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Navy Federal Platinum Credit Card Review

Navy Federal Platinum Credit Card Review

Intro BT APR
0.99% intro APR for 12 months. After, a 8.24% and 18.00% variable APR applies.
No balance transfer fee
$0 fee to transfer a balance from another credit card.
No annual fee
$0 annual fee to carry the Navy Federal Platinum Credit Card.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Navy Federal Platinum Credit Card best for?

When you’re trying to get rid of credit card debt, a balance transfer card with a 0% intro APR can be a powerful tool. But what if you don’t want to pay the typical 3% to 5% balance transfer fee? While rare, cards with no balance transfer fee exist. The Navy Federal Platinum Credit Card is just such a card.

However, be aware that not everyone can get the Navy Federal Platinum Credit Card. NFCU membership is required, meaning you must be a United States military member or have a military connection to be eligible. More details on those requirements can be found below.

If you are eligible to join or are currently a NFCU member, the Navy Federal Platinum Credit Card allows up to a year of no interest for balance transfers. It’s also unique in that it can be issued as a Mastercard or a Visa and comes with a potentially low ongoing APR.

Navy Federal Platinum Credit Card overview

    • Intro 0.99% APR on balance transfers for 12 months. Applies to balance transfers requested within 60 days of account opening
    • After the intro period, a 8.99% to 18.00% variable APR applies
    • No balance transfer fee
    • No annual fee
    600 660 720 850
    Excellent/Good/Fair
  • Rental car collision damage waiver
  • Travel and emergency assistance
  • Free access to your FICO® Score

Intro Purchase APR

N/A

Regular Purchase APR

8.99% to 18.00% (variable)

Intro BT APR

0.99% introductory APR for 12 months* *Applies to balance transfers requested within 60 days of account opening

Regular BT APR

8.99% and 18.00% (variable)

Annual Fee

$0

Cash Advance Fee

N/A

Foreign Transaction Fee

$0

Balance Transfer Fee

$0

Pros and cons

Pros

  • $0 balance transfer fee
  • 0% intro APR on balance transfers
  • Low ongoing interest rate
  • $0 foreign transaction fee
  • $0 annual fee

Cons

  • No intro APR on purchases
  • Short intro APR period on balance transfers
  • Credit union membership required

What we like about the Navy Federal Platinum Credit Card

  • There's no balance transfer fee

    Cards with no balance transfer fee are relatively rare. Many balance transfer cards charge a balance transfer fee of 3% to 5% of the amount transferred. That can add up — for example, transferring $3,000 with a 5% balance transfer fee means paying an additional $150.

  • Intro APR on balance transfers

    The Navy Federal Platinum Credit Card offers a 0.99% introductory APR for 12 months* *Applies to balance transfers requested within 60 days of account opening, after which a 8.99% and 18.00% (variable) APR applies.

    This isn’t the longest 0% intro APR period available on a balance transfer card, but it is a reasonable amount of time. Combined with the $0 balance transfer fee, having a year of no interest makes this an exceptional balance transfer card.

  • The regular APR is relatively low

    If you’re looking for an ongoing low APR card to revolve a balance from time to time, the Navy Federal Platinum Credit Card offers a very competitive APR of 8.99% to 18.00% (variable).

    Of course, you won’t know if you qualify for the low end of the APR range until you apply, but if you’re credit score is in the excellent range, the odds of getting that low rate could be good,

  • Doesn't charge a foreign transaction fee

    If you travel abroad, you don’t have to worry about being charged an extra fee on every transaction you make. The Navy Federal Platinum Credit Card has a $0 foreign transaction fee.

  • No annual fee

    You won’t have to pay just for keeping the card open, since it has an annual fee of $0.

What to watch out for with the Navy Federal Platinum Credit Card

  • Purchases don't get an intro APR

    The Navy Federal Platinum Credit Card offers an intro APR period on balance transfers but not purchases. If you’re planning a big purchase and need a card with an intro APR on new purchases, check out our list of best 0% APR credit cards for long intro periods instead.

    Any purchases you make on the Navy Federal Platinum Credit Card will accrue interest at the regular purchase APR of 8.99% to 18.00% (variable).

  • Short balance transfer intro period

    While intro APR on balance transfers for a year is good, especially without the fee, it’s not exceptional. It’s possible to get up to 21 months of a 0% intro APR with other balance transfer credit cards. However, those cards charge balance transfer fees. But if you need more time to pay off your transferred debt, a balance transfer fee might be worth it in the long run.

