Platinum Credit Card
- Best for: Navy Federal members who carry a balance or want to move one
- What Sets It Apart: Navy Federal’s lowest card rates; no balance transfer fee; 0.99% for 12 months on balances moved in the first 60 days
- Cost: $0 annual fee; $0 balance transfer fee; $0 foreign transaction fee; 10.24% to 18.00% variable rate; late fee up to $20
- Features: Visa or Mastercard; prequalification that doesn’t affect your credit score; secondary rental car damage coverage
- Pros: Top rate of 18%, below the 21.19% average bank card rate; no fee to move a balance; no annual fee
- Cons: Navy Federal membership required; no rewards; purchases charged interest while a transfer is unpaid; 18% penalty rate after 60 days late
Get the Platinum Credit Card if you’re a Navy Federal member who carries a balance or wants to move one. It’s the credit union’s lowest-rate card, with a variable rate of 10.24% to 18.00% and no transfer fee. If you pay in full every month, pick a Navy Federal cash back card, since this one earns no rewards.
Only Navy Federal members can apply, and membership is open to service members, veterans, Defense Department civilians, and their families. A $5,000 transfer at the 0.99% introductory rate, repaid in 12 equal monthly payments, costs about $27 in interest, against the $150 a 3% transfer fee would cost on a 0% balance transfer card.
Key Features
- Intro rate of 0.99% for 12 months, counted from account opening, on balances moved from other issuers’ cards within 60 days
- Variable rate of 10.24% to 18.00% on purchases, and on transfers once the intro rate ends, depending on your credit
- No annual fee, balance transfer fee, or foreign transaction fee
- Late fee of up to $20
Pros
- Even its top rate, 18%, is below the 21.19% average on bank credit cards that the Federal Reserve reported for August 2026
- Checking whether you prequalify doesn’t affect your credit score
- Secondary rental car damage coverage, which pays what your own insurance doesn’t, on rentals of 15 days or less paid with the card
Cons
- No rewards on purchases
- Purchases are charged interest unless you pay the whole balance, transfer included, by each due date
- A payment more than 60 days late can end the intro rate and apply an 18% penalty rate
- Navy Federal can take a past-due amount from your deposit accounts there without notice, except from IRAs
Members who carry a balance get Navy Federal’s lowest card rates here, and those moving one pay no transfer fee. Members who pay in full every month never pay interest, and for them the no-fee cashRewards card pays 1.5% or 2% cash back, depending on the credit limit Navy Federal sets.
Learn more about the Platinum Credit Card or see how it compares to the best low-interest credit cards.
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