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Last updated on October 6th, 2021
Navy Federal Visa® Platinum
Designed for Carrying a Balance
- Regular Purchase APR 5.99% to 18% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 5.99% to 18% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 7.99% to 20% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Excellent , Good , Fair
- Processing Network Visa
- No annual fee
- 0% introductory APR for the first 12 months after opening account
- No foreign transaction fees
- Regular Purchase APR: 5.99% to 18% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months from account opening date
- Balance Transfer APR: 5.99% to 18% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 7.99% to 20% variable based on the Prime Rate
- Cash Advance Transaction Fee: None if performed at a Navy Federal branch or ATM. Otherwise, up to $1 for ATM Cash Advance
- Penalty APR: 18%
- Late Payment Penalty Fee: Up to $20
- Return Payment Penalty Fee: Up to $20
At a Glance
The Navy Federal Visa Platinum is a balance transfer credit card from Navy Federal Credit Union. The card has an excellent low APR of around 8% for those with excellent credit, as well as an impressive introductory APR of 0% for the first 12 months on balance transfers. The card features no annual fees, no foreign transaction fees, and the regular suite of protections and services members have come to expect from Navy Federal Credit Union and Visa.
Ideal for Those Who:
- Are a member of Navy Federal Credit Union
- Have an existing credit card balance you want to transfer and reduce
- Want an excellent APR
- Don’t want to pay an annual fee
Navy Federal Visa Platinum Card Review
The Navy Federal Visa Platinum card is a balance transfer credit card for members of the Navy Federal Credit Union (NFCU). Balance transfer cards differ from other types of credit cards in that they specialize in providing a low APR – much lower than a rewards credit card, for example. These extremely low-interest rates make them great for transferring balances from cards with higher interest rates – then using the balance transfer card to pay down the accumulated debt.
The Navy Federal Visa Platinum card, like other balance transfer cards, has a very competitive typical APR of around 8% for those with excellent credit scores. While those with fair credit scores or good credit scores can likely expect a higher standard APR, the rates will still be advantageous when compared to many similar cards with larger lenders – one of the benefits of being an NFCU member. As with most credit cards, however, it should be noted that interest rates may vary based upon both creditworthiness and the Prime Rate.
New cardholders also benefit from a special introductory offer of 0% APR on balance transfers for the first 12 months after opening their account, meaning new account holders can get a jump on whittling down their balance for an entire year before they revert to the already competitive balance transfer APR – a great perk!
As with other card options from NFCU, the Navy Federal Visa Platinum features no annual fee, no foreign transaction fees, and no fees for balance transfers or cash advances. Members also have access to the host of protections provided by Visa, including collision damage waivers, travel and emergency assistance, and protections for purchases to cell phones or any item with a warranty.
Should You Apply for the Navy Federal Visa Platinum Card?
Balance transfer and low APR cards might not be something you use for everyday purchases, but they serve a valuable role in every wallet. Cards with low APRs help finance larger purchases and are a great way to carry a balance, should you choose to do so. In this regard, the Navy Federal Visa Platinum is a reliable tool for those who either prefer to carry a balance on their card, want to make a significant purchase, or who want to conduct a balance transfer. The typical APR for those with excellent credit is significantly below what you might expect from a major bank – just one of the benefits of banking with Navy Federal Credit Union. Another benefit is the impressive 0% introductory APR for 12 months – ideal for any balance transfers.