Navy Federal cashRewards Plus Card Review: 2% Cash Back and No Annual Fees

The Navy Federal Credit Union cashRewards Plus card is an excellent choice for Navy Federal Credit Union (NFCU). With a Cash Back Score of 5 out of 5, it ranks 2nd among the 77 cash back cards we reviewed. Offering unlimited 2% cash back on all purchases, it also boasts a low regular APR and has no annual fee, balance transfer fees, foreign transaction fees or cash advance fees.

The main limitation is that you must be an NFCU member to apply, which typically requires you or a family member to have a military background. Additionally, this card doesn’t offer an introductory APR, which many similar cash back cards offer.

If NFCU membership isn’t an option, the Wells Fargo Active Cash® Card provides the same 2% cash back rate plus a 0% intro APR on purchases and balance transfers. Overall, the Navy Federal cashRewards Plus is a strong option for NFCU members.

The cashRewards Plus card offers a straightforward and competitive rewards program with unlimited 2% cash back on all purchases. This rate is among the highest in the cash-back category, ranking 2nd among 77 cards.

Cash back rewards can be redeemed anytime and never expire as long as the account remains open. This flexibility allows cardholders to maximize their rewards without worrying about redemption limits or expiration dates.

Getting the cashRewards Plus card is harder than getting other cash-back cards because it requires membership in a credit union. Membership in Navy Federal Credit Union (NFCU) is available to current and former U.S. military members, their families and Department of Defense personnel. Having an established relationship with NFCU may improve your approval chances, as the credit union often prioritizes members with stable account histories.

Otherwise, the cashRewards Plus card generally requires a good to excellent credit score, which is comparable to most other cash back cards that have good cash back rates.

According to user insights from MyFICO and Reddit, approved applicants often receive the minimum credit limit of $5,000. Those who have upgraded from the standard Navy Federal cashRewards card report a quick, hassle-free process.

The Navy Federal cashRewards Plus introductory offers aren’t as strong as other cash back cards.

Introductory APR Offers

The absence of an introductory APR on purchases is a notable gap in the cashRewards Plus card's offerings, despite having a relatively low regular APR.

Many cash back cards offer a 0% APR on purchases for an initial period, which can be beneficial for managing large expenses without accruing interest. Similarly, the card does not provide an introductory APR for balance transfers. This could be a disadvantage for users looking to transfer existing balances and pay them off interest-free.

Welcome Bonus

The cashRewards Plus card comes with a $200 welcome bonus after spending $2,000 within the first 90 days. While $200 bonuses are common, cashRewardsPlus’s required spend is on the higher side. Some cards, like the Wells Fargo Active Cash, offer the same $200 bonus with a lower $500 spending threshold.

Navy Federal cashRewards perks don’t stand out, but that said, no cash back card perks particularly stand out. It offers a one-time $98 statement credit when you pay $49 or more for an annual Walmart+ membership using your cashRewards Plus card. The card also comes with typical features, including fraud protection, credit monitoring and other baseline security measures that you’d expect from a reliable card.

The cashRewards Plus card offers an appealing fee structure with a low regular APR that ranges from 15.90% to 18.00%, ranking 5th among cash back cards. This competitive APR is well below what many other cash back cards offer, adding significant value for cardholders who often carry balances. Additionally, the card charges no annual, balance transfer or foreign transaction fees. It does have a late payment penalty of up to $20 and a late payment APR.

The Navy Federal cashRewards Plus comes with an issuer satisfaction rating of 4.7, indicating a very positive experience with the Navy Federal Credit Union. NFCU’s customer service is also regularly praised for its responsiveness and willingness to work with members, which resonates well with long-term cardholders.

We compare the Navy Federal cashRewards Plus with similar cash back cards to help you decide if it’s right for you.

Pairing the Navy Federal cashRewards Plus with a no-annual-fee cash back card with bonus categories can be a good strategy.

We evaluated the Navy Federal cashRewards Plus using our Cash Back Score, reviewing 77 cards in total. The evaluation considered several factors:

• Effective Reward Rate (50%): Measures how rewarding the card's cash back program is
• Annual Fee (10%): Rates the annual fee, with 5 indicating no fee
• Intro Purchase Offer (5%): Rates the 0% APR offer on purchases
• Recommended Credit (5%): Rates the accessibility based on credit score
• Issuer Satisfaction (5%): Based on JD Power issuer satisfaction study
• Penalties (5%): Rates penalty rates and fees
• Regular APR (5%): Rates the regular APR
• Foreign Transaction (5%): Rates foreign transaction fees
• Offer ROI (5%): Rates the return on introductory bonus offers

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

For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.