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Unlimited 2% Cashback With BONUS

MoneyMoves
  |     |   149 posts since 2019

https://www.navyfederal.org/loans-cards/credit-cards/cash-rewards.html

Navy Federal CU - CashRewards Credit Card Special Offer

Earn $200 cash back when you spend $2,000 within 90 days of account opening

For a limited time, get a one-time $98 statement credit when you pay $49 or more for an annual Walmart+ membership

While you’re waiting for your physical card to arrive in the mail, you may qualify for a digitally issued card sent to your email for immediate use.

Expires on Jan. 01, 2025

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4
NYCDoug
  |     |   325 posts since 2011
Hmmm . . . My current Navy Fed (American Express) card earns unlimited 1% cash back, with 3% back on Dining & Groceries, year round — the only thing I use it for. I wonder if / how terms on this existing legacy card might be affected.
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3
racecar
  |     |   551 posts since 2014
Note: The higher 2% rate is for new AND existing customers who qualify (see below) but the $200 bonus and Walmart+ thing is for NEW applicants only (see the footnotes on the NavyFed page). The cash back is with no catagory restrictions, on all catagories (with the typical exclusions, like not on cash advances, etc).

NavyFed CashBack Cards (Visa/MC... don't know about Amex): Up until today it was 1.5% cash back, or 1.75% if you had direct deposit. There is no longer a 1.75% rate. It's either 1.5% cash back or 2.0% cash back if your credit limit is at least $5k. That's pretty easy to make for most people, so most people will qualify for the higher rate. Most who qualify (ie, have a $5k+ credit limit) will automatically be upgraded to the 2% cash back rate, if they are not, contact NavyFed to be upgraded a CSR said. CSR also said those who get upgraded will just continue to use their current card/number, they'll get the 2% rate, and when their current card expires their new replacement card will show the "plus" on it. I got an email to alert me of the new rate.

Info and thoughts on the cards:
(1) I hope this 2% stays, but am a little wary... the 1.50%/1.75% w/DD was around for a long time. I hope this "2% for everyone over $5k credit limit" isn't just a come-on that will soon force Navy to have to lower it below where it used to be.
(2) Unlike with a lot of other cards, you get the cash back right away, as soon as the charge is completed (a couple days after your purchase) instead of having to wait until the end of the cycle, or having to reach a certain threshhold.
(3) But I've noticed NavyFed doesn't stand behind you as much when there's a dispute as the other CU where I have a CC. I do mostly use my Navy card because of the good cash back, but if I suspect there might be a problem with a particular merchant or purchase, I'll instead use the card from the other CU, since I know if there's a problem they'll stand behind me better.
(4) Benefits: the 2% back is good whether you choose MasterCard or Visa, and they both have pretty decent benefits, though there are some slight differences. For instance: for those who do car rentals... I forget if it was for Domestic or Int'l, but MasterCard will only give free CDW coverage on rentals 21 days or less, Visa will do it for rentals 30 days or less. The M/C & Visa benefit packages are pretty similar, but there are small differences between them, so if you only want one card, it might be worth it to compare the benefit brochures of each to see which one you'd rather have.
(5) No yearly fee, no foreign transaction fee, generally good benefit package (incl price protection) for a no-fee card.
(6) It IS NavyFed though, and all that entails (they're not always the most customer friendly, and often have quirky/strange ways of doing things). Still, I do use the cards, and in the end think they're a pretty good value, now even more so.
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7
zz
  |     |   36 posts since 2014
The best general purpose card I have from Alliant Credit Union pays 2.5% back on everything for up to $10,000 in charges per month and then 1.5% after that. Downsides:
1. Opt in to receive eStatements; and
2. At least one electronic deposit posted to the account each calendar month (direct deposit, ATM deposit, mobile check deposit or transfer from another financial institution); and
3. Maintain an average daily balance of $1,000 or more
4. Statement 3. one above means you have to have a savings account with Alliant credit union
It also has no foreign transaction fees
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4
Sensible
  |     |   33 posts since 2023
Zz: Alliant's web site says that to get 2.5% on the cash-back credit card you must have High-yield checking. Are you certain a savings account will satisfy the requirement?
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4
zz
  |     |   36 posts since 2014
Sorry, you are correct, you do need to have high yield checking, as you said. That's where the requirements for electronic statements and 1 Monthly Electronic Deposit comes from. The "High Yield" checking only pays 0.25% so at $1,000 a month, if your were getting 3.25% in a savings account having the credit card essentially cost you $30 per year, which lowers your money back on the 2.5%.
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3
QED
  |     |   366 posts since 2013
Back on the headline topic, NFCU CCs:

I can report that NFCU credit cards impose an extremely strict exclusionary standard when it comes to MCC 6012 charges of any sort. They are "tough as nails" where such charges are concerned. So if you're doing 6012 stuff, do not expect NFCU to offer you any rewards whatsoever, regardless your possible expectations to the contrary.  Many other card issuers (Citi, Discover, B of A, Alliant, many more) do, NFCU does NOT!!

So when it's an MCC 6012 charge on an NFCU card, exactly where do those interchange (swipe) fees end up?  Easy one.  NFCU confiscates the entire fee!
I have had better luck, vis-á-vis an NFCU CC and 6012 charges, regarding bonus payments, which NFCU paid in full. So why the difference in treatment between bonuses and rewards? I dunno.

NFCU's rules and procedures evidence a lot of inbreeding.  They do things their own way.  I ended up cancelling and turning in my NFCU CC after collecting the reward.  Had no further use for it.
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4
QED
  |     |   366 posts since 2013
Sorry, my error. The above should have said:

I ended up cancelling and turning in my NFCU CC after collecting the bonus.
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2

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