Review: Navy Federal Credit Union Credit Cards

nfcu-credit-cardAs the country’s largest credit union, Navy Federal Credit Union is a significant player in the financial industry, including the credit card industry. Below we offer short reviews of the 5 credit cards NFCU offers:

  • The Navy Federal Credit Union Cash Rewards Visa offers a straight 1.5% cash back on every purchase, which is a generous cash back percentage in today’s marketplace, comparing favorably to the best cash back cards available. If you have good credit, you can qualify for an interest rate on the card as low as 9.9%, though your rate could be as high as 18%.

  • The Navy Federal Union Credit Union Go Rewards Mastercard is a fairly straightforward rewards credit card. You get 3 points per dollar on restaurant purchases, 2 points per dollar on gas purchases, and 1 point per dollar on everything else charged to the card. You can use points toward travel rewards, gift cards, merchandise, etc. The reward formula is only OK compared to other rewards cards, but its interest rate can be as low as 9.74% if you have good credit, which is much lower than most reward credit cards.
  • The Navy Federal Credit Union Flagship Rewards Visa Signature is a travel rewards card that offers 2 points per dollar on card purchases, with each point being worth 1 penny in most instances. (You can use 15,000 points for $150 in travel purchases, for example.) It also has no transaction fee on purchases outside of the U.S. It does have an annual fee of $49. Overall, we like the card if you plan to use it often, as the 2 points per dollar essentially equates to a generous 2% reward. However, if you don’t use it often, the annual fee will eat into your rewards too much.
  • The NFCU Platinum MasterCard offers no rewards but has an interest rate as low as 8.24%. If a card’s rate is your most important consideration, this would be your choice. (You might also want to compare it to others on our Low Interest Credit Cards page.)
  • The nRewards Secured Visa is a card for people with bad credit histories or those seeking to establish credit for the first time. Unlike most credit cards, this one requires you to put down a security deposit in order to get it, and you get a credit line equal to the amount of your deposit. So, if you deposit $500, you can use the card to but up to $500 worth of stuff. However, you still pay your balance each month like a regular credit card — you do NOT pay out of your security deposit. The deposit is only there as a safety for NFCU in case you fail to pay. If you always pay on time with this card it should help you build credit to a place where you could be approved for a regular “unsecured” credit card such as the others listed on this page. Unlike most other secured credit cards on the market, this one has no annual fee, the potential for an interest rate as low as 9.24%, and a basic rewards points program. A good choice if you need to build or rebuild credit.