If you’re a member of the Navy Federal Credit Union and are looking for a cash rewards program that is designed specifically for you, the Navy Federal Credit Union® cashRewards Credit Card could be a decent option offering 1.75% cash back if you have a direct deposit with Navy Federal.
This credit card review will cover everything you need to know about this card to determine if you should add this card or a different card to your wallet. Let’s dive right in.
Welcome Bonus of the Navy Federal cashRewards Card
The cashRewards Card currently offers the following welcome bonus: Earn $300 cash back when you spend $3,000 within 90 days of account opening.
Earning Cash Back with the Navy Federal cashRewards Card
Annual Fee of the Navy Federal cashRewards Card
The cashRewards Card has no annual fee.
Benefits of the Navy Federal cashRewards Card
Here are the benefits and perks of the cashRewards Card:
Walmart+ Credit: Earn a one-time $98 statement credit when you pay $49 or more for an annual Walmart+ membership using your cashRewards credit card. (Normally, annual Walmart+ memberships are $98.)
No Foreign Transaction Fees: You’ll save money on every purchase while traveling internationally since this card doesn’t add the typical 3% surcharge that many other cards impose.
Secondary Rental Car Insurance: This card provides backup protection for rental car damage or theft when you charge the full rental to your card.
Redeeming Rewards
You can redeem your cashback rewards through these options:
- Request a direct deposit of your cash back into your savings or checking Navy Federal bank account.
- Have your cash back posted to your statement credit.
There is no minimum redemption amount for cash back with the cashRewards card and it must be open and active to receive rewards.
Pros and Cons
Here’s a quick overview of this card’s advantages and disadvantages:
Pros:
- No annual fee.
- No foreign transaction fees.
Cons:
- Only 1.75% cash back.
- Lack of many travel and purchase protections.
Alternatives to the cashRewards Card
Now that you know about this credit card’s various benefits and pros and cons, it’s time to see its alternatives.
SoFi Credit Card
The SoFi Unlimited 2% Credit Card offers a straightforward rewards structure that gives you 2% back on purchases, plus an extra boost to 3% when booking through SoFi Travel. You’ll get the most value by staying within the SoFi ecosystem, as rewards can be redeemed into SoFi accounts or used to pay down SoFi loans. Welcome Bonus: No welcome bonus is currently offered. Earn Rewards: 3% back on travel via SoFi Travel and 2% back on all other purchases. Card Benefits: Cell phone insurance, no foreign transaction fees, and Mastercard World Elite benefits.
Bilt Mastercard®
The Bilt Mastercard® (review) lets you earn valuable travel rewards on rent payments without fees while offering bonus points on dining and travel purchases. This no-annual-fee card stands out for its unique rent payment feature and strong travel benefits like rental car coverage and trip protection. Earning Rewards: 5x points on Lyft; 3x points on dining; 2x points on travel purchases; 1x points on rent payments without any transaction fees up to 100,000 points per year, and 1x points on everything else. (Five transactions are required per billing cycle to earn points.) Card Benefits: No transaction fees to pay rent and earn 1x points, primary rental car insurance, cell phone protection, trip delay and trip cancellation insurance, purchase protection, and no foreign transaction fees.
Is the cashRewards Card Worth it?
ThecashRewards Card is a decent choice for Navy Federal members who prioritize cash back rewards and no annual fees. The card offers a respectable 1.5% to 1.75% cash back on all purchases, depending on whether you have direct deposit with Navy Federal.
However, there are better options available for those seeking higher cash back rates and more generous perks. One such alternative is the SoFi Unlimited 2% Credit Card, which provides 2% unlimited cash back on all purchases when redeemed into a SoFi checking or savings account. This higher reward rate can lead to greater savings over time.
