Navy Federal Credit Union cashRewards Card Review: Solid Cash Back for Fair Credit

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Navy Federal Credit Union cashRewards Card
Credit Card logo for Navy Federal Credit Union cashRewards Card
MoneyGeek Rating
4.3/ of 5
On Issuer's Site

Rewards Earning
Earn 1.5% cash back on eligible purchases.
Regular APR
15.40% -18.00%
Annual Fee
None
Recommended Credit
590-850 (Fair to Excellent)
Intro Offer
Earn $200 Cash Back

Navy Federal cashRewards Review

The Navy Federal Credit Union cashRewards is a top pick if you’re a Navy Federal Credit Union (NFCU) member who’s starting out on your credit journey. You can qualify for the card with a fair credit rating, but NFCU membership is limited to those with a military background and their families.

Nonetheless, the card lets you earn unlimited 1.5% cash back on all purchases for no annual fee. With a low regular APR and no balance transfer, foreign transaction or cash advance fees, it’s a solid card for minimizing costs. It ranks 13th among the 52 cash back cards we’ve analyzed, with a cash back score of 4.3 out of 5. However, it lacks a 0% introductory APR offer, which is usually found among cash back cards.

Notably, if your credit limit reaches $5,000 and above, you will automatically be upgraded to the Navy Federal Credit Union cashRewards Plus, which offers 2% cash back on all purchases.

If you’re not eligible for an NFCU membership, consider the Citi Double Cash® Card, which has no annual fee, a higher cash back rate of 2% and is available to applicants with fair credit.

Applying for the Navy Federal cashRewards

To qualify for the Navy Federal cashRewards card, you must be a NFCU member. Membership in the credit union is limited to active military personnel, veterans, Department of Defense employees and their families. Based on user feedback online, approval odds are favorable, especially if the applicant has an existing relationship with Navy Federal. Even applicants with fair credit can qualify for the card. This makes it a good option for people who are new to credit or working on rebuilding their score.

With a single application, you’ll be considered for either the Navy Federal cashRewards or, if approved with a credit limit of $5,000 or more, the Navy Federal cashRewards Plus (it’s practically the same card but offers 2% cash back).

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If you begin with the Navy Federal cashRewards card, reaching a $5,000 credit limit through responsible use will automatically qualify you for an upgrade to the cashRewards Plus card.

Navy Federal cashRewards Cash Back Program

The Navy Federal cashRewards card offers a straightforward rewards program with unlimited 1.5% cash back on all purchases. Although this rate is below the 2% rate of top cash back cards, it remains competitive and the average rate among cash back cards. We score its cash back program 4.3 out of 5.

However, the card lacks elevated earning rates for specific categories. If you tend to spend heavily on certain categories, a cash back card with bonus rates like the Blue Cash Everyday® Card From American Express can be a more lucrative option. Note that cards with bonus rates usually require a good to excellent credit rating.

The cash back you earn can be redeemed as a statement credit or deposited into a Navy Federal account. They never expire as long as your account remains open.

Introductory Offers

The Navy Federal cashRewards card lacks 0% introductory APR offers, which are common features among cash back cards. However, it does come with the usual $200 welcome bonus.

Introductory APR Offers

The cashRewards card lacks an introductory APR on purchases, which may be a drawback if you want to spread a large purchase over several payments interest-free. Many cash back cards offer a 0% introductory APR for up to 15 months, making them better for this purpose.

Similarly, there’s no introductory APR for balance transfers, which could deter those looking to consolidate debt without immediate interest. For example, the Citi Double Cash® Card offers a 0% introductory APR on balance transfers for 18 months, then a variable APR of 18.49% - 28.49% after that, giving more flexibility for managing debt.

Welcome Bonus

The cashRewards card offers a $200 cash back bonus after spending $2,000 within 90 days of account opening. While this bonus aligns with most cash back cards, the spending requirement is relatively high. For example, the Wells Fargo Active Cash® Card offers the same $200 bonus but only requires $500 in spending.

Perks and Benefits

Cash back cards typically don’t come with fancy perks like airport lounge access, but you can expect these benefits from the Navy Federal cashRewards:

  • Credits & Discounts: If you frequently shop at Walmart, you can take advantage of a one-time $98 statement credit toward a Walmart+ membership.

Penalties and Fees

The Navy Federal cashRewards card is light on fees — it has no annual, balance transfer, foreign transaction and cash advance fees. It offers competitive interest rates, with a regular APR ranging from 15.40% to 18.00%, ranking fifth among 52 cash back cards. This combination of low fees and favorable rates makes it a smart choice for cost-conscious cardholders.

Here's a breakdown of the fees and penalties associated with the Navy Federal cashRewards card:

  • Annual Fee: None
  • Regular APR: 15.40% to 18.00%
  • Penalty APR: 18.00%
  • Balance Transfer Fee: None
  • Foreign Transaction Fee: None
  • Cash Advance Fee: None if performed at a Navy Federal branch or ATM; otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction
  • Late Payment Fee: Up to $20
  • Overlimit Fee: None
  • Returned Payment Fee: None

Customer Satisfaction

Based on user feedback from online forums, customer satisfaction with the Navy Federal cashRewards is generally positive. We give its issuer a rating of 4.7 out of 5.

