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

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.

» MORE: NerdWallet’s best no balance transfer fee cards

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% intro APR on balance transfers for 12 months, and then the ongoing APR of 5.99%-18.00%, Variable.

Balance transfer fee: None.

Foreign transaction fee: None.

Other benefits: Collision damage waiver coverage, cell phone protection, extended warranty service, and travel and emergency assistance.

» MORE: NerdWallet’s best credit union cards

Why you might want the Navy Federal Credit Union® Platinum Credit Card

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.

Why you might want a different card

You don't 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, consider the Chase Slate®. It’s another "triple-zero" card for transfers.

Relatively short 0% transfer period

For transferring debt, this card’s offer is: 0% intro APR on balance transfers for 12 months, and then the ongoing APR of 5.99%-18.00%, Variable. 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.

Should I get the Navy Federal Credit Union® Platinum Credit Card?

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.