Introducing the newest addition to the exclusive 2% flat-rate cash back club. Launched on October 10, 2024, the Navy Federal Credit Union cashRewards Plus Credit Card, with no annual fee, allows cardholders to earn an unlimited 2% cash back on all purchases.
In addition to the new cashRewards Plus card, the Navy Federal Credit Union also offers the older Navy Federal Credit UnionĀ® cashRewards Credit Card, which earns 1.5% cash back on all purchases. Some current cardholders of the older version will automatically be upgraded to the new cashRewards Plus card based on their credit profile and relationship with the credit union. Others will need to apply for the new card if they wish to upgrade.
Prospective applicants can apply for both cards through a single application and will be issued either the older 1.5% cashRewards card or the new 2% cashRewards Plus card. Those with higher credit scores and stronger ties to the credit union may have a better chance of qualifying for the cashRewards Plus card.
š¤Fun Fact
The older Navy Federal Credit UnionĀ® cashRewards Credit Card previously offered a higher cash back rate of 1.75% when cardholders opened a bank account with Navy Federal and set up direct deposits. As of October 10, 2024, this rate is no longer available, regardless of banking relationship. Most card members who had the former 1.75% cash back rate will be eligible for the new cashRewards Plus card.
Advantages of the cashRewards Plus card
The new card shares many benefits with its predecessor, including no annual fee, no balance transfer or foreign transaction fees, and the option to choose between a Visa or Mastercard version. Here’s a closer look at what the card has to offer:
Rewards: 2% cash back on all purchases, with rewards that never expire.
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For a limited time: New cashRewards Plus cardholders can earn a $200 cash back bonus by spending $2,000 within 90 days of account opening, valid until January 1, 2025.
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Starting October 10, 2024, new cardholders will receive a $98 statement credit when they pay $49 or more for an annual Walmart+ membership within the first year of account opening. Note that the Walmart+ membership will auto-renew and your card will be charged automatically after the initial year. Contact Walmart to cancel the membership.
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Includes secondary rental car coverage.Ā
Is the cashRewards Plus card right for you?
To be eligible for the cashRewards Plus card, you must be a member of the Navy Federal Credit Union, which has specific membership criteria. If you meet the requirements to join the credit union, this card is an excellent choice. With a flat 2% cash back rate, no annual fee, and a generous sign-up bonus, the cashRewards Plus card competes with the best cash-back cards available.