Users appreciate the card's straightforward rewards and lack of fees. However, some express frustration over the membership requirement and the absence of an introductory APR offer. Overall, the card is well-received for its simplicity and cost-effectiveness, making it a solid choice for Navy Federal Credit Union members starting their credit journey.

How the Navy Federal cashRewards Compares to Other Cards

We compare the Navy Federal cashRewards with other cash back cards to show how it compares to the competition.

Navy Federal Credit Union cashRewards Plus

The Navy Federal Credit Union cashRewards Plus has the same features as the Navy Federal cashRewards, except for its higher cash back rate of 2%. The higher cash back rate makes the former the objectively better card, but you can only get it if your approved credit limit is $5,000 or above. When you apply for a cashRewards card, Navy Federal will consider your eligibility for both.

Credit Card logo for Navy Federal Credit Union cashRewards Plus
MoneyGeek Rating
5.0/ of 5
On Issuer's Site
Rates & Fees

Citi Double Cash® Card

The Citi Double Cash® Card lets you enjoy a higher cash back rate of 2% on all purchases — 1% when you buy and another 1% when you pay off those purchases. Unlike the Navy Federal cashRewards, it features a 0% introductory APR on balance transfers for 18 months, then a variable APR of 18.49% - 28.49% after that, making it versatile for managing existing debt. Notably, the Double Cash is also available for people with fair credit, and it’s more accessible since it doesn’t require an NFCU membership. However, the Navy Federal cashRewards card stands out with a lower regular APR, which can make it a better choice for those who usually carry a balance. For most, the Double Cash is still the better option.

Credit Card logo for Citi Double Cash® Card
MoneyGeek Rating
4.7/ of 5
On Issuer's Site
Rates & Fees

Chase Freedom Unlimited®

The Chase Freedom Unlimited® is a more flexible and lucrative card. It offers unlimited 3% cash back on dining and drugstore purchases and the same 1.5% base cash back rate on all purchases. It also includes a 0% introductory APR on purchases and balance transfers for 15 months, then a variable APR of 19.99% - 28.74% after that. Although it doesn’t require a credit union membership, it does require good to excellent credit for approval. However, the Navy Federal cashRewards card’s low regular APR could make it a more budget-friendly choice for those who might carry a balance.

Credit Card logo for Chase Freedom Unlimited®
MoneyGeek Rating
4.7/ of 5
On Issuer's Site
Rates & Fees

Cards You Can Pair With the Navy Federal cashRewards

Since it’s a flat-rate card, you can maximize the Navy Federal cashRewards by pairing it with a cash back card that lets you earn bonus rates on categories where you spend the most.

Capital One Savor Cash Rewards Credit Card

The Capital One Savor Cash Rewards Credit Card is a great fit if you’re looking for a card to pair with the Navy Federal cashRewards. The Savor lets you earn 3% cash back on groceries, dining and entertainment for no annual fee. It covers several everyday categories, allowing you to earn a higher rate from them without additional costs. Meanwhile, you can use the Navy Federal cashRewards on your other purchases. The Savor also has a 15-month 0% introductory APR on balance transfers and purchases, then a variable APR of 19.74% - 29.74% after that.

Credit Card logo for Capital One Savor Cash Rewards Credit Card
MoneyGeek Rating
4.7/ of 5
On Issuer's Site

Is the Navy Federal cashRewards Worth It?

We recommend the Navy Federal cashRewards card for NFCU members who are starting out on their credit journey. The combination of 1.5% cash back, welcome bonus and low fees are hard to beat among unsecured cards that accept fair credit. The card also has a low regular APR, with even its penalty APR falling below the standard rates on many other cash back cards. We love that the card automatically upgrades to a higher cash back rate once you’ve reached a higher credit line of $5,000.

The only thing to consider is its lack of an introductory APR offer, which might be a dealbreaker if you need to pay off a large purchase over time or manage existing debt.

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Want to check out other options? See our list of the Best Cash Back Cards and the Best Credit Cards for Fair Credit to help you find the card that best fits your needs and situation.

How We Evaluated the Navy Federal cashRewards

We evaluated the Navy Federal cashRewards card among 52 cash back cards, focusing on its cash back score. Our assessment considered:

  • Effective Reward Rate (40%): Measures the card's overall rewards potential.
  • Annual Fee (20%): Evaluates the cost of maintaining the card.
  • Introductory Offer ROI (15%): Assesses the value of the welcome bonus.
  • Penalties (10%): Considers penalty rates and fees.
  • Issuer Satisfaction (10%): Based on customer satisfaction.
  • Recommended Credit (5%): Rates accessibility based on credit score requirements.

Common Questions About the Navy Federal cashRewards

We answer some frequently asked questions about the Navy Federal cashRewards to help you make an informed decision.

Who is eligible for the Navy Federal cashRewards?

What is the cash back rate of the Navy Federal cashRewards?

Are there any fees associated with the Navy Federal cashRewards?

Does the Navy Federal cashRewards card offer an introductory APR?

Is the Navy Federal cashRewards card good for fair credit?

Does the cash back I earn with the Navy Federal cashRewards expire?

About Doug Milnes, CFA


Doug Milnes, CFA headshot

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.


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