The Navy Federal Credit Union GO REWARDS® Credit Card is a popular card that offers numerous benefits to its users. It allows members to earn rewards points with every purchase they make, as well as providing discounts and other advantages. This review takes a closer look at the features of this credit card in order to determine whether it is the right choice for potential customers.
The first part of the review looks into how this card can be advantageous for individuals when making purchases. The Navy Federal Credit Union GO REWARDS® Credit Card provides cashback bonuses on all eligible purchases, as well as an introductory rate of 0% APR for six months. Furthermore, additional reward points are given each time the user reaches certain spending thresholds throughout the year. As such, this card is ideal for those who wish to enjoy perks from their frequent shopping trips.
Finally, there are various aspects related to using this credit card which must also be taken into account before deciding if it is the best option for one’s individual needs. These include considerations about fees associated with late payments or balance transfers, customer service options available should any issues arise, and security measures put in place to ensure personal information remains safe and secure. All these factors will be discussed further in depth within this article in order to provide a comprehensive overview of the Navy Federal Credit Union GO REWARDS® Credit Card.
Overview
The Navy Federal Credit Union GO Rewards® Credit Card is a rewards credit card for members of the Navy Federal Credit Union. It offers rewards points on everyday purchases, with no annual fee and a low introductory APR rate. The card also provides access to exclusive member discounts and benefits such as free rental car insurance and travel assistance services. This review will cover various features of the Navy Federal Credit Union GO Rewards® Credit Card, including eligibility requirements, fees, interest rates, reward structure and redemption options.
Cardholders can earn one point per dollar spent on qualifying purchases up to 10,000 points each quarter. Points are redeemable for cash back in increments of 1,000 or more at any time via an online portal; they may be used to purchase merchandise from select retailers or applied as statement credits. In addition to earning points, cardholders can receive discounted prices on shopping trips through participating merchants and complimentary car rental insurance when renting vehicles using their card.
Eligibility Requirements
The Navy Federal Credit Union Go Rewards® Credit Card is available to members of the credit union. Membership requires a minimum deposit of $5 and applicants must meet certain eligibility requirements, including being an active or retired United States military member, Department of Defense civilian employee, or family member thereof. Additionally, those who have not previously been a Navy Federal Credit Union member may be required to open a savings account with at least a $5 balance in order to become eligible for the credit card.
Applicants will also need to provide proof of identity and address as well as their Social Security Number and date of birth. Approval status can take up to two weeks after all documentation has been submitted. Those who are approved will receive their new cards within seven business days following approval.
Rewards And Benefits
The Navy Federal Credit Union Go Rewards® Credit Card offers cardholders various rewards and benefits. These include a generous signup bonus of up to $200 cash back after spending only $3,000 in the first three months of opening an account. In addition, cardholders can earn 3% cash back on gas station purchases, 2% cash back on grocery store purchases, 1% cash back on all other eligible purchases, and 10x points at participating hotels when booked through navyfederal.org/booknow.
Cardholders also benefit from no annual fee or foreign transaction fees as well as access to exclusive travel discounts. Furthermore, they are provided with complimentary Visa Signature Concierge services which includes assistance for reservations, tickets, flowers and more. The credit limit is extended up to $50K based on creditworthiness without any additional security deposit required. All these features make the Navy Federal Credit Union Go Rewards® Credit Card an attractive option for those seeking flexibility and value from their credit cards.
Fees And Interest Rates
The Navy Federal Credit Union Go Rewards® credit card offers a variety of fees and interest rates that should be considered when deciding which card is right for you. The APR on purchases and cash advances with this card is 17.99% to 24.99%, depending on your creditworthiness. Balance transfers are subject to the same rate, with an additional 3% balance transfer fee assessed at the time of transfer. There is no annual fee associated with this card; however, there is a late payment fee up to $38 depending on the amount due. Foreign transactions also carry a 2%-3% foreign transaction fee added onto each purchase made outside the United States or any U.S.-based territories.
