A Look At The Navy Federal Cash Reward Credit Card For 2023

Jan 31, 2023 By Susan Kelly

The Navy Federal Cashrewards Credit Card capacity to earn limitless 1.75% cash back doesn't compare well in a world where cards that earn an unlimited 2% cash back have become widespread. This card might be a good choice for folks with fair credit, but the incentives could be more impressive.

CashRewards' auto rental collision damage waiver is a valuable perk and one often reserved for more premium rewards cards. Since this card, like all Navy Federal cards, does not impose a balance transfer fee, it may appear like a lifeline to some people with mediocre credit and are often subject to higher-than-average interest rates.

Reward Program for Navy Federal Credit Cardholders Cash Rewards

Gaining Benefits

With the Cashrewards card, you may get up to 1.75 percent cash back on all transactions and a total rewards rate of 1.75% on net qualified purchases. There is no cap on the total quantity of prizes that may be received, and they never expire as long as the account is active.

Gaining Privileges

Cash rewards cards do not have a minimum cash-back redemption requirement. Rewards can be deposited directly into a Navy Federal checking or savings account or applied as a credit to your credit card statement. If your account is closed before you redeem your rewards, you will lose them.

Possibilities of Gain

A typical American family's annual credit card spending is used to estimate the rewards potential of the Navy Federal Card. The income and expenditure norms that Forbes Advisor utilizes as a starting point are based on data collected by several government bodies. We calculate our annual budget based on the $107,908 earned by the 70th percentile of wage-earning households.

How To Get Navy Federal Cash Rewards Credit Card Rewards

If you have direct deposit set up with the credit union, you can receive 1.75 percent cash back on purchases made with your Navy Federal Credit Card. You will receive 1.5% cash back on purchases if you are not enrolled in direct deposit.

This extra 0.25 percent in profits can grow over time, and the more money you spend, the higher your cash-back rate. As an illustration, if you spend $30,000 a year on your Navy Federal Credit Card, you will receive $75 in rewards.

How To Utilize Navy Federal Card Rewards

Navy Federal Credit Card makes cashing in on your rewards simple. The rewards balance may be viewed by selecting the appropriate card after logging into your account online or through the Navy Federal app.

After that, you may cash in points for any sum between $5 and $500. If you ever cancel your account, and hence your awards, they will be forfeited.

Perks And Characteristics Of The Navy Federal Card

For a cash-back card with no annual fee, the Navy Federal Credit Card comes with a respectable selection of travel and leisure features. Here is a comparison of the perks offered by the Visa Signature and the World Mastercard to assist you make your choice.

Complimentary Car Rental Insurance

You'll be covered at no additional cost by paying for your qualified rental car with your Navy Federal Credit Card and declining the car company's collision damage waiver. This will protect the costs beyond what your primary insurance policy pays for, like physical damage and theft, fair towing fees, and more.

Guarantees On Purchases

There is protection for purchases made with your Navy Federal Credit Card. Within the first 90 days after making a new purchase with your Navy Federal credit card, you can file a claim for reimbursement if the item is damaged or stolen.

Offering Help to Travelers

If you encounter difficulties during your journey, travel aid services are available to provide you with references to appropriate professionals in law, medicine, and other areas. While calling this hotline won't cost you anything, you will be responsible for any fees charged by the third parties they coordinate with on your behalf.

Costs And Charges

Looking for a credit card with competitive cash-back benefits, go no further than the Navy Federal Credit Card. Those who have the card have these perks:

  • No yearly charge
  • No currency exchange costs
  • No fees for transferring balances
  • No costs for cash advances

In addition, the annual percentage rate (APR) is a variable of 12.65%-18.00%.

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