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Navy Federal Credit Union Platinum Card Review

GOBankingRates
GOBankingRates
 2021-10-19
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Pros

  • No annual fee
  • No balance transfer fee
  • 0% promotional APR for balance transfers
  • Low regular APR

Cons

  • No perks 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 stands out among other balance transfer cards due to its lack of a balance transfer fee, which is uncommon among cards in this category. The card also offers no annual fee and a 0% promotional APR on balance transfers for 12 months. And while the card doesn’t offer a promotional APR for purchases, the regular starting APR is way below the national average for credit cards that incur interest. But there’s a catch: You may not be eligible to apply for this card due to Navy Federal’s membership requirements.

    Benefits of the Navy Federal Platinum Card

    Here’s a more in-depth look at the benefits the Navy Federal Credit Union Platinum card offers.

    No Annual Fee

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

    No Balance Transfer Fee

    The card also features no balance transfer fee. In fact, the Navy Federal Credit Union Platinum card is the only card in the study that does not charge this fee. 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, balance transfer fees range from 3%-5% of each balance transfer. And if you were to transfer a balance of $2,000 to a card with a balance transfer fee of 5%, you would pay $100 in fees.

    0% Promotional APR for Balance Transfers

    A 0% promotional APR for balance transfers can be really helpful if you’re looking to pay off your debt within a short amount of time without interest. All of the balance transfer cards in the GOBankingRates study offer a 0% APR for balance transfers, but not all cards offer the same term.

    The NFCU Platinum credit card offers this promotional rate for a term of 12 months. And while a 12-month promotional APR period isn’t the longest offered among balance transfer cards, it’s in line with the majority of credit cards in this category — and much better than the six-month promotional period that some cards offer. You could opt for a card with a 14-, 15- or 18-month promotional APR period, but you’d likely have to pay a balance transfer fee.

    Low Regular APR

    The card’s regular APR of 5.99%-18.00% is low compared to other cards in the study, and it’s the same for purchases and balance transfers. All other cards in the study have regular APRs that are higher, ranging from 7.49%-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 Perks Offered

    Unlike other balance transfer cards included in the GOBankingRates study, the NFCU Platinum card does not offer any perks like cash back, miles, points or cash bonuses . However, all of the balance transfer cards in the study that offer those perks also carry 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 feature 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 beats out all the 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 have rates that are as high as 25.49%.

    Only NFCU Members Are Eligible To Apply

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

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

    The Navy Federal Credit Union Platinum card ranked No. 1 in GOBankingRates’ Best Balance Transfer Credit Cards study due to features like no balance transfer fee — which is uncommon among balance transfer credit cards — plus a 0% introductory APR on balance transfers for 12 months, no annual fee and a low regular APR for both purchases and balance transfers.

    The card does have its drawbacks, such as no perks, like cash back, miles, points or cash bonuses. It also doesn’t offer a promotional APR for purchases. However, if your reason for applying for the card is to pay off high-interest balances with no fees and a 0% APR for 12 months and then a low regular APR thereafter, then those perks may not matter as much. If this card sounds perfect for your wallet, be aware that not just anyone is eligible to apply. You, a family member or someone living in your household has to have ties to the armed forces, National Guard or Department 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 along the following factors: (1) length of 0% intro APR for balance transfers; (2) length of 0% APR for purchases; (3) balance transfer rate; (4) balance transfer fees; (5) annual fees; (6) purchase APR; and (7) any perks associated with a card that might extend its value past the promotional APR period. All fees and rates are subject to change at the credit card issuers’ discretion. Some offers might not be available on the credit card issuers’ websites, depending on how you access the webpage. Data was sourced from each financial institution’s website or promotional material between Aug. 4, 2021, and Sept. 28, 2021. Please verify terms and conditions before opening an account. To be considered, the intro APR on balance transfers had to be 0%.

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

    This article originally appeared on GOBankingRates.com : Navy Federal Credit Union Platinum Card Review

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