To start off the new year with a bang, Navy Federal Credit Union introduced five new credit card bonuses on Tuesday.
Ranging from balance transfer offers to raised welcome bonuses in the form of points, NFCU is helping members get their finances in order in 2022.
Select details the five offers from the credit union and what you need to know about credit union credit cards.
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Navy Federal Credit Union credit card offers for 2022
NFCU is known to offer member-friendly financial products from checking accounts to mortgages and auto loans. But it's betting on their credit cards by debuting unique bonuses and offers to start the year off. The offers are:
You can earn $150 cash back by spending $1,000 in the first 90 days of opening the account. You will also have 0% APR on balance transfers for the first six months of card membership. After the intro period, the card APR will be 9.65% - 18.00%.
The card also offers 1.75% cash back on all purchases to members with direct deposit at NFCU. This is a decent cash back credit card as you can passively earn cash back without any restrictions or categories. However, the Citi Double Cash® Card offers a more competitive cash-back rate: you'll earn 2% cash back, specifically 1% on all eligible purchases and an additional 1% after you pay your credit card bill (see rates and fees). Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi TravelSM portal through 12/31/24.
Additionally, this card doesn't have an annual fee.
You can earn 30,000 bonus points (a $300 value) by spending $3,000 in the first 90 days of opening the account.
The card will have a variable APR between 15.24% - 18.00%.
The card comes with a $0 annual fee for the first year, and $49 thereafter.
This card is a perfect way to refinance your holiday expenses as it offers 0% APR on balance transfers for 12 months, with a variable APR between 5.99% - 18.00% afterwards. However, the card does not offer a welcome bonus of cash back or points.
This card doesn't have an annual fee.
Similar to the Platinum card above, this card offers a 1.99% intro APR on balance transfers for 12 months, with a variable APR between 9.65% - 18.00% afterwards.
This card doesn't have an annual fee.
You can earn 20,000 bonus points (a $200 value) by spending $2,000 in the first 90 days of opening the account. And as you spend on the card, you will earn:
- 3X points per dollar spent at restaurants
- 2X points per dollar spent on gas
- 1X points per dollar spent on everything else
This card doesn't have an annual fee.
Be sure to act soon as all of these offers expire Feb. 28, 2022.
What to consider when researching credit union credit cards
While credit union credit cards may not be the most popular or famous credit cards on the market, they can still provide significant value to consumers. So if you're considering a credit union credit card, consider these few points before choosing one:
Your financial goals
Do you need a way to escape credit card debt with heavy interest rates? Are you aiming to travel extensively in 2022 and want to save on those costs? Or do you simply want more spending power?
Whichever your reason is, it is important to analyze your financial situation, and your budget, to figure out where you are in your financial journey. Based on your short- and long-term goals, you should find a card that most closely aligns with those goals.
Travel rewards or cash back
The vast majority of credit cards offer either travel rewards points or cash back as incentives for you spending on the cards. However, it's best to reflect on your current financial situation to determine which is the better option for you.
For example, if you're trying to save money to fill your emergency fund or continue paying down debt, a cash-back credit card is likely the better option.
Consider looking outside your credit union
If you're currently a member of a credit union, or just considering it, you aren't locked into only having financial products from it. When searching for a new credit card, consider other issuers as you may find a credit card that is a better fit for your needs. Many of the bigger banks offer credit cards with huge welcome bonuses.
Bottom line
Navy Federal CU announced five valuable credit card offers on Tuesday to start the new year. In the coming weeks, it wouldn't be shocking if more credit unions and banks alike continue to introduce new offers to entice new customers.
But 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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Information about the cashRewards Credit Card, Visa Signature® Flagship Rewards Credit Card, Platinum Credit Card, More Rewards American Express® Card, More Rewards American Express® Card, GO REWARDS® Credit Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
