Navy Federal Platinum Review: Zeros That Add Up to a Lot
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4.3
It packs an impressive combination of debt-zapping features that can be hard to find elsewhere, assuming you're eligible to apply.
Pros
No annual fee
Intro APR period
No balance transfer fee
No foreign transaction fees
Cons
Must be a member/customer
No new cardholder bonus offer
No rewards
Compare to Other Cards
Annual fee$0 | Annual fee$0 | Annual fee$0 |
Regular APR17.74%-28.49% Variable APR | Regular APR19.49%-28.24% Variable APR | |
Intro APR0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases | Intro APR0% intro APR for 18 billing cycles on purchases and balance transfers | Intro APR0% intro APR for 15 months on purchases and balance transfers |
Recommended Credit Score |
Recommended Credit Score |
Recommended Credit Score |
Detailed review: Navy Federal Credit Union® Platinum Credit Card
The Navy Federal Credit Union® Platinum Credit Card could be a great fit for someone seeking a break on high-interest debt.
The card packs a punch with its triple-zero money-saving features: a $0 annual fee, a 0% intro APR offer for balance transfers, and $0 in balance transfer fees. It's not easy finding a card that offers all three. There's no 0% APR for new purchases, but the card still offers a potentially low ongoing rate for those who qualify.
However, that 0% period isn’t super long, you won't earn rewards, and you need to be eligible to join the Navy Federal Credit Union.
Navy Federal Credit Union® Platinum Credit Card: Basics and benefits
Card type: Balance transfer.
Annual fee: $0.
Sign-up bonus: None
Rewards: None.
APR: 0.99% intro APR on Balance Transfers for 12 months, and then the ongoing APR of 10.24%-18.00%, Variable APR.
Balance transfer fee: None.
Foreign transaction fee: None.
Benefits and perks
Good for balance transfers
Besides the card's 0% intro APR offer on balance transfers, it charges no balance transfer fees, which is somewhat unusual. Normal is 3% to 5% of the amount transferred. Competitors with no balance transfer fees typically restrict the window for transfers to the first month or two for card ownership. This one has no transfer fees at all (although the 0% APR is for a limited time.)
And with this card, you’ll pay no annual fee. That's a rare combination of features. If you're confident you can pay off your transferred balance within the 0% APR balance-transfer window, this card can be a real money-saver on interest.
Decent if you need to carry a balance
NerdWallet recommends paying balances in full each month to avoid interest charges. But if you can’t do that, this card offers a potential ongoing APR that's notably lower than the average, depending on your creditworthiness. The lower your APR, the less you'll pay in interest. So more of your monthly payment goes to paying down the principal.
Works as a travel companion
The card doesn't charge a foreign transaction fee, so you can use it internationally without racking up extra charges.
Drawbacks and considerations
You may not qualify to join Navy Federal
You must be a Navy Federal Credit Union member to have this card, meaning you must meet eligibility requirements. If you don't qualify for Navy Federal membership, you'll want to consider another balance transfer card.
Relatively short 0% transfer period
For transferring debt, this card’s offer is: 0.99% intro APR on Balance Transfers for 12 months, and then the ongoing APR of 10.24%-18.00%, Variable APR. That’s OK for a rewards card, for example. But among balance-transfer cards, that 0% period is not a competitive length of time, compared with the best cards.
True, it has no balance-transfer fee, and some other cards do. But sometimes the longer 0% period on balance transfers is more important. If you need a longer 0% period, consider a card like the U.S. Bank Visa® Platinum Card or the Citi® Diamond Preferred® Card.
Late fees and penalty APR
If you pay late, terms of the Navy Federal Credit Union® Platinum Credit Card are punishing. Your card's promotional APR or low ongoing rate can end in the blink of an eye, and the card will sock you with its highest possible APR (after being 60 days late), plus a late fee of up to $20 per incident. Pro tip: If your friends would describe you as absent-minded, you may be better off with a more forgiving card like the Citi Simplicity® Card. The card charges no late fees or penalty APR if you make a late payment.
This card earns 2X points at U.S. supermarkets on up to $6,000 per year in purchases and 1X the points on other spending. Plus, use it for purchases 20 times or more in a billing cycle and get a 20% points boost on that spending, less returns and credits. It also offers a 0% Intro on Purchases for 15 months, and then the ongoing APR of 13.24%-24.24% Variable APR. The annual fee is $0. Terms apply.
How to decide if it's right for you
If you're seeking a card with rewards and perks — or if you’re likely to pay late occasionally — look elsewhere.
But if you're trying to pay off high-interest debt and you qualify for Navy Federal Credit Union membership, this card can help, thanks to its coveted "triple-zero" balance-transfer features.
Even if you can't knock out all of your debt within the promotional APR period, the low potential ongoing rate can also be helpful, assuming you qualify.
