Credit Card News

Navy Federal Credit Union Launches cashRewards Plus Card

by Kyle BurbankOct 14, 2024

Navy Federal is adding an enhanced rewards card to its line-up along with a special bonus.

About the cashRewards Plus Card:

Now, Navy Federal Credit Union customers can earn more cashback thanks to the introduction of the cashRewards Plus Card. This new option joins the existing cashRewards Card and earns 2% back on all purchases. Meanwhile, the cashRewards Card will continue to be available and earns 1.5% back.

According to the terms, customers will technically be applying for the cashRewards card, but those who are awarded a credit limit of $5,000 or more will receive the cashRewards Plus card and earn 2% back. Current cashRewards cardholders who qualify for the cashRewards Plus card will be automatically upgraded to the new product.

Neither the cashRewards nor cashRewards Plus card carries an annual fee. Additionally, the cards don’t charge foreign transaction fees, balance transfer fees, or cash advance fees. Cardholders also enjoy complimentary Collision Damage Waiver coverage on rental cars paid for with the card — although this is secondary coverage, meaning that it will only kick in after any other applicable insurance or coverage available to customers.

To celebrate the addition of this new card, Navy Federal is also rolling out a limited-time bonus offer. Now, cardholders can earn a $98 statement credit when they spend $49 or more for an annual Walmart+ membership and pay using their cashRewards or cashRewards Plus card. This offer will be available until January 1st, 2025. On top of that, new cardholders can earn $200 back after spending $2,000 on the card within their first 90 days.

In order to apply for the cashRewards card, you must be a Navy Federal Credit Union member. Currently, Navy Federal limits membership to those with ties to the armed forces, Department of Defense, or National Guard as well as their family. Those interested can check their eligibility on the membership site.

What they’re saying:

Announcing the new card, Navy Federal’s assistant VP of credit card product Rick Conyers said, “Our members value simplicity and rich rewards on their everyday spending. cashRewards Plus delivers on these values with unlimited 2% cash back on all spending categories and a $0 annual fee.” Conyers added, “The cashRewards Plus card is a testament to our ongoing efforts to provide members with the best possible financial tools.”

My thoughts:

First, I should acknowledge that my opinions on the Navy Federal cashRewards Plus card are moot seeing as I’m not eligible to join the credit union or get the card. That said, the cashRewards Plus Card does seem pretty solid — although it is interesting that the institution is keeping its 1.5% card around while launching a 2% card. On that note, I do hope that applicants know which product they qualify for before finalizing their account.

As for the bonuses, although the $200 for $2,000 in spending welcome bonus is lackluster (especially when compared to something like the Wells Fargo Active Cash card, which also earns 2% back on everything but has a $200 for $500 in spending welcome bonus), the Walmart+ aspect is interesting. That’s mostly because the requirement to spend just $49 means that Navy Federal customers can jump on special discounts for service and still trigger the $98 statement credit — essentially making themselves money in the process. Of course, these customers should also keep in mind that their Walmart+ membership will auto-renew, so they’ll need to cancel beforehand if they don’t want to be hit with a fee next time around.

Author

Kyle Burbank

Head Writer ~ Fioney

Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

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