Newest Navy Federal Promotions, Bonuses and Offers: October 2020

Navy Federal Credit Union promotions

Navy Federal Credit Union offers financial services for active and retired members of the military and certain government employees, plus their families. In the event you’re considering joining the credit union, check out its current promotions.

GOBankingRates survey found that many Americans are missing out on free money from banks because they don’t take advantage of special offers. This guide on Navy Federal bank promotions has the lowdown on how you can earn that extra cash.

Navy Federal Promotions at a Glance

As long as you meet membership requirements, you can take advantage of current Navy Federal offers and promotions, which include cash bonuses and bonus points for select credit cards. Here’s a quick overview:

Best Navy Federal Promotions: October 2020
Account Cash Value of Bonus Expiration Date
Navy Federal More Rewards American Express Card $250 Jan. 4, 2021
Navy Federal cashRewards Credit Card $150 Jan. 4, 2021
Senior Enlisted Reward Program Up to $500 None
Auto Loan Refinance $200 None

Current Navy Federal Promotions

Although there is no Navy Federal checking account bonus this month, there are other ways to earn extra cash. Read on to learn more.

Best Credit Card Promotions

If you’ve been looking for a new credit card, check out the latest Navy Federal offers.

Navy Federal More Rewards American Express Card: Bonus Points ($250 Value)

With the Navy Federal More Rewards American Express card, you earn points for every dollar you spend and redeem them for cash, travel and gift cards. It also comes with additional features, like roadside assistance and car rental discounts. For a limited time, you can boost your rewards balance with 25,000 bonus points worth $250. Here are more details:

More From Your Money
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  • Cash value: $250
  • Expiration date: Jan. 4, 2021
  • How to get it: Apply and get approved for the card, then spend at least $3,000 within 90 days of opening the account.
  • When you’ll get it: Bonus points post to rewards balance within eight weeks of meeting the requirements
  • Terms and conditions: Balance transfers and fees do not count as purchases. The account must be open at disbursement time to receive the bonus points.
  • Annual fee: None
  • Promotion page: Navy Federal More Rewards American Express bonus offer

Navy Federal cashRewards Credit Card: $150 Bonus

With this card, you earn 1.5% cash back on all purchases and enjoy an introductory annual percentage rate. New account holders also receive $150 in bonus cash when they meet certain requirements.

Here’s how to earn it:

  • Cash value: $150
  • Expiration date: Jan. 4, 2021
  • How to get it: Spend at least $2,000 within 90 days of opening the account.
  • When you’ll get it: Not specified
  • Terms and conditions: Balance transfers, fees and purchases made with convenience checks do not count as net purchases. The account must be open at disbursement time to receive the bonus points.
  • Annual fee: None
  • Promotion page: Navy Federal cashRewards credit card bonus offer

Best Non-Credit Card Promotions

While there are no Navy Federal savings account bonuses this month, there are other ways to save. Read on to learn more.

Senior Enlisted Reward Program: Up To $500 Cash Bonus

The Senior Enlisted Reward Program lets you earn $100 for each family member or friend you refer to the credit union. Navy Federal coupon codes are not required for this bonus, but referrals must meet membership criteria and provide your access number when opening their new account. Here’s more:

  • Cash value: Up to $500
  • Expiration date: None
  • How to get it: Refer active duty National Guard and Reserves E-7 through E-9 for membership and earn $100 for each one who joins, up to a $500 total reward. The referral must mention the program and provide your access number when applying for membership for you to get credit.
  • When you’ll get it: The bonus is deposited within 14 days after the referred person’s membership is approved.
  • Terms and conditions: This offer is not available to recruiters. Referring members and referred individuals must be at least 18 years old. The referral fee is contingent on the referred individual qualifying for membership.
  • Annual fee: None
  • Promotion page: Senior Enlisted Reward Program bonus offer

Auto Loan Refinance: $200 Bonus

You may not be able to take advantage of a Navy Federal business account bonus this month, but this Navy Federal offer can help you save money on your auto loan.

The credit union offers competitive rates and refinance terms ranging from 36 to 96 months. You can also earn up to $200 when you switch your auto loan to Navy Federal Credit Union.

  • Cash value: $200
  • Expiration date: None
  • How to get it: Refinance your auto loan with Navy Federal and make your first scheduled payment.
  • When you’ll get it: The bonus is credited to your savings account between 61 and 65 days after the loan origination date.
  • Terms and conditions: This offer is not available for existing Navy Federal loans. The loan amount must be at least $5,000 to qualify for the bonus. Rates and terms are subject to approval and can vary depending on factors like creditworthiness and the age of the vehicle.
  • Annual fee: None
  • Promotion page: Auto loan refinance bonus offer

Past Navy Federal Promotions

When evaluating a bank or credit union, it’s useful to look at expired bank promotions so you can see what types of deals — like a Navy Federal savings account bonus — might be available in the future. Here are a few recent Navy Federal bonuses.

Visa Signature Flagship Rewards Credit Card: $500 Value

Navy Federal customers recently had the opportunity to earn 50,000 points for spending $4,000 using their new Visa Signature Flagship Rewards card.

Here are the details:

  • Cash value: $500
  • Expiration date: Expired
  • How to get it: You had to spend $4,000 within 90 days of getting approved for the card.

Navy Federal Individual Retirement Account: $50 Cash Bonus

In this promotion, Navy Federal paid a $50 cash bonus for individuals who opened a new IRA.

Here’s what they had to do to get it:

  • Cash value: $50
  • Expiration date: Expired
  • How to get it: You had to open a new IRA with Navy Federal and deposit $50 within 45 days.

How To Open a Navy Federal Account

You must apply for membership before you can open a Navy Federal Credit Union account. Here’s what you and any joint account owners need to provide:

  • Driver’s license or government-issued ID
  • Social Security number
  • Home address
  • A way to fund your account, such as a credit card, debit card or your routing and bank account numbers to initiate a transfer

Once you’re a member, opening a checking or savings account is easy because you’ll use the same information you provided to become a member. You can open an account at a local branch or online.

Is It Time To Switch to Navy Federal Credit Union?

If you’re thinking of opening a new account and can meet the membership requirements, it might be worth your while to take advantage of Navy Federal’s October bonus offers. You can earn some decent cash, especially if you have friends and family to refer to the credit union. But promotions and offers shouldn’t be the only factors to consider when choosing a financial institution. Make sure that the financial products, loans and banking services meet your needs.

Information on promotions is accurate as of Sept. 28, 2020. Additional requirements may apply. Offers and terms are subject to change.

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 has been updated with additional reporting since its original publication.

About the Author

Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.