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The Verdict: If you’re a member of the Navy Federal Credit Union, the Navy Federal cashRewards Visa credit card should be a welcome addition to your wallet. This card, which comes with no annual fee, offers you up to 1.5 percent cash back on all purchases. It also comes with a purchase interest rate that can be quite low depending on the quality of your credit.
Overview: You’ll earn cash back with every purchase you make with this card. The amount of cash you receive, though, will vary depending on how much you charge each year. The cash-back rate will rise once you’ve used your card to purchase more than $10,000 worth of items.
How This Card Works: Once you’ve charged at least $20 with the Navy Federal cashRewards card, you’ll start earning your cash-back bonus. This bonus will be credited to your account statement each month.
Travel & Shopping Benefits: Until you’ve charged at least $10,000 in a given year with your Navy Federal cashRewards card, you’ll receive a cash-back bonus of 1 percent of every purchase you make with your card. Once you’ve charged more than $10,000 in a given year, your cash-back bonus will jump to 1.5 percent of every purchase you charge.
Fees: This card not only comes with no annual fee, it also comes with a potentially low purchase interest rate. If you have good credit, you might qualify for a purchase interest rate of just 9.65 percent. You’ll struggle to find a consumer credit card that offers a lower such rate.
- Solid cash-back program.
- Low interest rates for cardholders with strong credit.
- No annual fee.
- Must charge at least $10,000 in a year to earn larger cash-back rewards.