  • Military connection required

    To apply for the Navy Federal Platinum Credit Card, you must join Navy Federal Credit Union. Membership is open to active duty military members, retired military and veterans, family members (including adopted and stepchildren) and United States Department of Defense civilian employees.

Alternate balance transfer card

Compare it with the Citi® Double Cash Card – 18 month BT offer

| Disclosures
Citi® Double Cash Card – 18 month BT offer
Citi® Double Cash Card – 18 month BT offer
on Citibank's secure site
N/A
17.74% - 27.74% (Variable)
$0
Earn 2% on every purchase with unlimited 1% cash back when you
  • Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
  • To earn cash back, pay at least the minimum due on time.
  • Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 17.74% - 27.74%, based on your creditworthiness.
  • Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
  • If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
  • There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
660 720 850
Excellent/Good

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

The Citi® Double Cash Card comes with three major advantages compared to the Navy Federal Platinum Credit Card: it doesn’t require membership to apply, it offers a longer 0% intro APR on balance transfers, and it has a stellar cash back program which makes it worth keeping around after you pay off your balance.

Whereas the Navy Federal Platinum Credit Card requires NFCU membership, anyone can apply for the Citi® Double Cash Card (note that you should have excellent/good credit to have a realistic chance of approval).

The Citi® Double Cash Card offers a longer intro APR of 0% for 18 months on balance transfers, after which a 17.74% - 27.74% (variable) APR applies.

In addition, the Citi® Double Cash Card lets cardholders earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. Once you pay off your transferred balance, the Citi® Double Cash Card is worth keeping in your wallet for everyday purchases. Meanwhile, the Navy Federal Platinum Credit Card is a fairly no-frills card that does not earn rewards.

The caveat, of course, is that with the Citi® Double Cash Card there is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.

You’ll pay a $0 annual fee for the Citi® Double Cash Card , but beware the 3% foreign transaction fee.

Compare the Navy Federal Platinum Credit Card to similar cards

Comparison of four different credit cards
Navy Federal Platinum Credit Card Citi<sup>®</sup> Double Cash Card – 18 month BT offer Wells Fargo Reflect<sup>®</sup> Card Citi Simplicity<sup>®</sup> Card
Navy Federal Platinum Credit Card Citi® Double Cash Card – 18 month BT offer Wells Fargo Reflect® Card Citi Simplicity® Card
Read Review
Apply Now
on Citibank's secure site
Apply Now
on Wells Fargo's secure site
Apply Now
on Citibank's secure site
Annual Fee
$0 $0 $0 $0
Intro Purchase APR
N/A N/A 0% intro APR up to 21 months from account opening 0% for 12 months on Purchases
Regular APR
8.99% to 18.00% (variable) 17.74% - 27.74% (Variable) 16.74% - 28.74% variable APR 17.74% - 28.49% (Variable)
Intro Balance Transfer APR
0.99% introductory APR for 12 months* *Applies to balance transfers requested within 60 days of account opening 0% for 18 months on Balance Transfers 0% intro APR up to 21 months from account opening on qualifying balance transfers 0% for 21 months on Balance Transfers
Regular Balance Transfer APR
8.99% and 18.00% (variable) 17.74% - 27.74% (Variable) 16.74% - 28.74% variable APR 17.74% - 28.49% (Variable)
Balance Transfer Fee
$0 There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening. 3% for 120 days from account opening, then up to 5%; min: $5 There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. Then a balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Rewards Rate
No rewards Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. None N/A
Card Details
Navy Federal Platinum Credit Card Citi® Double Cash Card Wells Fargo Reflect® Card Citi Simplicity® Card

Is the Navy Federal Platinum Credit Card right for you?

If you qualify for membership with Navy Federal Credit Union and are fairly confident you can pay off your debt within a year, the Navy Federal Platinum Credit Card is an ideal balance transfer card.

Thanks to its standout $0 balance transfer fee, you can enjoy the introductory no-interest period without having to pay 3% to 5% of the amount transferred, which is what most balance transfer credit cards will charge. And if you can’t quite pay off your balance before the intro APR period ends, the card has a very reasonable regular APR range.

However, if you can’t qualify for membership or think you’ll need a longer intro APR period, consider a card such as the Citi® Double Cash Card . You’ll pay a little more upfront due to the balance transfer fee, but you’ll have peace of mind that interest charges won’t kick in quite so soon.

The information related to the Navy Federal Platinum Credit Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.