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Navy Federal's cash-back credit cards are on par with some of the top options on the market. The Navy Federal Credit Union® cashRewards Credit Card and the Navy Federal Credit Union® cashRewards Plus Credit Card offer cash-back rates in line with industry standards, don’t charge annual fees and come with generous sign-up bonuses.
The cards’ major caveat, however, is that you must be a member of Navy Federal Credit Union to apply for them. Eligibility for membership is generally restricted to those who are current or former members of the military, immediate family members of service members and veterans, or civilians who work with the Department of Defense.
Here are five things to know about the Navy Federal cashRewards credit cards.
The cashRewards cards are almost identical save for slight differences in their names and rewards:
- The Navy Federal Credit Union® cashRewards Plus Credit Card earns 2% cash back on all purchases.
- Navy Federal Credit Union® cashRewards Credit Card (no "Plus" in the title), earns 1.5% cash back on all purchases.
Applicants can apply for both cards through one application and will receive either the 1.5% cashRewards card or the 2% cashRewards Plus. If you apply and are approved for a credit limit greater than $5,000, you’ll receive the 2% cashRewards Plus. Conversely, if your application is approved for an account with a credit limit of less than $5,000, you’ll receive the 1.5% cashRewards card. Also, if you have the 1.5% version of the card and your credit limit increases to $5,000 or more with good use, you will automatically be upgraded to the cashRewards Plus card.
According to Navy Federal, those with higher credit scores and who have stronger relationships with the credit union may have a higher chance of qualifying for a higher credit limit and getting the cashRewards Plus card when they apply.
Again, you must be a member of the credit union to apply for these cards. But for those who are eligible, the 2% cashRewards Plus card in particular can be considered a top-class option among cards in its class.
For non-Navy Federal members looking for a similarly uncomplicated but lucrative cash-back option, the Wells Fargo Active Cash® Card is a comparable choice. It earns an unlimited 2% cash back on eligible purchases, comes with a sign-up bonus and offers a no-interest promotion on new purchases and balance transfers.
🤓 Nerdy Tip
The Navy Federal Credit Union® cashRewards Credit Card (the non-"Plus" card) previously offered 1.75% cash back on all purchases when you opened a bank account with Navy Federal and set up direct deposits. As of October 2024, when the cashRewards Plus version launched, the card no longer offered that elevated rate — regardless of whether you had a bank account with the credit union. 2. You could earn a lucrative sign-up bonus
New holders of the cashRewards cards can potentially snag a bonus worth $200 or more. Here's what both cards are currently offering as of this writing:
- Through Jan. 1, 2025, new cashRewards and cashRewards Plus cardholders can receive a $200 cash back bonus when they spend $2,000 within 90 days of account opening.
- Additionally, new cardholders will receive a one-time $98 statement credit when they pay $49 or more for an annual Walmart+ membership with their cards, within a year of account opening. Keep in mind that your Walmart+ membership will auto-renew annually and that your card will be automatically charged after the first year. To cancel your membership, you’ll have to contact Walmart.
3. You can choose between a Visa or Mastercard version
In most cases, when you apply for a credit card, you're choosing the issuing bank and a specific card offered by that bank — but the payment network typically isn't a choice.
The Navy Federal Credit Union cashRewards cards are a little different, as they let you pick either a Visa or a Mastercard version during the application process.
Both come with perks and features that are similar but not identical, so it's worth comparing before making your pick.
🤓 Nerdy Tip
Navy Federal also offers the cashRewards Secured Credit Card. Aimed at helping holders build credit, the card requires a $200 minimum cash security deposit, offers an upgrade path to an unsecured card and earns an unlimited 1% cash back on every purchase. 4. They’re light on fees
The cards both have an annual fee of $0, so it won't cost you anything to carry either. Also, like all Navy Federal Credit Union credit cards, the cashRewards cards don’t charge foreign transaction fees, so they are good choices for use overseas. Additionally, there are no balance transfer fees.
5. They come with rental car coverage
Both Navy Federal cards come with secondary rental car coverage, a handy side perk. You’ll get rental car coverage when you rent an eligible car for 15 days or less and decline the collision damage waiver at the front desk. To qualify, you'll need to pay for the car rental with either the cashRewards or cashRewards Plus card.