This card does not offer an introductory rate period so it’s important to understand all of these fees before selecting this as your credit card choice in order to avoid costly charges down the road. It can be beneficial for those who consistently make payments on-time and pay off their balances quickly but less favorable for those who tend to carry high balances from month-to-month since they will end up accruing more interest over time than if they had chosen another type of credit card offering 0% intro periods or lower long-term APRs.
Comparison To Other Cards
The Navy Federal Credit Union Go Rewards® credit card is an attractive option for many consumers. It offers a generous rewards program and competitive rates, making it a strong contender among other cards in the market. When comparing this card to other options available, there are several factors that need to be taken into consideration:
Rewards Program:
- Navy Federal Credit Union Go Rewards® credit card provides 5x points on every dollar spent at gas stations, grocery stores, restaurants, and 1 point per dollar spent elsewhere. This makes it one of the most rewarding cards around.
- Other competing cards often provide fewer reward points; some offer as few as 2x points or 1 point per dollar spent.
- Additionally, rewards from the Nave Federal Credit Union Go Rewards® can be redeemed for cash back, travel purchases, gift cards, merchandise and more giving users greater flexibility than many other reward programs.
Interest Rates:
- This card features competitive interest rates with variable APRs starting at 11.15%.
- Some other similar cards may have lower introductory APR offers but they usually come with higher regular APRs after the initial period is over.
- In addition to its competitive rates overall, the Navy Federal Credit Union Go Rewards® also has no balance transfer fees which could help save even more money if you choose to use this feature.
Fees:
- The annual fee for using this card is $0 which means that customers will not incur any additional costs just by having the card itself. Additionally there are no foreign transaction fees which make this ideal for those who frequently travel abroad.
- By contrast some competitors may impose these charges so customers should be aware of what their particular issuer might charge before signing up for an account with them.
Overall, when compared to others on the market today, the Navy Federal Credit Union Go Rewards® stands out due to its generous rewards program combined with its low fees and competitive interest rate offerings – making it a great choice for many consumers looking for a solid credit card option.
Pros And Cons
The Navy Federal Credit Union Go Rewards® Credit Card offers several benefits for cardholders. Cash rewards are earned on every purchase, providing an opportunity to accumulate points that can be redeemed in a variety of ways. Additionally, no annual fee is charged and foreign transaction fees are waived. Furthermore, the card provides access to credit union services such as overdraft protection, fraud monitoring, and mobile banking for added convenience.
Despite these advantages, the card has some drawbacks worth noting. First, there is a variable interest rate which may not be competitive with other cards available in the market. Second, bonus categories limit certain purchases or merchants where customers can earn extra points or cash back rewards; this could potentially reduce overall earnings compared to other rewards cards. Finally, balances must be paid off monthly as there is no grace period offered on purchases made with this card.
Conclusion
The Navy Federal Credit Union Go Rewards® Credit Card offers a wide range of rewards and benefits, making it an attractive choice for those who qualify. Its fees and interest rates are competitive with other credit cards on the market, while its reward program is generous enough to potentially offset any annual fee that may apply. It is important to consider all aspects of the card before deciding whether or not it is right for one’s financial needs.
Overall, the Navy Federal Credit Union Go Rewards®Credit Card is a great option for members of Navy Federal Credit Union who meet eligibility requirements. The rewards offered by this card can be used towards travel and everyday purchases, as well as providing access to exclusive discounts and promotions. Additionally, there are no foreign transaction fees associated with this card, which makes it ideal for international travelers looking to earn points more quickly. Furthermore, users will benefit from low interest rate options and a 0% introductory APR period on balance transfers.
In conclusion, the Navy Federal Credit Union Go Rewards® Credit Card has many features that make it appealing to potential customers. With low fees and interest rates plus generous rewards programs, this card provides excellent value for eligible applicants. As always though, individuals should compare their options carefully before applying in order to determine if this card fits into their individual financial need