Navy Federal Credit Union Platinum Card Review

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GOBanking Rate Score

Our opinion : The Navy Federal Credit Union Platinum card ranks first in GOBankingRates’ ranking of the best balance transfer credit cards of 2021 for several reasons. When it comes to balance transfer cards, finding one that doesn’t charge a balance transfer fee is a difficult task. However, the Navy Federal Platinum Card is one such card. Add to that a promotional 0% APR on balance transfers for the first year, no annual fees, and a low regular APR, and this card is certainly worth considering for paying off high interest balances. However, not everyone is eligible to apply.
  • Annual subscription
  • Balance transfer fees
  • Promotional APR for balance transfers
  • Regular APR for balance transfers and purchases

How did we calculate this?

Advantages

  • No annual fee
  • No balance transfer fees
  • 0% promotional APR for balance transfers
  • Regular low APR

The inconvenients

  • No benefits offered
  • No promotional APR for purchases
  • Only NFCU members are eligible to apply

Navy Federal Credit Union Platinum Card Overview

The Navy Federal Credit Union Platinum card sets itself apart from other balance transfer cards because of the lack of balance transfer fees, which is rare among cards in this category. The card also offers no annual fees and a promotional 0% APR on balance transfers for 12 months. And while the card doesn’t offer a promotional APR for purchases, the regular starting APR is well below the national average for credit cards that earn interest. But there’s a catch: you may not be eligible to apply for this card due to Navy Federal membership requirements.

Benefits of the Navy Federal Platinum Card

Here is a more detailed look at the benefits offered by the Navy Federal Credit Union Platinum card.

No annual fee

The annual fees can really add up and make you wonder if having a certain credit card is worth it. However, there is no annual fee for the Navy Federal Credit Union Platinum card, saving you money year after year. And while most of the balance transfer cards in GOBankingRates’ Best Balance Transfer Credit Cards review don’t have an annual fee, a few do, ranging from $ 1 to $ 125 per year.

No balance transfer fees

The card also has no balance transfer fees. In fact, the Navy Federal Credit Union Platinum card is the only card in the study that does not charge these fees. Here’s an idea of ​​how much you could potentially save with this card: Among the balance transfer cards that GOBankingRates included in the study, the balance transfer fee ranges from 3% to 5% of each balance transfer. And if you were to transfer a $ 2,000 balance to a card with a 5% balance transfer fee, you would pay $ 100 in fees.

0% promotional APR for balance transfers

A promotional 0% APR for balance transfers can be very useful if you are looking to pay off your debt in a short period of time without interest. All GOBankingRates study balance transfer cards offer 0% APR for balance transfers, but not all cards offer the same duration.

The NFCU Platinum credit card offers this promotional rate for a period of 12 months. And while a 12-month APR promotional period is not the longest offered among balance transfer cards, it is compliant with the majority of credit cards in this category – and much better than the six-month promotional period. offered by some cards. You can opt for a card with a promotional period of 14, 15, or 18 months, but you will likely need to pay a balance transfer fee.

Regular low APR

The card’s regular APR of 5.99% to 18.00% is low compared to other cards in the study, and so are purchases and balance transfers. All other cards in the study have higher regular APRs, ranging from 7.49% to 25.49%.

Disadvantages of the Navy Federal Platinum Card

All credit cards have features that are less desirable. Here are the disadvantages of the Navy Federal Credit Union Platinum card.

No benefits offered

Unlike other balance transfer cards included in the GOBankingRates study, the NFCU Platinum card does not offer any benefits like cash back, miles, points or cash bonuses. However, all study balance transfer cards that offer these benefits also have a balance transfer fee.

No promotional APR for purchases

Unlike most of the other balance transfer cards in the GOBankingRates study, this card does not carry a promotional APR for purchases. Note that if you qualify for the best credit terms, the regular purchase APR you receive could be as low as 5.99%, which outperforms all other cards in the study. And even on the high end, at 18.00%, this card’s APR is much lower than many of its competitors, which boast rates as high as 25.49%.

Only NFCU members are eligible to apply

Another downside is that you must be a member of the Navy Federal Credit Union to apply for its Platinum card. And unlike some credit unions, Navy Federal has pretty stringent membership requirements. To apply, you or a member of your household or family must have ties to the armed forces, the National Guard or the Ministry of Defense.

Is the Navy Federal Credit Union Platinum Card Right For You?

The Navy Federal Credit Union Platinum Card ranked # 1 in the GOBankingRates Best Balance Transfer Credit Cards study due to features like no balance transfer fees – which is rare among balance transfer credit cards – plus an introductory 0% APR on balance transfers for 12 months, no annual fees, and a low regular APR on purchases and balance transfers.

The card has its drawbacks, such as the lack of perks, such as cash backs, miles, points, or cash bonuses. It also does not offer a promotional APR for purchases. However, if your reason for applying for the card is to pay off high interest balances at no charge and 0% APR for 12 months, then a regular low APR afterward, these benefits may not matter as much. If this card seems perfect for your wallet, be aware that not everyone is eligible. You, a member of your family or someone living in your household must have links with the armed forces, the National Guard or the Ministry of Defense.

Methodology: GOBankingRates identified the best balance transfer credit cards by analyzing all banks with over $ 100 billion in total assets, as well as the three largest credit unions based on the following factors: (1) length of bank 0% introductory APR for balance transfers; (2) 0% APR term for purchases; (3) balance transfer rate; (4) balance transfer fee; (5) annual fee; (6) buy an APR; and (7) any benefits associated with a card which could extend its value beyond the promotional APR period. All fees and rates are subject to change at the discretion of the credit card issuers. Some offers may not be available on the websites of credit card issuers, depending on how you access the web page. The data is taken from each financial institution’s website or promotional material between August 4, 2021 and September 28, 2021. Please check the terms and conditions before opening an account. To be considered, the introductory APR on Balance Transfers had to be 0%.

Editorial Note: This content is not provided by the Navy Federal Credit Union. All opinions, analyzes, critiques, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed or otherwise approved by Navy Federal Credit Union.

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About the Author

Cynthia Measom is a personal finance writer and writer with over 12 years of collective experience. His articles have appeared in MSN, Aol, Yahoo Finance, INSIDER, Houston Chronicle, The Seattle Times, and The Network Journal. She attended the University of Texas at Austin and obtained a Bachelor of Arts in English.


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