Last updated on February 22nd, 2023
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Navy Federal cashRewards World Mastercard®
Navy Federal cashRewards World Mastercard®
- 14.65% to 18.00%% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 14.65% to 18.00%% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 16.65% to 20.00% variable based on the Prime Rate Cash Advance APR
At a Glance
The Navy Federal cashRewards World Mastercard® is a versatile cash back rewards credit card for current and former servicemembers who want the flexibility to choose where they use their rewards – while saving money and building their credit. Issued by Navy Federal Credit Union, this card features unlimited 1.5% cash back rewards and exclusive member deals only available to cardholders.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 1.5% cash back on purchases
- Get $200 Bonus Cash
- No annual fee or foreign transaction fees
- No balance transfer fee or cash advance fees
- No rewards limit, no rewards expiratio
- Regular Purchase APR: 14.65% to 18.00%% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 14.65% to 18.00%% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 16.65% to 20.00% variable based on the Prime Rate
- Cash Advance Transaction Fee: None if performed at a Navy Federal branch or ATM. Otherwise, up to $1 per transactio
- Penalty APR: 18.00%
- Late Payment Penalty Fee: Up to $20
- Return Payment Penalty Fee: Up to $20
- You're a current or former member of the United States Armed Forces
- You want to save money by using a credit card with no annual fees and no foreign transaction fees
- You want to put more money back into your wallet by earning 1.5% cash back on all qualifying purchases towards a statement credit
- You want a credit card that has no rewards limit and no rewards expiration
- You will make purchases totaling $2,500 in the first ninety days of opening an account to earn a special introductory cash back bonus of $200
The Navy Federal cashRewards World Mastercard® Review
The Navy Federal cashRewards World Mastercard is an all-purpose cash back card that’s perfect for folks who want to earn 1.5% back for every dollar spent on eligible everyday purchases, large and small. Earn cash back and redeem it immediately, or save up for a big statement credit – this card has flexible redemption options.
How to Earn Cash Back with the cashRewards World Mastercard® from Navy Federal Credit Union
Earning cash back with the Navy Federal cashRewards World Mastercard is as easy as swiping your card on any purchase. You won’t even need to change your spending habits – you’ll earn that 1.5% cash back for all qualifying purchases (including gas, groceries, movie tickets, holiday gifts – you name it). Unlimited rewards mean the more you spend, the more cash back you’ll earn, with no restrictions – earn as many rewards as you’d like before you redeem. Best of all, your cash back rewards will not expire.
Rewards are earned for purchase transactions. The following transactions do not count as purchase transactions, per Navy Federal Credit Union:
- Cash advances
- Convenience checks
- Balance transfers
- Fees of any kind
- Purchase, loading or reloading of gift and prepaid cards, money orders, and other cash equivalent gift cards
Special cashRewards World Mastercard® Bonuses
New cardholders have the opportunity to earn a special one-time introductory bonus of $200 by spending $2,500 within 90 days of their account approval. This generous incentive is particularly intriguing since cash back is earned at a rate of 1.5%. In order to match the $200 bonus here, a cardholder would need to spend close to $16,700 outside of this introductory period.
Perks from Navy Federal Credit Union
Each card from Navy Federal Credit Union comes with numerous cardholder benefits. As well as dedicated resource pages designed to help you learn about credit cards, how credit works, how to apply for a card, and how to transfer a balance, cardmembers can take advantage of:
- 24/7 access to stateside member representatives
- No foreign transaction fees
- No balance transfer fees
- Freeze and unfreeze your cards whenever you want – if you suspect your credit card information or personal information has been stolen or compromised, Navy Federal Credit Union makes it easy to freeze your account until you’re able to properly determine if there was a data breach, or report unauthorized card use.
- Zero Liability policy for unauthorized transactions
- Fraud notifications
- Access to your FICO® Score
cashRewards Card Mastercard® Features
In addition to unlimited cash back rewards and no rush for redemption of your rewards, the cashRewards World Mastercard® also features benefits that are exclusive to Mastercard, which include:
- Collision Damage Waiver (MasterRental®)
- Extended warranties with Mastercard’s Purchase Assurance
- Cellular wireless telephone protection
- MasterAssist® travel assistance services
- Mastercard ID Theft Protection™
- Mastercard Global Service™ for lost and stolen cards, card replacement and emergency cash advances
- Mastercard Airport Concierge™
- ShopRunner® – Access to free two-day shipping and free return shipping from more than 140 of the top online stores. Your ShopRunner membership is complimentary with your card; without a card, it costs $79 each year.
- Mastercard Travel and Lifestyle Services (vacation planning
- Price Protection
Should You Apply for the Navy Federal cashRewards World Mastercard®?
The Navy Federal cashRewards World Mastercard® is a prime example of a credit card that is great for credit beginners who want to earn cash back while building their credit profile. There are, of course, comparable cash back rewards cards that offer a higher reward value – the Randolph-Brooks Cashback Rewards Mastercard®, for example, offers 2% cash back on all purchases with many of the same features – but not all are designed specifically with U.S. Armed Forces members and their families in mind. Cardholders will save beaucoup bucks thanks to the elimination of fees – there’s no annual fee, no balance transfer fee, no cash advance fee. And for those serving overseas, there are no foreign transaction fees, which is particularly useful for cardholders who are stationed abroad.
The introductory cash back bonus of $200 is particularly generous, considering it can be earned by spending $2,500 in the first three months of account approval. Typically, cash back rewards are earned at a rate of 1.5%, which means each cardholder would need to spend a substantially larger amount in order to earn $200 in rewards outside of this introductory period.