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NextAdvisor Credit Cards Reviews Navy Federal Credit Union Platinum Card Review: 0% APR on Balance Transfers; Membership Required Advertiser Disclosure
Contributing Writer Holly Johnson is a credit card expert and writer who covers rewards and loyalty programs, budgeting, and… November 7, 2022 | 5 Min Read We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money. Pros
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The Bottom Line The Navy Federal Credit Union Platinum Card doesn’t offer any rewards, but it does have a 0% APR offer for balance transfers. And if fees are your main concern, this card charges a low ongoing interest rate, no annual fee, no foreign transaction fees, no cash advance fees and no balance transfer fees. Active duty military, veterans and other eligible Navy Federal members can apply. But keep in mind, there are other cards with longer intro periods that may be better suited for your debt payoff goals or large upcoming purchase. Additional Card Details
Navy Federal Credit Union Platinum Card Full ReviewCard TypeThe Navy Federal Credit Union Platinum Card is a low interest credit card at heart. Its introductory offer for balance transfers and lack of balance transfer fees also make it a solid balance transfer credit card option. Annual FeeThis card does not charge an annual fee. Welcome OfferYou won’t earn any rewards with the Navy Federal Credit Union Platinum Card, and there’s no cash welcome offer. Introductory OfferGet 0% APR on balance transfers for 12 months, after which a variable APR of 5.99% to 18% applies. The offer applies to balance transfer requests made within 30 days of account opening. This card also charges no balance transfer fees, which is pretty rare among balance transfer cards. RewardsThe Navy Federal Credit Union Platinum Card does not offer rewards for spending. There are some cards, including several cash back card options, that offer both rewards and introductory 0% interest periods, if you’d prefer a card that offers rewards value after the intro period. FeesThis card comes with no annual fee, no foreign transaction fees, no cash advance fees and no balance transfer fees. If you pay late or your payment is returned, you may incur a fee up to $20 and penalty APR up to 18%. Other BenefitsThe Navy Federal Credit Union Platinum Card comes with secondary rental car coverage on rental periods of 15 days or less and travel and emergency assistance services. You’ll also be eligible for cell phone protection (up to $600 per claim) when you pay your phone bill with your Navy Federal credit card, although a $50 deductible applies to use this coverage. Note that the value of this protection varies based on whether you are assigned a Visa or Mastercard upon account approval. Benefits of Navy Federal Credit Union Platinum CardIf you’re a NFCU member and you have high interest debt to consolidate, this card can help you pay down the balance with 0% APR on balance transfers for 12 months. Even after the intro period, this card’s ongoing APR range is lower than many other options available today, and may be as low as 5.99%. Aside from the low APR and intro offer from this card, we also like the fact there are no major fees, including balance transfer fees. Drawbacks of Navy Federal Credit Union Platinum CardThere are two major downsides of this card, the first being a lack of any rewards. By contrast, there are many cards that offer 0% APR on purchases, balance transfers or both for more than a year, and still offer rewards and spending once the intro period ends. For example, the Wells Fargo Active Cash® Card offers a flat 2% cash rewards on purchases, with an 0% intro APR on both purchases and qualified balance transfers for 15 months from account opening (followed by a variable APR of 18.74%, 23.74%, or 28.74%). The second downside of this card is the membership requirement for approval. You must belong to Navy Federal Credit Union to be approved for this card, which requires military membership or affiliation. You may join Navy Federal if you’re active duty military, retired military, a veteran or an eligible family member of an existing member. You may also be able to join if you’re a civilian and work for the Department of Defense. How to Use Navy Federal Credit Union Platinum CardIf you’re a Navy Federal member and eligible to apply, consider prequalifying before you submit a full application. This can help you get more information about what you qualify for before you undergo a hard credit check. To make the most of the Navy Federal Credit Union Platinum Card, you’ll want to use it for purchases you can afford to pay off. The low ongoing interest rate makes carrying revolving debt relatively affordable, but you’ll avoid debt altogether by only charging what you can pay down when your statement balance is due. If you plan to take advantage of the balance transfer offer, make your balance transfer request within 30 days of opening your account. Over the 0% introductory periods, put as much extra cash toward your debt as you can. After 12 months, your transferred debts will begin accruing interest at this card’s regular variable interest rate. Pro TipIf you want to save money on purchases and balance transfers, there are other credit cards with better introductory offers. Many charge 0% APR for 15 months or longer, and some offer rewards on your spending. Because there are no ongoing rewards, you may want to consider whether this card is a good choice for your spending after the intro period. A card with cash back rewards on everyday spending could help you save money on your purchases after you pay down existing debt. Navy Federal Credit Union Platinum Card Compared to Other Cards
Is the Navy Federal Credit Union Platinum Card Right for You?If you’re a NFCU member already or you’re eligible to join, the Navy Federal Credit Union Platinum Card can help you save money on interest. Just remember that you won’t earn any rewards on your spending, and that the introductory APR only applies to balance transfers and not to purchases. And while this card’s low ongoing interest rate can help you save when you must carry a balance, paying your balance in full and on time each month can help you avoid debt and maintain great credit. If you have a large upcoming purchase you’d like to pay down over time, a card with a 0% intro APR on new purchases could be a better option. Before you apply, consider other cards that may better suit your specific financial goals. If you want 0% APR and rewards on spending with no annual fee, other rewards cards, including cash back credit cards, may be better long-term choices. Frequently Asked Questions (FAQ)What credit score do you need for the Navy Federal Credit Union Platinum Card?This card is available for individuals with “average to excellent” credit, according to the credit union. Can anyone get the Navy Federal Credit Union Platinum Card?The Navy Federal Credit Union Platinum Card is available to NFCU members with appropriate military membership, history, or affiliation. Does the Navy Federal Credit Union Platinum Card charge foreign transaction fees?The Navy Federal Credit Union Platinum Card comes with no annual fee, no foreign transaction fees, no cash advance fees and no balance transfer fees. How can I save money with the Navy Federal Credit Union Platinum Card?Use the card for regular spending and bills, or to transfer high interest debts from other cards. You can save money on interest by paying down transferred balances as quickly as you can, and by keeping revolving debt at a minimum. Can I transfer credit card balance to another card Navy Federal?Looking to lower your interest rate and reduce monthly payments? A balance transfer could help. Easily move the balance on your current credit card to a new or existing Navy Federal Credit Card.
How much is a balance transfer fee on a Navy Federal credit card?This card comes with no annual fee, no foreign transaction fees, no cash advance fees and no balance transfer fees. If you pay late or your payment is returned, you may incur a fee up to $20 and penalty APR up to 18%.
How long does a Navy Federal balance transfer take?The new credit card company will pay the amount indicated for transfer on your existing credit card (this process can take 2 weeks). You now no longer owe that debt to the old credit card company, as it has been transferred to the new card.
Do balance transfers hurt credit score?A balance transfer can affect your credit score, depending on 1) if you open a new card to transfer a balance and 2) what you do once your balances have been transferred. If you simply move your balances around on your existing cards, your credit score likely won't be impacted.
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Navy federal credit union balance transfer credit card
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