There’s a new member of the elite 2% flat-rate cash back club. Launched on Oct. 10, 2024, the $0-annual-fee Navy Federal Credit Union cashRewards Plus Credit Card earns an unlimited 2% cash back on all purchases.
The credit union also offers the older and similarly named Navy Federal Credit Union® cashRewards Credit Card (no “Plus” in the title), which earns 1.5% cash back on all purchases. Some existing holders of that card will automatically be upgraded to the new cashRewards Plus version. Upgrade eligibility will be based on the cardholder’s credit profile and relationship to the credit union, Navy Federal said. Other members will have to apply for the new card if they want it.
New applicants can apply for both cards through one application and will receive either the older 1.5% cashRewards card or the new 2% cashRewards Plus. Again, those with higher credit scores and who have stronger relationships with the credit union may have a higher chance of qualifying for the cashRewards Plus card.
Benefits of the cashRewards Plus card
The new card comes with many of the same benefits its sibling card offers, including a $0 annual fee, no balance transfer or foreign transaction fees, and the ability to choose between a Visa or Mastercard version of the card. Here’s a closer look at the card’s benefits:
Rewards: 2% cash back on all purchases. Rewards earned with the card never expire.
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As of this writing: Through Jan. 1, 2025, new cashRewards Plus cardholders can receive a $200 cash back bonus when they spend $2,000 within 90 days of account opening.
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Starting on Oct. 10, 2024, new cardholders will receive a one-time $98 statement credit when they pay $49 or more for an annual Walmart+ membership within a year of account opening. Note that your Walmart+ membership will auto-renew and that your card will be automatically charged after the first year. You’ll have to contact Walmart to cancel your membership.
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Secondary rental car coverage.
Should you get this card?
The cashRewards Plus card’s major caveat is that you must be a member of the Navy Federal Credit Union to get it — which comes with some strict requirements. To join the credit union, you must be a current or former service member in any branch of the armed forces, a veteran, an employee of the Department of Defense, or an immediate family member of a current or former military personnel.
If, however, you are a member of the credit union or are eligible to join, then the card is a hard-to-beat option. Its 2% flat rate is top-notch. And the combination of that high flat rate on top of its $0 annual fee and generous sign-up bonus puts the cashRewards Plus card on par with some of the best cash-back cards on the market.
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