2021 Review: Navy Federal Credit Union Platinum Card – For Paying Off Debt
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The Navy Federal Credit Union Platinum Card has an attractive balance transfer offer, including a rare feature — no balance transfer fee. But that’s about all there is to this card. You’ll need to be an NFCU member to apply, which requires having eligible ties to the military.
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Our Rating: 4 Out of 5 Stars
We give the Navy Federal Credit Union Platinum Card 4 out of 5 Stars. It provides a good opportunity for balance transfers but little else.
Why We Like It
- Solid intro balance transfer offer: 0% for 12 months, then 5.99% - 18.00% Variable
- No balance transfer fee
- No foreign transaction fee
- No annual fee
Why It Could Be Better
- Must join NFCU to apply for the card, and access is limited — learn about NFCU eligibility here
- No 0% APR for purchases
If you have another credit card with a balance that’s accruing interest, the Navy Federal Credit Union Platinum could help you avoid those pesky interest charges.
You can move that balance to this card and pay it down while it accrues no interest for a set time. And the best part? There’s no balance transfer fee.
However, there aren’t any rewards, so if you can, we suggest pairing it with a rewards credit card for your everyday spending.
Insider Advice: Getting the Most Out of Your Card
- Got credit card debt? Use the NFCU Platinum for balance transfers: This is an excellent card for balance transfers thanks to this special combo: It has a lengthy 0% APR for balance transfers, along with no transfer fee. If you’re struggling with debt on another credit card, you can move it to the NFCU Platinum for free and pay it down over time at no extra cost.
- Transfer a balance quickly to get the 0% rate: You’ll have 30 days from your account opening to take advantage of the 0% APR balance transfer offer.
- It’s not bad for international travel: Although you won’t earn rewards for travel expenses with this card (or for any other expenses), there are no foreign transaction fees and it’s available as either a Visa or Mastercard, making it a reliable payment method when you’re outside the U.S.
- Check out your benefits: There aren’t any luxury perks with the NFCU Platinum (you won’t easily confuse it for The Platinum Card® from American Express (Review)). But you do have access to useful protection and insurance benefits, which could save you some money if something goes wrong with a purchase or rental car, or even if you just find a better price. And you can easily keep tabs on one of your credit scores, a nice tool if you’ve been trying to pay down a balance and improve your credit.
The Navy Federal Credit Union Platinum credit card provides a pretty useful selection of perks, depending on what kind of card you choose. If you’re issued the Mastercard version, you’ll get a few additional protections. Otherwise, you’ll likely still get some value from the cell phone protection, travel insurance, and credit score monitoring tool.
- Free FICO credit score: See your FICO Score 9, based on your Equifax credit report, whenever you’d like.
- Cell Phone Protection: Pay your monthly cell phone bill with the card to get coverage for theft and damage.
- Price Protection (Mastercard only): Get reimbursed if you find an eligible purchase being sold for less.
- Purchase Assurance Coverage (Mastercard only): Eligible purchases are covered against damage and theft for 90 days.
- Extended Warranty (Mastercard only): Eligible manufacturer’s warranties of 12 months or less can be doubled.
- Airport Concierge (Mastercard only): Get a 15% discount on eligible Meet and Greet airport services, in which an agent escorts you through departure, arrival, and connecting flights.
- Collision Damage Waiver: Get coverage for theft and damage of rental vehicles, as long as you decline the rental company’s own insurance.
- Travel and Emergency Assistance: Provides help with medical and legal emergencies, lost luggage, and more
- Contactless purchases: Tap-to-pay at eligible checkout terminals.
The Terms & Fees
|Purchase APR||Balance Transfer APR||Cash Advance APR|
|5.99% - 18.00% Variable||0% for 12 months, then 5.99% - 18.00% Variable||2% above your variable APR. This APR will vary with the market based on the U.S. Prime Rate|
|Annual Fee||Foreign Transaction Fee|
|Balance Transfer Fee||Cash Advance Fee|
|None||None if performed at a Navy Federal branch or ATM. Otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction|
|Penalty APR||Late Fee||Returned Payment Fee|
|18.00%||Up to $20||Up to $20|
Take note you’ll need to request a balance transfer within 30 days of your account opening in order to qualify for the intro 0% interest rate offer.
The Bottom Line
If you’re in the market for a balance transfer, the Navy Federal Credit Union Platinum Card wouldn’t be a bad choice. It can help stem the overwhelming tide of interest charges, and hopefully give you some relief if your balances have begun to pile up. Transferring some debt here, with no balance transfer fee, could take some of the pressure off as you pay it down at 0% interest.
While some other balance transfer cards may offer longer 0% periods, most also have transfer fees. Plus, there’s no foreign transaction fee here, meaning you can use it outside of the U.S. without worrying about incurring any extra charges.
But if you’re looking for anything else, you’d better look elsewhere. This card is somewhat of a one-trick pony. You could consider pairing it with a cash back card so you can pay down a balance and earn rewards at the same time.
How Do I Apply for the NFCU Platinum Card?
What Credit Scores Do You Need to Get the NFCU Platinum Card?
The NFCU Platinum doesn’t require platinum credit scores — it’s designed for fair credit, like many credit union cards.
Fair credit is usually considered to be a FICO score of 580–669, or a VantageScore of 650–699.
But remember that credit card approval decisions rely on more than just credit scores. Several other factors, like income and monthly debt obligations, affect your creditworthiness too and can sway the decision one way or another.
Frequently Asked Questions
How long is the NFCU Platinum card’s 0% balance transfer introductory period?
The intro balance transfer offer is:
- 0% interest for 12 months, then 5.99% - 18.00% Variable
Curious about how balance transfers work? Take a look at our in-depth guide.
Does the NFCU Platinum card have a balance transfer fee?
No, the NFCU Platinum card doesn’t have a balance transfer fee.
You can see all of the card’s terms & fees right here.
How long do I have to transfer a balance to the NFCU Platinum card at 0% APR?
You’ll have 30 days after account opening to request a balance transfer that qualifies for the intro 0% APR.
Alternatives to the Navy Federal Credit Union Platinum Card
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For rates and fees of The Platinum Card® from American Express, please click here.
Evan graduated from SUNY Oswego with a degree in journalism and creative writing. In his professional writing career, he strives for precision and comprehension in his work. He’s written news articles, blog posts, and copy, working across a slew of different mediums. With in-depth research and great care for accuracy and detail, he now works to bring you the most up-to-date credit information.
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