Navy Federal Credit Union Launches Five New Credit Offerings

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To start the new year off with a bang, the Navy Federal Credit Union introduced five new credit card bonuses on Tuesday.

From balance transfer offers to hefty point-based welcome bonuses, NFCU is helping members get their finances in order in 2022.

Select details of the five credit union offers and what you need to know about credit union credit cards.

Navy Federal Credit Union credit card offers for 2022

The NFCU is known for offering member-friendly financial products, from checking accounts to mortgages and car loans. But it’s betting on their credit cards by launching bonuses and unique offers to start the year off right. The offers are:

You can get $150 cashback by spending $1,000 within the first 90 days of opening the account. You’ll also get 0% APR on balance transfers for the first six months of card membership. After the introductory period, the APR of the card will be 9.65% to 18.00%.

The card also offers 1.75% cash back on all member purchases with direct deposit to NFCU. This is a decent cash back credit card because you can passively earn money without any restrictions or categories. However, the Citi® Dual Charge Card offers a more competitive cash back rate: you will get 2% cash back on all eligible purchases, specifically 1% on all eligible purchases and an additional 1% after paying your credit card bill.

Also, this card has no annual fee.

You can earn 30,000 bonus points (a $300 value) by spending $3,000 within the first 90 days of account opening.

You’ll also get a promotional APR of 1.99% on balance transfers for the first six months of card membership. After that, the card will have a variable APR between 9.99% and 18.00%.

The card comes with a modest annual fee of $49.

This card is an ideal way to refinance your vacation expenses as it offers 0% APR on balance transfers for 12 months, with a variable APR between 5.99% and 18.00% thereafter. However, the card does not offer a cash back or points welcome bonus.

This card has no annual fee.

Similar to the Platinum card above, this card offers an introductory APR of 1.99% on balance transfers for 12 months, with a variable APR between 9.65% and 18.00% thereafter.

This card has no annual fee.

You can earn 20,000 bonus points (a $200 value) by spending $2,000 within the first 90 days of account opening. And as you spend on the card, you’ll earn:

  • 3X points per dollar spent in restaurants
  • 2X points per dollar spent on gas
  • 1X points per dollar spent on everything else

This card has no annual fee.

Be sure to act quickly as all of these offers expire on February 28, 2022.

What to consider when looking for credit union credit cards

Although credit union credit cards may not be the most popular or well-known credit cards on the market, they can still provide significant value to consumers. So, if you’re considering a credit union credit card, consider these few points before deciding on one:

Your financial goals

Do you need a way to escape credit card debt with high interest rates? Do you plan to travel a lot in 2022 and want to save on these costs? Or do you just want more buying power?

Whatever your reason, it’s important to analyze your financial situation and budget to determine where you are on your financial journey. Based on your short-term and long-term goals, you should find a card that best fits those goals.

Travel rewards or cash back

The vast majority of credit cards offer either travel rewards points or cash back as an incentive to spend on the cards. However, it’s best to think about your current financial situation to determine which option is best for you.

For example, if you’re trying to save money to replenish your emergency fund or continue to pay off debt, a cash back credit card is probably the best option.

Consider looking outside your checkout

If you are currently a member of a credit union, or just considering joining, you do not have to receive only financial products from it. When looking for a new credit card, consider other issuers because you might find a credit card better suited to your needs. Many major banks offer credit cards with huge welcome bonuses.

At the end of the line

Navy Federal CU announced five exciting credit card deals to start the new year on Tuesday. In the coming weeks, it wouldn’t be shocking if more credit unions and banks continue to offer new offers to attract new customers.

But before you apply for your next credit card, be sure to analyze your budget to see what your current financial needs are. And finally, assess your own personal financial habits to see if a credit card is the right tool for your wallet.

Check out Select’s in-depth coverage at personal finance, technology and tools, The well-being and more, and follow us on Facebook, instagram and Twitter to stay up to date.

Information about cashRewards credit card, Visa Signature® Flagship Rewards credit card, Platinum credit card, More Rewards American Express® card, More Rewards American Express® card, GO REWARDS® credit card has been independently collected by Select and have not been reviewed or provided by the card issuer prior to publication.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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