Navy Federal CashRewards Card Review 2024

• Introducing the Navy Federal CashRewards Credit Card
• Navy Federal CashRewards Quick Facts
• What Is the Navy Federal CashRewards Best For?
• Navy Federal cashRewards Credit Card Rewards
• Other Navy Federal cashRewards Credit Card Benefits
• How To Maximize Navy Federal CashRewards
• Fine Print
• How the Navy Federal CashRewards Credit Card Stacks Up
• Is the Navy Federal CashRewards Credit Card for You?
• Methodology
• Frequently Asked Questions (FAQs)

In a time when it’s easy to find cards that earn an unlimited 2% cash back, the Navy Federal cashRewards Credit Card doesn’t quite match up with its maximum flat earnings rate of 1.75%. And if you don’t have direct deposit set up with Navy Federal, your earnings rate will be even slightly lower at 1.50%.

However, the Navy Federal CashRewards doesn’t charge foreign transaction fees which could make it more attractive if you travel internationally. It may also be a solid option for those with average credit.

The auto rental collision damage waiver with the cashRewards is a decent benefit, usually only found on higher-end rewards cards. And the card’s low introductory APR on balance transfers could appeal to those who are currently carrying a balance on another credit card, especially since this Navy Federal doesn’t charge balance transfer fees and has a lower-than-average regular APR.

• No annual fee
• Earn $300 bonus cash back after spending $3,000 within 90 days of account opening. Plus a LTO of $98 statement credit after paying $49 or more for an annual Walmart+ membership using your cashRewards credit card.
• Earn up to 1.75% cash back on all purchases (enroll and maintain direct deposit required; 1.5% cash back earned otherwise)
• Auto rental collision damage waiver
• Get a 14.90% - 18.00% variable APR for purchases and balance transfers, balance transfer fee not applicable
• No foreign transaction fees or balance transfer fees

The Navy Federal CashRewards card is best suited for NFCU members who have direct deposit with the credit union (or are willing to set it up) so that they can receive the card’s best earnings rate.

The card offers flat-rate cash back on all purchases, making it an ideal choice for those who don’t want to track spending categories or caps. And it’s particularly beneficial for those who are looking to avoid annual fees and foreign transaction fees.

New cardmembers can get a 14.90% - 18.00% variable APR for purchases and balance transfers, balance transfer fee not applicable. While other cards offer a long 0% intro APR, you’ll generally need to factor in balance fees which the CashRewards card doesn’t charge.

This card is geared to help those who may have a few credit dings since it’s open to applicants with average credit. Additionally, Navy Federal Credit Union is known for its customer-focused approach and competitive APRs, adding to the card’s appeal for its members.

Earning Rewards

Rewards are earned on net eligible purchases with the cashRewards card, up to 1.75% cash back on all purchases (enroll and maintain direct deposit required; 1.5% cash back earned otherwise). Rewards do not expire as long as the account remains open and there is no limit on the amount of rewards that may be earned.

The card also offers a first-year welcome bonus: $300 bonus cash back after spending $3,000 within 90 days of account opening. Plus a LTO of $98 statement credit after paying $49 or more for an annual Walmart+ membership using your cashRewards credit card.

Redeeming Rewards

There is no minimum redemption amount for cash back with the CashRewards card. Rewards can be redeemed from your online bank account or by calling Navy Federal. Cash back can be deposited into a Navy Federal bank account or can be applied as a statement credit on the card. Be aware that statement credit does not replace any required minimum payment.

Unused rewards will be forfeited upon account closure.

Rewards Potential

To determine the rewards potential of the Navy Federal cashRewards Credit Card, we consider what an average household might spend on a credit card each year. Forbes Advisor uses data from various government agencies to determine baseline income and spending averages across various categories. The 70th percentile of wage-earning households brings in $118,438 annually and we base spending on that number.

Forbes Advisor estimates that the household has $30,974 in expenses that can be reasonably charged to a credit card. At the higher earnings rate of 1.75% cash back, the cashRewards Card would earn $542.05 in cash back per year.

• Auto rental collision damage waiver. Pay with the card and turn down the collision damage waiver at the rental desk to receive secondary coverage.
• No foreign transaction fees. Use the card abroad without paying fees on every transaction.
• $0 fraud liability. Cardholders aren’t responsible for unauthorized transactions.

To get the most benefit from the Navy Federal CashRewards card, consider setting up direct deposit with NFCU to boost your earnings from 1.50% to 1.75%. After that, maximizing this card’s rewards really just comes down to using it everywhere you can since there are no bonus categories to track. In addition to using CashRewards on everyday expenses, you can make it your autopay method for things like insurance and subscriptions.

Interest Rates

• Regular APR: 14.90% - 18.00% variable
• Purchase intro APR: N/A
• Balance transfer intro APR: N/A

Navy Federal CashRewards Credit Card Fees

• Annual fee: $0
• Balance transfer fee: N/A
• Foreign purchase transaction fee: None

Navy Federal cashRewards Credit Card vs. Citi Double Cash® Card

The Citi Double Cash® Card earns 2% cash back on all purchases—1% when purchases are made and another 1% when they’re paid off. Don’t let that seemingly small difference fool you—the 0.25% advantage over the CashRewards can significantly add up over the course of the year. The Navy Federal cashRewards Credit Card edges out the Citi Double Cash with its extra benefits, though, such as its auto rental collision damage waiver and lack of foreign transaction fees.

The Citi Double Cash also comes with a 0% intro APR offer: 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 19.24% - 29.24%, based on creditworthiness. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed within the first 4 months of account opening. After that, the fee will be 5% of each transfer (minimum $5). While that long introductory APR period will be better over the long term, the Double Cash’s intro balance transfer fee makes it more costly up front.

Navy Federal cashRewards Credit Card vs. Navy Federal GO REWARDS® Credit Card

If a Navy Federal credit card is appealing to you but you’d prefer a different rewards structure, consider the Navy Federal GO REWARDS® Credit Card. The card earns 3 points per dollar spent at restaurants, 2 points per dollar on gas and 1 point per dollar on everything else.

For those who spend plentifully on gas and dining, the Go Rewards card will likely earn more rewards overall. It also offers an auto rental collision damage waiver.

Navy Federal cashRewards Credit Card vs. Capital One QuicksilverOne Cash Rewards Credit Card

The Capital One QuicksilverOne Cash Rewards Credit Card is a flat-rate cash-back card also aimed at those with average credit that earns 1.5% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel (terms apply). With an earn rate that is 0.25% lower than the cashRewards card’s max, the Capital One QuicksilverOne may not seem like a better option. But it doesn’t require credit union membership to apply or direct deposit to earn 1.75%.

However, the QuicksilverOne does carry an annual fee of $39 (rates & fees), where the CashRewards has none. And for those who carry a balance, the QuicksilverOne also comes with a much higher APR than the CashRewards—a whopping 29.99% variable APR on purchases and balance transfers.

The lower earn rate, annual fee and the higher APR compared to the CashRewards likely make the QuicksilverOne a less appealing choice for most.

For those seeking a solid flat-rate rewards card but who may not have the credit to qualify for a card offering 2% cash back, the Navy Federal cashRewards Credit Card may be an appealing option. The card is ideal for those who travel internationally or regularly rent cars at home or abroad.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual points or miles
• Included travel or merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.

Read more: How Forbes Advisor rates credit cards