Navy Federal Credit Union Platinum Card Review: 0% APR on Balance Transfers; Membership Required

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Navy Federal Credit Union Platinum Credit Card
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Navy Federal Credit Union Platinum Credit Card
Editor’s Score: (N/A)
Learn more externa link icon At our partner’s secure site. See Rates & Fees, Terms Apply.
Navy Federal Credit Union Platinum Credit Card
Editor’s Score: (N/A)
  • Intro offer:
    N/A
  • Annual fee:
    None
  • Regular APR:
    5.99% – 18.00% Variable
  • Recommended credit score:
    (No Credit History)

NextAdvisor’s Take

Pros
  • Intro 0% APR for balance transfer requests made within 30 days of account opening
  • No annual fee, no foreign transaction fees, no cash advance fees and no balance transfer fees
  • Low ongoing APR
  • Comes with a handful of travel and consumer benefits
Cons
  • Introductory 0% APR does not apply to purchases
  • No welcome bonus
  • No rewards for spending
  • Navy Federal Credit Union membership required
The Bottom Line
The Navy Federal Credit Union Platinum Card doesn’t offer any rewards, but it does have a 0% APR offer for balance transfers. And if fees are your main concern, this card charges a low ongoing interest rate, no annual fee, no foreign transaction fees, no cash advance fees and no balance transfer fees. Active duty military, veterans and other eligible Navy Federal members can apply. But keep in mind, there are other cards with longer intro periods that may be better suited for your debt payoff goals or large upcoming purchase.

Additional Card Details

  • Qualify for 0% APR on balance transfers for 12 months, followed by a variable APR of 5.99% to 18.00%
  • No balance transfer fee
  • Get prequalified with no impact to your credit score
  • Secondary rental car coverage on rental periods of 15 days or less
  • Travel and emergency assistance services
  • Cell phone protection (up to $600 per claim, depending on your approval terms) when you pay your phone bill with your Navy Federal credit card

Navy Federal Credit Union Platinum Card Full Review

Card Type

The Navy Federal Credit Union Platinum Card is a low interest credit card at heart. Its introductory offer for balance transfers and lack of balance transfer fees also make it a solid balance transfer credit card option.

Annual Fee

This card does not charge an annual fee.

Welcome Offer

You won’t earn any rewards with the Navy Federal Credit Union Platinum Card, and there’s no cash welcome offer.

Introductory Offer

Get 0% APR on balance transfers for 12 months, after which a variable APR of 5.99% to 18% applies. The offer applies to balance transfer requests made within 30 days of account opening. This card also charges no balance transfer fees, which is pretty rare among balance transfer cards.

Rewards

The Navy Federal Credit Union Platinum Card does not offer rewards for spending. There are some cards, including several cash back card options, that offer both rewards and introductory 0% interest periods, if you’d prefer a card that offers rewards value after the intro period.  

Fees

This card comes with no annual fee, no foreign transaction fees, no cash advance fees and no balance transfer fees. If you pay late or your payment is returned, you may incur a fee up to $20 and penalty APR up to 18%.

Other Benefits

The Navy Federal Credit Union Platinum Card comes with secondary rental car coverage on rental periods of 15 days or less and travel and emergency assistance services. 

You’ll also be eligible for cell phone protection (up to $600 per claim) when you pay your phone bill with your Navy Federal credit card, although a $50 deductible applies to use this coverage. Note that the value of this protection varies based on whether you are assigned a Visa or Mastercard upon account approval.

Benefits of Navy Federal Credit Union Platinum Card

If you’re a NFCU member and you have high interest debt to consolidate, this card can help you pay down the balance with 0% APR on balance transfers for 12 months. Even after the intro period, this card’s ongoing APR range is lower than many other options available today, and may be as low as 5.99%.

Aside from the low APR and intro offer from this card, we also like the fact there are no major fees, including balance transfer fees.

