Navy Federal Platinum Review: Zeros That Add Up to a Lot

Good for balance transfers

Besides the card's potentially low intro APR offer when you do a balance transfer, there isn’t a balance transfer fee. Other cards typically charge 3% to 5% of the transfer amount. 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 promotional 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 lower than average, depending on your creditworthiness. The lower your APR, the less you'll pay in interest, and the more of your monthly payment goes to paying down the principal.

» LEARN: What is purchase APR?

Works as a travel companion

Navy Federal membership requirement

You must be a Navy Federal Credit Union member to have this card, meaning you must meet fairly strict eligibility requirements, in comparison to other credit unions. If you don't qualify for Navy Federal membership, you'll want to consider another balance transfer card.

Relatively short intro APR period on balance transfers

For transferring debt, this card’s offer is 0.99% intro APR for 12 months from account opening on balance transfers made within the first 60 days, and then the ongoing APR of 10.99%-18.00%, Variable APR. That’s decent for a rewards card, but among balance transfer cards, it’s not competitive. It’s possible to find credit cards with 0% APR periods of 18 months — or more.

True, it has no balance transfer fee. But if you need more than a year to pay off your balance, a longer 0% period will likely be more important. If you need a longer break from interest, consider a card like the Citi® Diamond Preferred® Card.

Use our card finder tool to sort through balance transfer cards by the length of their 0% APR period.

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. Pro tip: If your friends would describe you as absent-minded, you may be better off with something more forgiving like the Citi Simplicity® Card. It doesn't charge late fees or penalty APR if you make a late payment.