| Low Interest Rating: | 4 / 5 |
| Rates, Fees, Penalties: | 4.3 |
| Rewards: | 0.0 |
| Features: | 3.0 |
| Customer Experience | 4.8 |
In a Nutshell:
Though the Navy Federal Credit Union Platinum credit card lacks a 0% introductory period for new purchases, the regular APR is so low that cardholders will still save a substantial amount of money on interest.
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Introductory Balance Transfer APR | |
Fees
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Penalties
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Pros
Cons
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Customer Experience
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Other Notable Features: Travel and emergency assistance, Apple Pay, EMV chip-and-PIN, roadside assistance, identity-theft solutions, purchase assurance, price protection
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The Navy Federal Credit Union Platinum credit card* has a 5.99% APR, which is one of the lowest interest rates in the industry. In addition, it has no annual fee, a low foreign transaction fee and penalty fees and a relatively low penalty APR. It also has a low cash-advance APR and fees. Unfortunately, it doesn’t offer a 0% introductory APR for new purchases. For cardholders seeking to save money on interest, this could be a huge drawback.
Low cash-advance fees and APR
Usually, when you borrow cash from an ATM machine, you immediately get hit with a high APR and costly cash-advance fees. The Navy Federal Credit Union Platinum card offers a cash-advance APR that is only 2% higher than your regular APR, and it will not exceed 18%. In addition, you pay no cash-advance fees if you use an NFCU ATM. If you use your card in a different ATM, the cash-advance fees range from 50 cents domestically to $1 internationally.
Low penalty fees and APR
While NFCU Platinum doesn’t waive the penalty APR, it keeps it reasonably low at 18%. The penalty fee is $20, which is much lower than the typical fee of $35 to $38.
0% introductory APR for 12 months
The NFCU Platinum card features a 0% intro APR on balance transfers for 12 months (offer expires Feb. 28, 2022; 5.99% to 18% variable APR thereafter). The card also doesn’t charge a fee for balance transfers. While many balance transfer cards offer a 0% intro APR, their ongoing APRs tend to be much higher than 5.99% to 18% variable, so the Platinum card could be a better fit if you need a low ongoing APR even after the promotional period.
Chip-and-PIN for overseas travel
While U.S. credit card providers are actively sending out credit cards with new EMV chip technology, the majority of them won’t work in unmanned terminals in Europe and other parts of the world that require a personal identification number. The NFCU Platinum credit card gives you an option to set up a four-digit PIN, so it can work seamlessly almost anywhere you travel.
Member Mall
While there is no rewards program, you can earn cash back in addition to regular discounts by shopping at Member Mall, the online NFCU portal. The cash back you can earn is not substantial, but online coupons and discounts for members can be quite good.
Purchase assurance and price protection
If an item you purchase with the card gets damaged, lost or stolen within 90 days of the date of purchase, you will be reimbursed for up to $1,000 per incident and up to $25,000 a year. Also, if you find a lower price within 60 days after the purchase, NFCU Platinum will reimburse the difference up to $250 per occurrence, up to four times a year.
Why get the Navy Federal Credit Union Platinum card?
- You tend to carry a balance and want a low APR.
- You don’t care about rewards or cash back.
- You often travel overseas and want a chip-and-PIN card.
How to use the Navy Federal Credit Union Platinum card:
- Avoid borrowing cash despite low fees and low cash-advance APR.
- Use the card to book travel in order to enjoy extra travel benefits.
- The NFCU Platinum Mastercard credit card has a generous purchase assurance program. Use the card to buy big-ticket items, especially if you are planning to travel with them, because you never know when things can go wrong.
Is the Navy Federal Credit Union Platinum card worth it?
If paying down a transferred balance or maintaining a low APR is one of your top priorities, the Navy Federal Credit Union Platinum card’s introductory offer on balance transfers and remarkably low APR make it a smart choice, as its low ongoing APR will be a big help if you aren’t able to pay off your transferred balance during the introductory period.
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*All information about the Navy Federal Credit Union Platinum credit card has been collected independently by CreditCards.com and has not been reviewed or approved by the issuer.
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