Drawbacks of Navy Federal Credit Union Platinum Card

There are two major downsides of this card, the first being a lack of any rewards. By contrast, there are many cards that offer 0% APR on purchases, balance transfers or both for more than a year, and still offer rewards and spending once the intro period ends.

For example, the Wells Fargo Active Cash® Card  offers a flat 2% cash rewards on purchases, with an intro 0% APR on both purchases and qualified balance transfers for 15 months from account opening (followed by a variable APR of 15.74%, 20.74%, or 25.74%). 

The second downside of this card is the membership requirement for approval. You must belong to Navy Federal Credit Union to be approved for this card, which requires military membership or affiliation. You may join Navy Federal if you’re active duty military, retired military, a veteran or an eligible family member of an existing member. You may also be able to join if you’re a civilian and work for the Department of Defense.

How to Use Navy Federal Credit Union Platinum Card

If you’re a Navy Federal member and eligible to apply, consider prequalifying before you submit a full application. This can help you get more information about what you qualify for before you undergo a hard credit check. 

To make the most of the Navy Federal Credit Union Platinum Card, you’ll want to use it for purchases you can afford to pay off. The low ongoing interest rate makes carrying revolving debt relatively affordable, but you’ll avoid debt altogether by only charging what you can pay down when your statement balance is due.

If you plan to take advantage of the balance transfer offer, make your balance transfer request within 30 days of opening your account. Over the 0% introductory periods, put as much extra cash toward your debt as you can. After 12 months, your transferred debts will begin accruing interest at this card’s regular variable interest rate.

Pro Tip

If you want to save money on purchases and balance transfers, there are other credit cards with better introductory offers. Many charge 0% APR for 15 months or longer, and some offer rewards on your spending.

Because there are no ongoing rewards, you may want to consider whether this card is a good choice for your spending after the intro period. A card with cash back rewards on everyday spending could help you save money on your purchases after you pay down existing debt.

Navy Federal Credit Union Platinum Card Compared to Other Cards

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Navy Federal Credit Union Platinum Credit Card

Navy Federal Credit Union Platinum Credit Card

Editor’s Score: (N/A)
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Wells Fargo Reflect℠ Card

Wells Fargo Reflect℠ Card

Editor’s Score: (4.2/5)
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Citi Simplicity® Card

Citi Simplicity® Card

Editor’s Score: (4.0/5)
  • Intro offer:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    15.49% – 25.49% (Variable)
  • Recommended credit:
    670-850 (Good to Excellent)
  • Learn more externa link icon At our partner’s secure site

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

If you’re a NFCU member already or you’re eligible to join, the Navy Federal Credit Union Platinum Card can help you save money on interest. Just remember that you won’t earn any rewards on your spending, and that the introductory APR only applies to balance transfers and not to purchases.

And while this card’s low ongoing interest rate can help you save when you must carry a balance, paying your balance in full and on time each month can help you avoid debt and maintain great credit. If you have a large upcoming purchase you’d like to pay down over time, a card with a 0% intro APR on new purchases could be a better option.

Before you apply, consider other cards that may better suit your specific financial goals. If you want 0% APR and rewards on spending with no annual fee, other rewards cards, including cash back credit cards, may be better long-term choices.

Frequently Asked Questions (FAQ)

What credit score do you need for the Navy Federal Credit Union Platinum Card?

This card is available for individuals with “average to excellent” credit, according to the credit union.

Can anyone get the Navy Federal Credit Union Platinum Card?

The Navy Federal Credit Union Platinum Card is available to NFCU members with appropriate military membership, history, or affiliation.

Does the Navy Federal Credit Union Platinum Card charge foreign transaction fees?

The Navy Federal Credit Union Platinum Card comes with no annual fee, no foreign transaction fees, no cash advance fees and no balance transfer fees.

How can I save money with the Navy Federal Credit Union Platinum Card?

Use the card for regular spending and bills, or to transfer high interest debts from other cards. You can save money on interest by paying down transferred balances as quickly as you can, and by keeping revolving debt at a minimum.