Navy Federal Credit Union Platinum Card Review
- No annual fee
- No balance transfer fee
- Generous APR for balance transfers
- Low regular APR
- No perks offered
- No promotional APR for purchases
- Only NFCU members are eligible to apply
Navy Federal Credit Union® Platinum Card Overview
The Navy Federal Credit Union Platinum card stands out among other balance transfer cards due to its lack of a balance transfer fee, which is uncommon among cards in this category. The card also offers no annual fee and a generous promotional APR on balance transfers. And while the card doesn’t offer a promotional APR for purchases, the regular starting APR is well below the national average for credit cards that incur interest. But there’s a catch: You may not be eligible to apply for this card due to Navy Federal’s membership requirements.
Benefits of the Navy Federal Platinum Card
Here’s a more in-depth look at the benefits the Navy Federal Credit Union Platinum card offers.
No Annual Fee
Annual fees can really add up and make you question if having a certain credit card is worth it. However, the Navy Federal Credit Union Platinum card features no annual fee, which saves you money year after year.
No Balance Transfer Fee
The card also features no balance transfer fee. In fact, the Navy Federal Credit Union Platinum card is the only card in the study that does not charge this fee. Here’s an idea of how much you could potentially save with this card: Among the balance transfer cards that GOBankingRates included in the study, balance transfer fees range from 3%-5% of each balance transfer. And if you were to transfer a balance of $2,000 to a card with a balance transfer fee of 5%, you would pay $100 in fees.
Promotional APR for Balance Transfers
A low promotional APR for balance transfers can be really helpful if you’re looking to pay off your debt within a short amount of time without high interest.
The NFCU Platinum credit card offers a 0.99% introductory APR on balance transfers for a term of 12 months, then an APR of will apply. And while a 12-month promotional APR period isn’t the longest offered among balance transfer cards, it’s in line with the majority of credit cards in this category — and much better than the six-month promotional period that some cards offer. You could opt for a card with a 14-, 15- or 18-month promotional APR period, but you’d likely have to pay a balance transfer fee.
You may want to note, however, that many of the top balance transfer cards offer a 0% introductory APR. So, while NFCU’s 0.99% introductory APR certainly puts it among the most appealing options for balance transfers, there are other cards that come with a lower rate.
Low Regular APR
The card’s regular APR of is considerably lower than any other card in GOBankingRates’ Best Balance Transfer Credit Cards of 2022, and the rate is the same for purchases and balance transfers.
Disadvantages of the Navy Federal Platinum Card
All credit cards have features that are less desirable. Here are the disadvantages of the Navy Federal Credit Union Platinum card.
No Perks Offered
Unlike some other balance transfer cards, the NFCU Platinum card does not offer any perks like cash back, miles, points or cash bonuses. However, many of the balance transfer cards that offer those perks also carry a balance transfer fee.
No Promotional APR for Purchases
This card does not feature a promotional APR for purchases. Note that if you qualify for the best credit terms, the regular purchase APR you receive could be as low as , which beats out all the other cards in our list of Best Balance Transfer Cards of 2022. And even on the high end, at 18.00%, this card’s APR is much lower than many of its competitors, many of which have rates above 25.00%.
Only NFCU Members Are Eligible To Apply
Another drawback is that you have to be a Navy Federal Credit Union member to apply for its Platinum card. And unlike some credit unions, Navy Federal has pretty strict requirements for joining. To apply, either you or a member of your household or family must have ties to the armed forces, National Guard or Department of Defense.
Is the Navy Federal Credit Union Platinum Card Right for You?
The Navy Federal Credit Union Platinum card ranked No. 4 in GOBankingRates’ Best Balance Transfer Cards list due to features such as no balance transfer fee — which is uncommon among balance transfer credit cards — a low introductory APR on balance transfers for 12 months, no annual fee and a low regular APR for both purchases and balance transfers.
The card does have its drawbacks, such as no perks, like cash back, miles, points or cash bonuses. It also doesn’t offer a promotional APR for purchases. However, if your reason for applying for the card is to pay off high-interest balances with no fees and a 0.99% APR for 12 months and then a low regular APR thereafter, those perks may not matter as much. If this card sounds perfect for your wallet, be aware that not just anyone is eligible to apply. You, a family member or someone living in your household has to have ties to the armed forces, National Guard or Department of Defense.
Editorial Note: 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.