Navy Fed More Rewards Review: Rich Rewards on Everyday Spending

Bonus rewards on everyday spending

The Navy Federal Credit Union® More Rewards American Express® Credit Card makes it easy to earn back some value on your purchases whether you're shopping for one or a large family. You get an unlimited 3 points per $1 spent at supermarkets and gas stations; 3 points per $1 spent on dining and transit; and 1 point per $1 spent everywhere else. A card that offers top rewards in all of these everyday spending categories is rare, and some that do offer them put a cap on those higher rates. But there's no limit to the rewards you can earn with this card.

Average credit is welcome

With average credit — also known as fair credit, meaning FICO scores of at least 630 — your pool of options is limited when it comes to rewards cards. Some of those options even charge annual fees. The Navy Federal Credit Union® More Rewards American Express® Credit Card is an exception. It's surprisingly generous with a high rewards rate, introductory incentives and low fees.

Another option that is accessible to those with fair credit is the Discover it® Secured Credit Card, which also offers rewards at gas stations and restaurants. However, the rewards rate is not as robust, and you'll need to put down a security deposit.

» MORE: NerdWallet's best credit cards for fair credit

Flexible redemption

The card offers a variety of redemption options: cash back and travel, yes, but also merchandise, gift cards and more.

Credit Union membership requirement

To get this card, you'll have to join the Navy Federal Credit Union. Typically, membership is limited to current or former members of the military, Department of Defense employees, or their qualifying family members. If you don't qualify or if it's just one too many hoops to jump through, remember that general rewards credit cards usually don't require membership with the issuing bank.

The Wells Fargo Autograph® Card offers similar rewards categories and doesn't require a credit union membership. You might also want to consider other cards that reward spending on restaurants, gas and grocery stores.

Lack of 0% intro APR offer

While this card does offer an introductory APR promotion for balance transfers, it's not a 0% offer — and there's no promotional period for purchases at all. True, there are no balance transfer fees, and the card's ongoing interest is potentially lower than you might find on other cards (depending on your creditworthiness).

But if you're hoping to get a reprieve from interest on purchases, other cards will likely be a better choice. The $0 annual-fee BankAmericard® credit card, for example, has this offer: 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 15.24%-25.24% will apply.

Limited global acceptance

Even though it doesn’t charge foreign transaction fees, this card isn't the best travel companion. Because it's an American Express, you'll face limited merchant acceptance abroad compared with the Visa and Mastercard networks. If you live outside of the United States or travel internationally often, you’ll need a backup payment method. The Capital One Savor Cash Rewards Credit Card runs on the Mastercard network and is an ideal option with no foreign transaction fees. It earns 3% cash back on dining, grocery stores and entertainment, including streaming services; 8% on Capital One Entertainment purchases; 5% on hotels and rental cars booked through Capital One Travel; and 1% on all other purchases.

Set rewards categories

Perhaps you would benefit from the ability to choose your own rewards categories. The Bank of America® Customized Cash Rewards credit card earns 3% cash back on a chosen category (from a list of six) and 2% back at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and an unlimited 1% back on all other purchases. Possible 3% options include gas, dining, online shopping, travel, drugstores, or home improvement/furnishings. Or consider the U.S. Bank Cash+® Visa Signature® Card. It earns 5% back on the first $2,000 in combined purchases in two categories of your choice from the issuer's approved list (see it below); 2% unlimited cash back on an everyday category of your choice (such as gas stations, grocery stores or restaurants); and 1% back on other non-bonus-category purchases.

» MORE: NerdWallet’s best credit cards for gas