smart for anyone who wants to minimize costs associated with their credit card.

• Simple rewards: The Navy Federal cashRewards Credit Card offers an unlimited 1.5% cash back for each dollar you spend. This simple rewards formula means you’ll never have to worry about bonus categories or earning caps. 
• Low interest rates and fees: This card comes with no annual fee, no balance transfer fee, no cash advance fees, and no foreign transaction fees. The ongoing variable APR range is also lower than you’ll find with competing cards. 

• Must be a Navy Federal customer: If you’re not already a Navy Federal Credit Union member, you’ll have to join to apply for this credit card. To qualify, you must be a military veteran, active duty military, a Department of Defense civilian or government employee, Army or Air National Guard, Delayed Entry program personnel, or a family member of someone who meets one of these requirements.
• Limited redemption options: Unlike some other cash-back credit cards that let you redeem points for gift cards, this card only lets you redeem rewards for statement credits to your credit card or a Navy Federal bank account. 

Once you sign up for this card, you’ll have the opportunity to earn $250 in cash back after you spend $2,500 within 90 days of opening an account. The minimum spending requirement to earn this bonus is higher than other similar cards require, but the bonus amount is also generous among cash-back credit cards with no annual fee. 

This card’s rewards scheme is simple enough for anyone to understand and keep track of. Once you sign up, you’ll earn a flat 1.5% cash back on everything you buy. The rewards you earn are unlimited and they’ll never expire as long as your account is open and in good standing. 

Your cash-back rewards will show up in your account the same day as the transaction posts. You can redeem them for a statement credit or cash in your Navy Federal bank account whenever you’d like—there’s no minimum. Cardholders manage rewards redemption via the app or online.

Considering you earn a flat 1.5% cash back on each dollar you spend with this card, you’ll get the most bang for your buck if you use it for as many purchases and regular bills as you can. 

Obviously, you’ll get the most value from your rewards if you pay your credit card bill in full each month and avoid interest payments. Even with a low variable APR of 11.40% to 18.00% on purchases, using this card to earn rewards is still a losing proposition with the 1.5% cash back rate if you carry a balance.

This card has one benefit that was deemed “excellent” by editors of The Balance.

• Cellphone insurance: Qualify for this coverage when you pay the bills on up to three cell phones with your credit card. This coverage is limited to reimbursement for damage or theft in amounts up to $600 per claim, minus a $50 deductible. An annual cap of $1,000 per year also applies. 

When you apply for this credit card, you may be approved for either a Visa Signature or a World Mastercard version. Your cardholder benefits can vary depending on the card you’re approved for, but they may include:

• Concierge for booking event tickets, travel, and other services
• Secondary auto rental coverage
• Refund when merchant won’t accept returned item
• Lowest advertised price match
• Lost luggage reimbursement
• Travel accident insurance
• Roadside assistance hotline
• Travel and emergency hotline
• Extended warranties

The Navy Federal cashRewards Card gives cardholders access to their FICO score for free as well as 24/7 stateside customer service assistance. 

Navy Federal Credit Union does have its own mobile app that lets you track your spending, pay your bill, and redeem rewards from your mobile device. Their app has received decent ratings from consumers, with 4.4 out of 5 possible stars on Google Play and 3.4 out of 5 stars on iTunes. 

Navy Federal cashRewards credit card security is standard for the industry, including benefits like 0% fraud liability and account monitoring. If your card is lost or stolen, they also let you temporarily freeze and unfreeze your account. 

The Navy Federal cashRewards Credit Card is surprisingly free of fees and hidden charges. You’ll never pay an annual fee, balance transfer fees, cash advance fees in the U.S., or foreign transaction fees.