The Navy Federal Credit Union recently introduced five new promotional offers featuring opportunities to earn rewards points and cash back, among other benefits, to help its members get their finances in order this summer.
Here, Select details the five latest offers from the popular credit union — and what you need to know about credit union credit cards.
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Navy Federal Credit Union credit card welcome offers
NFCU is known for offering member-friendly financial products from checking accounts to mortgages and auto loans. To become a member of the NFCU, you need to be a veteran, have current ties to the armed forces, National Guard or Department of Defense, or have an immediate family member with a Navy Federal membership. The latest offers are:
This offer is available through Jan. 01, 2024 and lets new cardholders earn 30,000 points, representing a value of $300, after spending at least $3,000 within 90 days of opening your account.
Among other perks, such as being able to earn 3X rewards points on travel-related purchases and 2X points for everything else, you'll also get a free year of Amazon Prime (currently $139 value).
This card is best for those with very good to excellent credit who are interested in maximizing travel rewards. Note that this card does have a $49 annual fee after 12 months, but is free for the first year.
New cardholders have access to an introductory 1.99% APR on balance transfers and purchases made with the card for six months after account opening with this offer, which expires Aug. 31 (after 9.90%–18.00%, variable).
With no annual fee, this rewards card is best for those with average to excellent credit who interested in earning 3X points on dining, gas and transit, as well as at restaurants and with certain food delivery services (and 1X points for everything else).
You can earn $100 bonus cash back after spending $2,000 within 90 days of card membership, and enjoy an introductory 1.99% APR on purchases for the first six months following account opening (after, 10.40–18.00%, variable) — as long as you take advantage of this offer by Oct. 31.
This no annual fee card is best for those with average to excellent credit who are interested in getting cash back on everyday spending — 1.75% cash back for members with direct deposit or 1.5% cash back for those without direct deposit.
New cardholders who take advantage of this offer, which expires Aug. 31, can take advantage of its 0% introductory APR to make large purchases within the first 12 months of opening your account — or transfer their non-Navy Federal Credit Union balances within the first six months to receive the same benefit (afterward, 6.74% to 18.00%, variable).
There is no annual fee, making this card best for those with average to excellent credit, anyone with large purchases to pay off, and cardholders who appreciate low introductory interest rates, especially when it comes to balance transfers.
You can earn 20,000 rewards points — which are worth $200 in value and can be redeemed for travel, cash, merchandise or gift cards — after spending $2,000 within the first 90 days of account opening. The card also offers a 9.24%-18.00% APR. Note that this promotion ends Aug. 31.
There is no annual fee for this card, which is best for those with average to excellent credit. Cardholders can earn 3X points at restaurants, 2X points for gas and 1X points for all over purchases made with the card, making it ideal for those with busy lifestyles who enjoy dining out.
What to consider when researching credit union credit cards
Credit union credit cards have a lot to offer to consumers, even if these cards aren't the most popular ones around. If you're considering a credit union credit card, weigh a few factors before deciding on one:
Your financial goals
Are you hoping to minimize your interest rates? Are you planning to travel or shop a lot in just 2022 and want to save on those costs? Or do you just want the ability to spend more money?
No matter your goals: It's crucial to understand both your comprehensive financial situation as well as your budget to determine where you are in meeting your financial milestones. Based on your short- and long-term goals, you should choose a card that most closely aligns with those goals.
Travel rewards or cash back
Most credit cards offer either travel rewards points or cash back as incentives for you spending on the cards. However, it's important to consider your current financial situation to decide which is better for you.
Consider looking outside your credit union
If you're currently a member of a credit union, you aren't locked in to only using its own financial products. In fact, a different card might me better for you.
Many of the bigger banks offer credit cards with huge welcome bonuses. For example, the Capital One Venture Rewards Credit Card currently has a 75,000 mile welcome bonus after spending $4,000 on purchases within 3 months from account opening. Those miles are worth $750 toward travel purchases from your statement, or potentially even more when transferring your miles to one of Capital One's airline or hotel partners. (See rates and fees).
Bottom line
NFCU announced five credit card offers to kick off July, but just note these cards are only available to NFCU members.
Before you apply for your next credit card, be sure to analyze your budget to see what your current financial needs are. And finally, evaluate your own personal finance habits to see if a credit card is the right tool for your wallet.
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