Navy Federal Platinum Credit Card Review

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If you have ties to the armed forces and tend to carry a balance on your credit card, the Navy Federal Platinum Credit Card is a great way to lower your finance charges. You won’t earn any rewards on the card, but if you have credit card debt, the generous balance-transfer promotion and exceptionally low ongoing APR more than make up for it.

Navy Federal Platinum

overall rating
Navy Federal Platinum
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Fair - Excellent
Regular APR (%) 7.49% - 18% variable
Annual Fee $0
INTRO PURCHASE APR 1.99% for 12 Months
Ratings Breakdown
for Interest
for Fees
for Rewards
for Credit

Who Is This Credit Card Best For?

  • Avatar for Savvy Saver Persona
    Prioritizes sticking to their budget while buying what they want and need See more cards
    Savvy Saver
  • Avatar for Debt Warrior Persona
    Attacks existing balances while avoiding new debt See more cards
    Debt Warrior
  • Avatar for Credit Builder Persona
    Takes improving their finances seriously and wants recognition for using credit responsibly See more cards
    Credit Builder

The Navy Federal Platinum Credit Card is an excellent choice for military families with average credit who have high-interest debt on another card. Balances transferred when you get the card will have an introductory interest rate of 1.99% for 12 months, and there’s no balance transfer fee—a benefit rarely found on competing cards. Even after that, the APR is as low as 7.49% variable for the most creditworthy customers. You’ll be hard-pressed to find a better ongoing rate.

You can’t get the card without being a member of the Navy Federal Credit Union, though, so look elsewhere if you or your family don’t have ties to the armed forces. (More on this below.)

  • No balance transfer fee

  • Low ongoing APR

  • Few fees

  • No rewards

  • Navy Federal Credit Union membership required

Pros Explained

  • No balance transfer fee: A credit card that doesn’t tack on a 3% fee to transfer a balance is a rare find. And combined with a promotional rate, it’s even more valuable. If you make the move within 30 days of getting the card, you’ll get an APR of 1.99% on that balance for 12 months.
  • Low ongoing APR: This credit card is a keeper even after the introductory period expires. Your ongoing APR could be as low as 7.49% variable on both purchases and balances transferred. 
  • Few fees: You won’t pay an annual fee or foreign transaction fees, and the late fees and cash advance APR are lower than those found on many competing cards.  

Cons Explained

  • No rewards: With no opportunity to earn rewards on your purchases, you’ll miss out on cash back or points that could be worth hundreds of dollars a year or more. 
  • Navy Federal Credit Union membership required: You won’t be able to get this card without being a member of the Navy Federal Credit Union. You or your family must have current or former ties to the armed forces or Department of Defense.

If you don’t plan to carry a balance, you’re probably better off with a card that offers rewards on your purchases, even if it has a higher APR. Other credit cards issued by Navy Federal offer cash back or points, and the APRs are still competitive.  

How to Get the Most Out of This Card

If you’re carrying debt on a higher-APR credit card, transfer your balance immediately (within 30 days of opening your account) to take advantage of the promotional offer of 12 months at a 1.99% APR. (You'll also get 12 months to make new purchases at a 1.99% APR.)

While there are plenty of credit cards offering an introductory balance-transfer promotion with no interest at all, you’re still likely to come out ahead with this deal because of the lack of a balance transfer fee.

For instance, if you transferred a balance of $2,000 and paid it off within the 12 months, you’d pay no fee and about $22 in finance charges under the 1.99% APR promotion. A competing card with a 0% APR would cost you nothing in finance charges, but the fee—if it were the typical 3%-5% of the transaction amount—would cost you $60-$100.

Navy Federal Platinum Credit Card’s Excellent Perks  

Perks on credit cards are common, but editors at The Balance have determined some are more valuable than others. One feature of this card makes our cut for an excellent perk:

  • Cellphone coverage: Pay your cellphone bill with your credit card and you can ditch your insurance from your cell service provider and still be covered for stolen or damaged devices. Maximum reimbursement will depend on whether you get the card on the Mastercard or Visa network. (For Mastercard, it’s $600 per occurrence or $1,000 per year, and for Visa, it’s $250 per claim or $500 per year. Both have a $50 deductible.) 

Cellphone coverage doesn’t apply to phones that are lost, that mysteriously disappear, or are stolen from luggage.

Other Features

When you apply for the card, you’ll choose between a Mastercard or Visa version. Both come with these additional perks:

  • Rental car collision insurance (secondary to your own policy)
  • Travel and emergency hotline
  • Extended warranties

And these features are listed online for the Mastercard version only:

  • Insurance for stolen or damaged purchases
  • Lowest advertised price match
  • Discount on airport concierge services

Customer Experience

J.D. Power’s 2019 Regional Credit Card Satisfaction Study gave Navy Federal Credit Union top marks in overall satisfaction and categories including interaction, credit card terms, and benefits and service. (The market research firm profiled Navy Federal but didn’t officially rank the company because it didn’t meet the study award criteria.) 

Navy Federal has a mobile app for managing credit cards and other accounts. And cardholders have 24/7 online or phone access to customer service representatives located in the U.S., which is especially useful for service members who are deployed in varying time zones.

Plus, while many credit cards offer a free credit score, the Navy Federal Platinum Credit Card provides access to your FICO score—the one most widely used by lenders.

Security Features

In addition to industry-standard security features, the Mastercard version of this credit card comes with identity theft protection. If you enroll in the service, it will alert you to potential identity theft by searching the internet for any suspicious use of your personal details, monitoring your financial transactions, and even keeping tabs on URLs and domain names of your choice. 

Navy Federal Platinum Credit Card’s Fees

The Navy Federal Platinum Credit Card stands out for better-than-average fees. There is no foreign transaction fee or annual fee, and it has a relatively low late fee and cash advance APR compared to competing cards. The only cash advance fee is an ATM fee (outside of Navy Federal ATMs) of 50 cents to $1, depending on location.

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Navy Federal Platinum
overall rating
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Fair - Excellent
Regular APR (%) 7.49% - 18% variable
Annual Fee $0
INTRO PURCHASE APR 1.99% for 12 Months
Our Methodology
At The Balance, we are dedicated to giving you unbiased, comprehensive credit card reviews. To do this, we collect data on hundreds of cards and score more than 55 features that affect your finances.
  • Our Reviews Are Always Impartial: No one can influence which cards we review, the way we present them to you, or the ratings they receive. The scores and reviews come directly from the data we collect and our editorial expertise, and we focus on three areas:
  • How Much Does It Cost? With credit card debt at an all-time high, we believe you should know the cost of carrying a balance. Because of that, we give regular purchase APRs significant weight in overall scores, and cards receive low marks if they have an array of pricey fees.
  • What Are the Rewards Worth? Cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely. To simplify the problem, we built a system that fairly compares rewards and gives them a dollar value. We do this by looking at the ways you can earn and use rewards, which includes evaluating Americans’ typical spending habits and analyzing common travel patterns.
  • Does It Make Your Life Easier? Our scoring system favors cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting customer service. Finally, we give preference to credit cards that have several tools for dealing with fraudulent charges.
  • For every review on The Balance, we hold the credit cards to these standards, and we set the bar high. While we recognize the appeal of splashy features like six-digit sign-up bonuses, our approach ensures that credit cards with the best combination of value, affordability, and accessibility receive the highest scores. See our full methodology for more details.