cashRewards Credit Card
- Best for: Navy Federal members who want one cash back rate with no annual fee
- What Sets It Apart: 2% back with a $5,000-plus credit limit; 1.5% below that; one application for both versions
- Cost: $0 annual fee; $0 balance transfer fee; $0 foreign transaction fee; 14.15% to 18.00% variable rate
- Features: $250 bonus after $2,500 in purchases within 90 days of account opening; intro rate of 1.99% for 12 months on balance transfers; no minimum to redeem
- Pros: 2% on all purchases with no cap at $5,000 or more; no foreign transaction fee; every rate tops out at 18%
- Cons: Membership required; rate unknown until approval; 1.5% version trails no-fee 2% cards; no intro rate on purchases
Get Navy Federal’s cashRewards Credit Card if you’re a member who wants one cash back rate with no annual or foreign transaction fee. It pays 2% when Navy Federal sets your credit limit at $5,000 or more. At a lower limit it pays 1.5%, less than no-fee 2% cards from other issuers.
One application covers both versions, since Navy Federal Credit Union chooses between the 2% cashRewards Plus and the 1.5% standard card when it sets your credit limit. You need Navy Federal membership to apply, and it’s open to service members, veterans, Defense Department civilians, and their families.
Key Features
- 2% cash back when your credit limit is at least $5,000, 1.5% below that
- $250 bonus after $2,500 in purchases within 90 days of account opening, for applications by January 3, 2027
- Intro interest rate of 1.99% for 12 months on balances transferred from non-Navy Federal cards within 60 days of account opening
- Variable interest rate of 14.15% to 18.00% on purchases and balance transfers
- No annual fee, balance transfer fee, or foreign transaction fee
Pros
- 2% back on all purchases with no cap, for members approved at $5,000 or more
- No foreign transaction fee on purchases abroad
- Every rate tops out at 18%, even the penalty rate for accounts over 60 days past due
- No minimum to redeem online or in the app
- Cash back never expires while the account is open
Cons
- Membership required to apply
- No way to know your rate, 1.5% or 2%, until you’re approved
- The 1.5% version earns less than no-fee 2% cards
- No intro rate on new purchases
- Navy Federal can take a past-due balance from your deposit accounts there without notice, IRAs aside
Members approved at $5,000 or more should make the cashRewards Plus their everyday card, since it pays 2% at home and abroad with no annual fee. At a lower limit, a no-fee 2% card from another issuer earns a third more on the same spending, $240 a year on $1,000 a month against the standard card’s $180.
Learn more about the cashRewards Credit Card or see how it compares to the best cash back credit cards.
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