5 Things To Know About the Navy Federal cashRewards Plus Card – Technologist

Navy Federal Credit Union just unveiled a new rewards credit card that deserves some attention.

The Navy Federal cashRewards Plus Card launched on October 10, 2024, and features some of the characteristics that money expert Clark Howard recommends in a cash back credit card, including:

• No annual fee
• Unlimited 2% cash back on all purchases (see rates & fees)
• No foreign transaction fees
• Easy rewards redemption

And that’s really just the tip of the iceberg. There’s also a limited-time welcome bonus and other perks that make this new card pretty impressive.

This is an enhanced version of the Navy Federal cashRewards Card, which is in Clark’s wallet.

Let’s take a closer look at some of the details to help determine if it might be worth adding to your wallet.

Navy Federal cashRewards Plus Card: 5 Things To Know

1. This Immediately Becomes a Top Contender In the 2% Cash Back Game

If you know anything about our credit card coverage, you know that we’re always on the lookout for a good 2% cash back card. That is because Clark considers them to be the ideal type of rewards card for the vast majority of people to carry in their wallet.

And with no spending category restrictions, rewards caps or annual fee, this card jumps to the top of the list alongside the Citi Double Cash® Card, Fidelity® Rewards Visa Signature® Card and Wells Fargo Active Cash® Card.

The one catch is that you’re required to be a member of Navy Federal Credit Union to apply. You can read more about this here.

2. There Is a Limited-Time Welcome Bonus Offer That Includes Walmart+

Navy Federal is incentivizing signups for this new card with a couple of limited-time offers.

From 10/10/2024 to 12/31/2024, new cashRewards or cashRewards Plus cardholders can get $200 cash back when they spend $2,000 in the first 90 days of opening a new account, and get a one-time $98 statement credit when you pay $49 or more for an annual Walmart+ membership.

3. It Comes with a Couple of Handy Travel Perks

Rarely do you find a no annual fee credit card that is also offering benefits that may be featured on a travel credit card, so it felt noteworthy to call these out.

First, you’ll enjoy no foreign transaction fees with this card. That means you can swipe this card when you travel outside the United States without fear of being charged extra. (Related tip: Make sure you choose to pay with local currency when swiping abroad to avoid any conversion fees.)

This card also offers frequent travelers another valuable perk: Collision Damage Waiver coverage on auto rentals purchased with the card.

4. This Card May Be a Viable Candidate for Balance Transfers

Rewards credit cards aren’t usually the place to look for a good balance transfer rate or fee, but this card could be an exception.

Navy Federal is touting no balance transfer fee for this credit card. Most other cards — even the ones with those long 0% APR periods — charge a transfer fee that is usually between 3% and 5%.

This card does not have an introductory APR period at the moment, but Navy Federal does market that APR for this card will max at 18%. That worst-case scenario with this card is much better than the “regular” rate range on some of the other cards on the market.

5. These Navy Federal Cardholders May Receive an Automatic Upgrade

If you’re like Clark and already have the Navy Federal cashRewards Card card, you may have a chance to receive the new “Plus” card without having to do anything.

Navy Federal’s press release on the new card states the following: “Eligible existing cashRewards cardholders will automatically be upgraded to the cashRewards Plus card and enjoy the increased rewards.”

A spokesperson clarified that this will only apply to some cardholders, so be on the lookout for communication from Navy Federal on this.

If you do not receive notification of an automatic upgrade, you will be able to continue with your existing card on its existing rewards structure and you’ll have the opportunity to apply for the new card if you wish.

How To Become Eligible for the Navy Federal cashRewards Plus Card

If you want to enjoy the perks of this credit card, first you have to join the Navy Federal Credit Union. Even if you’re not an active member of the United States military, you may still be eligible.

Here’s a quick look at who qualifies for membership with the credit union:

Military Personnel

• Active members of the U.S. Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard and Space Force
• Veterans, retirees and annuitants of the above services
• Members of the U.S. Armed Forces’ Delayed Entry Program (DEP)

Military Family Members

Navy Federal extends its membership offer to “direct” family members of military personnel, which it defines as:

• Parents
• Grandparents
• Spouses
• Siblings
• Children (adopted and stepchildren included)
• Grandchildren
• Household members

Department of Defense Personnel

• Department of Defense (DoD) Officer Candidates and Reservists
• DoD civilian employees
• United States Government employees assigned to the Department of Defense
• Contractors for the Department of Defense
• Retirees and annuitants

To apply for membership you’ll need to provide a Social Security number, government-issued ID and current home address. If you qualify, you’ll be required to make an initial deposit from an existing bank account to your credit union account.

Does this new rewards card sound interesting to you? Will you be adding this card to your wallet? We’d love to hear your thoughts in the Clark.com community.

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