Navy Federal Platinum Credit Card Review 2024

When you’re ready to take a stand against your high-interest credit card balance, using a balance transfer card can be a savvy decision. But when you’re faced with twin obstacles of debt and a fair credit score, your credit card choices become limited. The Navy Federal Credit Union Platinum Credit Card could be the right choice to circumvent that issue. It’s one of a small handful of cards on the market with an introductory APR offer on balance transfers that someone with an average credit score has a shot at getting approved for.

Even though it’s accessible to those with average credit, it packs a balance transfer offer that can save you money upfront while you make strides towards your goal of knocking out debt. There’s no annual fee, no balance transfer fee and you’ll get 0.99% intro APR on balance transfers for the first 12 months of account opening, followed by a 11.24% - 18.00% variable APR on both purchases and balance transfers. Balance transfers must be completed within 60 days of account opening.

You’ll also get a few perks such as collision damage waiver coverage and travel and emergency assistance. There are no rewards on this card, but that’s less likely to be a focus if you’re trying to pay down debt.

You’ll have to join Navy Fed’s credit union to apply for the card. Eligibility is extended to anyone who has served or worked for the armed forces or the Department of Defense as well as their family members. Navy Fed does define “family” rather widely, including siblings, grandparents and grandchildren in the mix. This significantly expands your chances of having a connection that fits the bill.

• No annual fee, balance transfer fees or foreign transaction fees
• Low intro APR offer on balance transfers
• Low ongoing interest rate: 11.24% - 18.00% variable
• Doesn’t earn rewards
• Navy Federal Credit Union membership required to apply

0.99% intro APR for 12 months from account opening on balance transfers made within 60 days.

• Collision damage waiver: The exact coverage will depend on if you have a Visa or Mastercard but you will have secondary collision damage coverage which includes collisions, theft and towing when you rent an eligible vehicle for 15 days or less and pay for it with your card.
• Travel and emergency assistance: Emergency services available 24/7 including medical referral, lost luggage locator service and prescription assistance.
• Extended warranty service: Doubles the original manufacturer’s warranty for up to one year on eligible items if you have the Mastercard version.
• Ability to freeze and unfreeze your account: If you’ve misplaced your card, you can freeze and unfreeze your account within seconds.

Interest Rates

• Regular APR: 11.24% - 18.00% variable
• Purchase intro APR: N/A
• Balance transfer intro APR: 0.99% intro APR for 12 months from account opening on balance transfers made within 60 days

Fees

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

Navy Federal Credit Union Platinum Credit Card vs. Citi Double Cash® Card

If you’re looking for a balance transfer card that has staying power long after the promotional APR period, look to a card like the Citi Double Cash® Card. It earns 2% cash back on all purchases—1% when purchases are made and another 1% when they’re paid off.

The card has an annual fee of $0 and comes with an introductory 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).

However, you should be aware that if your credit isn’t strong, you may not be approved for the card.

Navy Federal Credit Union Platinum Credit Card vs. U.S. Bank Visa® Platinum Card*

If you’re looking for a longer runway to pay off a big purchase or shed existing debt, the U.S. Bank Visa® Platinum Card* could be a top-notch choice. This no-annual-fee card has one of the longest balance transfer offers you’ll find: 0% intro APR on purchases and balance transfers for 21 billing cycles, followed by a variable APR of 18.74% - 29.74%. A balance transfer of 5% of the amount of each transfer or $5 minimum, whichever is greater, applies.

Beyond the generous intro offer, the card doesn’t have much else to offer. Although it does offer supplemental cellphone protection if you pay your bill with the card, there are no rewards, welcome bonus or other lucrative perks to make this card a wallet staple beyond the introductory period.

The Navy Federal Credit Union Platinum Credit Card is a worthy option for anyone with average credit on the hunt for a balance transfer card. But if your overall credit profile is strong, look for a card that offers a longer introductory period or one that you’ll want to use long after the promo APR offer expires.

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