Navy Federal Credit Union Platinum Card Review

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At its core, the Navy Federal Credit Union Platinum Card is a low-interest credit card. The lack of introductory balance transfer offers and balance transfer fees also make it a solid credit card option for balance transfers.

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There is no annual fee for this card.

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With the Navy Federal Credit Union Platinum Card, you will receive no rewards and no cash welcome benefits.

Introductory Offer

Earn 0% APR on a 12-month balance transfer, after which a variable APR from 5.99% to 18% applies. This offer applies to transfer requests made within 30 days of account opening. The card also doesn’t charge any balance transfer fees, which is very rare for a balance transfer card.

Remuneration

The Navy Federal Credit Union Platinum Card does not offer spending rewards. If you prefer a card that offers reward value after the introductory period, there are some cards (including several cashback card options) that offer rewards and 0% interest for the introductory period.

Cost

This card has no annual fee, no foreign transaction fee, no cash advance fee, and no transfer fee. If you delay or refund your payment, you may incur up to $20 in fees and up to 18% APR.

Other benefits

The Navy Federal Credit Union Platinum Card includes 15 days or less of secondary rental insurance, as well as travel and emergency assistance services.

If you pay your phone bill with a Navy Federal credit card, you’re also eligible for cell phone protection (up to $600 per claim), although there’s a $50 deductible with this coverage. Note that the value of this protection depends on whether you have a Visa or Mastercard card at the time of account approval.

Navy Federal Credit Union Platinum Card Benefits

If you’re an NFCU member and have high-interest debt to consolidate, this card helps you settle your balance at 0% APR on a 12-month balance transfer. Even after the introductory period, this card’s operating APR range is lower than many other options available today, up to 5.99%.

Besides the low APR and the introductory perks of this card, we also like the fact that there are no big fees, including money transfer fees.

Disadvantages of the Navy Federal Credit Union Platinum Card

This map has two major drawbacks, the first being the lack of any bonuses. In contrast, there are many cards that offer 0% APR on purchases, balance transfers, or both over a year, and still offer rewards and spending after the introductory period ends.

For example, the Wells Fargo Active Cash℠ Card offers a fixed 2% cash bonus on purchases and an initial 0% APR on purchases and eligible balance transfers within 15 months of account opening (followed by variable APR of 15.24% – 25.24 ) %).

The second downside to this card is that it requires an approved membership. You must be a member of the Navy Federal Credit Union to be eligible for this card, which requires military status or affiliation. You can join the Navy Commonwealth if you are an active duty military member, a retired military member, a veteran, or a qualifying family member of an existing member. You can also join if you are a civilian working for the Department of Defense.

How to Use the Navy Federal Credit Union Platinum Card

If you are a member of the Navy Commonwealth and are eligible to apply, you should pre-qualify before submitting a complete application. This can help you get more information about what you are eligible for before going through a rigorous credit check.

To get the most out of the Navy Federal Credit Union Platinum Card, use it for your affordable purchases. Low ongoing interest rates make holding revolving debt relatively affordable, but you can avoid debt entirely by charging only what you can pay back when you declare it is due.

To take advantage of the funds transfer offer, please submit your funds transfer request within 30 days of opening your account. Pay off as much debt as you can during the 0% introductory period. After 12 months, your transferred debt will accrue interest at the card’s regular variable rate.

Is the Navy Federal Credit Union Platinum Card Right for You?

If you are already a member of NFCU or eligible to join, this Card can help you save on interest. Remember, you will not be rewarded for spending, and the introductory APRs apply only to balance transfers, not purchases.

While this card’s low ongoing interest rate can help you save money when you need it, paying your balance on time and in full each month can help you avoid debt and get good credit. If you have a large upcoming purchase that you want to pay off over time, a card with an introductory 0% APR on new purchases may be a better option.

Before applying, consider other cards that may be better suited to your specific financial goals. If you want 0% APR and no annual fee for spending rewards, other rewards cards, including cash back credit cards, may be better long-term options.