Offer value details
Navy Federal describes cashRewards as a no-annual-fee cash back card family with a $250 opening cash-back offer, unlimited rewards, an optional balance-transfer intro APR offer, and either cashRewards Plus or standard cashRewards depending on the approved credit limit.
Qualification requirements
The $250 offer requires $2,500 or more in eligible purchases within 90 days of account opening. Eligible purchases exclude fees, interest charges, balance transfers, gambling, convenience checks, cash advances, and other cash-equivalents such as money orders, gift cards, and prepaid cards. Navy Federal says the $250 may post up to 8 weeks after the 90-day period and the account must be open and not in default when the bonus is scheduled to post.
Fees and costs
The product page and application disclosure list no annual fee, no balance-transfer fee, no foreign transaction fee, and no cash-advance fee at Navy Federal branches or ATMs. The disclosure also lists purchase and balance-transfer APR of 14.15%-18.00%, cash-advance APR of 18.00%, penalty APR of 18.00%, late-payment fees up to $20, and non-Navy-Federal ATM cash-advance fees of $0.50 domestic or $1.00 foreign.
Availability
Navy Federal membership and credit approval are required. The membership page says eligibility covers armed forces members, veterans, some Department of Defense personnel, and eligible family or household members; a Membership Savings Account with a $5 minimum balance is required to establish and maintain membership.
What to verify
- Membership eligibility is limited and should be confirmed before applying.
- The 2% cash-back rate depends on being approved for a credit limit of $5,000 or more; lower approved limits receive the 1.5% cashRewards card.
- Eligible purchases exclude fees, interest, balance transfers, gambling, convenience checks, cash advances, and cash-equivalent purchases.
- APR, penalty APR, late fees, cash-advance terms, and lost grace-period effects after a balance transfer can outweigh rewards.
- Navy Federal reserves the right to change or end the offer without notice.
Confirm current provider terms
Rates, rewards, fees, qualification rules, eligibility, and deadlines can change. Review the provider terms before applying.