Navy Federal Credit Union, simply known as Navy Federal, is a global credit union chartered and overseen by the National Credit Union Administration. Its headquarters are in Vienna, Virginia. It is among the largest unions in the country. As of February 2022, the credit union had $153.5 billion in assets and 11.2 million members. We shall look at the best Navy Federal business credit cards shortly.
A credit card allows you to borrow finances from your issuer. Usually, the card comes with a borrowing limit, meaning you cannot borrow more than that. The limit depends on your credit score; poor scores have lower limits, while good scores have high limits. Your security deposit determines your borrowing limit if you get secured credit. The more your deposit, the more your limit and vice versa.
Most people think that credit cards are only obtained from banks. However, credit unions also issue such cards. You can also get debit cards from credit unions to access your checking accounts easily. The only significant difference between banks and credit unions is that unions are not profit-oriented, while banks aim to make as much money as possible.
How to get started with Navy Federal credit union
To become a Navy Federal member, you should share a common bond defined in its credit union charter. The National Credit Union Administration sets the membership criteria. The membership in the union is limited to:
- All the Department of Defense (DoD) uniformed personnel. These include the Army, Navy, Space Force, Air Force, and Marine Corps retirees and annuitants.
- All DoD serving and retired civilian employees
- All DoD reservists. These include the Air Force, Army, Navy, and Marine Corps. The qualification criteria to take into consideration is your drill status.
- All US Coast Guard uniformed personnel. They include auxiliaries, civilian employees, retirees, and annuitants.
- All Army National Guard plus the Air National Guard personnel.
- All DoD Officer Candidate programs. These include midshipmen and cadets at the United States Naval Academy, the United States Coast Guard Academy, the United States Military Academy, US Air Force Academy, and the United States Merchant Marine Academy.
- US government workers assigned to DoD installations
- All Honorably Discharged Veterans
- DoD contractors doing US government installations
- Employees of Navy Federal Credit Union
- Family members. They include spouses, siblings, grandparents, parents, grandchildren, cohabitants, and children.
- All DoD serving and retired civilian employees
If you qualify, you only need to visit the union website and navigate to become a member section to proceed. After that, you should hit the become a member section and enter the necessary details. You will need the following details to apply.
- Driver’s license or government ID
- Social Security Number
- Current home address
- Credit card or bank account plus routing number to fund your account
The best Navy Federal business credit cards – Which are You Looking For
Once you become a union member, you can enjoy various products. Credit cards are some of the most common products from the company.
There are various cards you can get from the institution. The following are the best Navy Federal business credit cards in 2022. Have a look.
NFCU More Rewards American Express® Card
The card offers three points per $1 at supermarkets, restaurants, gas stations, and on transit. You also get one point per every $1 for all other purchases. There are no reward limits, and thus you can amass as much as possible. The rewards do not expire. Again, you can earn 25,000 points valued at $250 after you spend $3,000 on qualifying purchases in 90 days of account opening. The card has no annual fee.
NFCU Cashrewards Credit Card
Another great credit card you can get today is the NFCU Cashrewards Credit Card. The card has no annual fees and offers a cashback rate on all eligible purchases. You can earn 1.5% cash back, usually boosted to up to 1.75% cash back with direct deposit at Navy Federal. Also, you can earn a $250 welcome bonus after using $2,500 on qualifying purchases within 90 days of account opening.
NFCU GO BIZ™ Rewards Mastercard
If you are looking for a credit card with no annual fees, you can opt for the NFCU GO BIZ™ Rewards Mastercard. Apart from using the card for your day-to-day business activities, you will be able to separate your business expenditures from your personal ones. Additionally, the card gives you up to one point for every $1 you spend. There are no limits for scoring points and no earning caps.
NFCU Platinum Credit Card
The card offers a low variable APR that ranges between 5.99% and 18% on purchases and balance transfers. The rate within that range depends on your credit profile. That means you will get the best rate with a good credit history.
NFCU nRewards® Secured Credit Card
The card is good if you want to build credit. Like any other secured credit card, you must deposit money to act as collateral when you use the card. The card is fantastic since it gives you one reward point for every $1 you spend. You can convert the points into cash back, gift cards, statement credits, or merchandise.
Before getting the card, you must deposit a minimum of $200 into your savings account. The amount earns interest while in your account instead of lying idle. This deposit amount determines your credit limit.
NFCU Visa Signature® Flagship Rewards Credit Card
The card gives you rewards that you can use for your travel. It earns you three points for every $1 you use on travel. Also, you get two points on all other purchases. You can redeem the earned points for gift cards, travel, cash, or merchandise. Interestingly, there are no limits on the points you can earn. However, the card has a $49 annual fee. It charges no foreign transaction fees.
Bottom line
Navy Federal Credit Union is chartered and regulated under the National Credit Union Administration (NCUA) authority. Its headquarters are in Vienna, Virginia, and you can join the union online if you have all the requirements. The union requires applicants to have a Driver’s license or government ID, Social Security Number, Current home address, and a credit card or bank account to fund their account. You should also meet the membership criteria.
