Navy Federal Platinum Review: Zeros That Add Up to a Lot
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4.3
The card packs an impressive combination of debt-zapping features that can be hard to find, assuming you're eligible to apply for it.
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 |
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 |
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 has a $0 annual fee, $0 in balance transfer fees, and a potentially low intro APR offer for balance transfers, for those who qualify. Rare is the card that waives balance transfer fees.
However, unlike other balance transfer options, this card's intro APR is not 0%, so you will incur at least some interest. Moreover, the promotional period on balance transfers is shorter than what you can find elsewhere, and you won't earn rewards.
But perhaps the card's biggest drawback may be eligibility: To get it, you must join the Navy Federal Credit Union, meaning you'll have to meet very specific criteria.
Navy Federal Credit Union® Platinum Credit Card: Basics
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 11.24%-18.00%, Variable APR.
Balance transfer fee: None.
Foreign transaction fee: None.
Benefits and perks
Good for balance transfers
Besides the card's potentially low intro APR offer on balance transfers, 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
The card doesn't charge a foreign transaction fee, so you can use it internationally without racking up extra charges.
Drawbacks and considerations
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 on Balance Transfers for 12 months, and then the ongoing APR of 11.24%-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, and some other cards do. But often, a longer 0% period on balance transfers will 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 of up to $20 per incident. 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.
This card boasts one of the longer 0% intro APR periods on the market. It also gives cardholders the option to skip a payment once a year and a refund on a late fee, also once per year. The card is only available to residents in certain states and D.C., though.
How to decide if it's right for you
If you're seeking a rewards card featuring a bundle of perks or a super-lengthy break on interest — or if you think you're likely to pay late — theNavy Federal Credit Union® Platinum Credit Card probably isn’t ideal for you.
But if you already belong to the Navy Federal Credit Union and need to transfer debt, this card deserves a look. As long as you pay your credit card bills on time and pay off the whole balance before the intro APR period ends, you’ll likely pay less in interest than if the debt is parked with another lender.
