Credit Cards

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

Editorial IndependenciaWe want to help you make more informed decisions. Certain clearly marked links on this page may take you to a partner website and may earn us a referral fee. For more information, see How we make money. Navy Federal Credit Union Platinum Credit Card Editor’s Score: (N/A)

Editor’s Score: (N/A)

Last updated February 8, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

NextAdvisor’s Take

advantages

  • Intro 0% APR for balance transfer requests made within 30 days of account opening
  • No annual fee, no foreign transaction fee, no cash advance fee, and no balance transfer fee
  • Low continuous APR
  • Comes with a handful of travel and consumer benefits

Cons

  • 0% introductory 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 does not offer any rewards, but 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 federal members of the Navy can apply. But keep in mind that there are other cards with longer introductory periods that may be better suited to your debt-payment goals or your next big purchase.

Additional card details

  • Qualify for 0% APR on balance transfers for 12 months, followed by a variable APR from 5.99% to 18.00%
  • No balance transfer fee
  • Get prequalified with no impact on your credit score
  • Secondary coverage of rental vehicles in rental periods of 15 days or less
  • Travel and emergency assistance services
  • Cell phone protection (up to $600 per claim, depending on the terms of your approval) 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 balance transfer offer and lack of balance transfer fees also make it a solid balance transfer credit card option.

Annual quota

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 welcome cash offer.

introductory offer

Get 0% APR on balance transfers for 12 months, after which a variable APR of 5.99% to 18% applies. Offer applies to balance transfer requests made within 30 days of account opening. This card also doesn’t charge balance transfer fees, which is quite rare among balance transfer cards.

rewards

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

Rate

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 of up to $20 and a penalty APR of up to 18%.

Other benefits

Navy Federal Credit Union’s Platinum Card comes with secondary auto rental 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, though a $50 deductible applies to use this coverage. Please note that the value of this protection varies depending on whether you are issued a Visa or Mastercard at the time of account approval.

Navy Federal Credit Union Platinum Card Benefits

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

In addition to this card’s low APR and introductory offer, we also like the fact that there are no major fees, including balance transfer fees.

Navy Federal Credit Union Platinum Card Drawbacks

There are two main downsides to this card, the first being the lack of rewards. In 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 after the introductory period ends.

For example, the Wells Fargo Active Cash Card offers a fixed 2% cash back on everything you buy, with a 0% APR on both purchases and balance transfers for 15 months (followed by a variable APR of 14, 99%, 19.99%, or 24.99% ).

The second drawback 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 can join Navy Federal if you are an active duty military, retired military, veteran, or eligible member of the family of an existing member. You can also join if you are a civilian working for the Department of Defense.

How to use the Navy Federal Credit Union Platinum Card

If you are a member of Navy Federal and eligible to apply, please consider pre-qualifying before submitting a full application. This can help you learn more about what you qualify for before undergoing a hard credit check.

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

If you plan to take advantage of the balance transfer offer, please make your balance transfer request within 30 days of opening your account. During the 0% introductory periods, put as much extra money into your debt as possible. After 12 months, your transferred debts will begin to accrue interest at the regular variable interest rate of this card.

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 more, and some offer rewards for your spending.

Since there are no ongoing rewards, you may want to consider whether this card is a good option for your spending after the introductory period. A card with cash back rewards on everyday spending could help you save money on purchases after paying off existing debt.

Navy Federal Credit Union Platinum Card Compared to Other Cards

More information external link icon

Wells Fargo Reflect℠ Card

Editor’s Score: (4.2/5)

Editor’s Score: (4.2/5)

introductory offer: 5.0

balance transfer fee: 3.0

transfer time: 5.0

current april: 3.5

other penalty fees: 3.5

rewards: 3.0

other benefits: 4.0

Last updated February 8, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

More information external link icon Citi Simplicity® Card

Citi Simplicity® Card

Editor’s Score: (4.0/5)

Editor’s Score: (4.0/5)

introductory offer: 4.5

balance transfer fee: 3.5

transfer time: 5.0

April in progress: 3.0

other penalty fees: 4.5

rewards: 3.0

other benefits: 3.5

cash back rating: N/A

Last updated February 8, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

  • Introductory Offer:

    N/A

  • Annual quota:

    $0

  • ordinary APR:

    14.74% – 24.74% (varies)

  • Recommended Credit:

    670-850 (Good to Excellent)

  • More informationexternal link icon On our partner’s secure site

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

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

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

Before you apply, consider other cards that may better fit your specific financial goals. If you want 0% APR and spending rewards with no annual fee, other rewards cards, including cash-back credit cards, may be better options in the long run.

Frequently asked questions (FAQ)

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

This card is available to people 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 bills and expenses, or to transfer high-interest debt from other cards. You can save money on interest by paying off transferred balances as quickly as possible and keeping revolving debt to a minimum.

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