Suppose we were to discuss the largest credit unions in the USA. In that case, one name will come up instantly. That is the Navy Federal Credit Union. The Navy Federal Credit Union, or, as everyone calls it, “Navy Federal,” is an international credit union chartered. This institution is run under the National Credit Union Administration. Currently, it has evolved into one of the largest credit unions in the country. Calculations done in February 2022 confirm that the Navy Federal Credit Union has over $153.5 billion in assets and 11.2 million members. So this large customer base speaks on behalf of the company’s incredible services and products. One of the best services offered by Navy Federal is its business credit cards. So if you want to learn about Navy Federal and their best business credit cards and their benefits, keep reading.
First things first: Why do I need a credit card?
Well, having a credit card makes it easy to borrow money from your issuer. You might already know that credit cards almost always have a limit on how much you can borrow. Of course, you cannot exceed this burrowing limit. So how does the institution set this limit for you? Well, it all depends on your credit profile. Simply put, having lower scores gets you lower limits, while having higher scores earns you higher limits. Your security deposit determines the borrowing limit if you get secured credit. So basically, if you deposit a large amount of money, that means you can increase your borrowing limit.
Can I only get a credit card through banks?
That’s a myth. A lot of people assume that you can only obtain a credit card through a bank. Well, that’s not true. Banks are not the only institutions that issue credit cards. Even credit unions offer credit cards. But is that all? Not really. Credit unions also offer debit cards to customers to easily access checking accounts. So you can see that there are similarities between the services offered by banks and credit unions. The only main difference between banks and credit unions is that unions are not profit-oriented, while banks aim to make as much money as possible.
How do I become a Navy Federal Member?
Suppose you want to be a member of the Navy Federal Credit Union. So how can you do that? Well, first, you need to share a common bond as defined in the credit union’s charter. The National Credit Union Administration creates the membership criteria. Aren’t you curious to see if you meet the criteria? So why don’t you keep scrolling to find out?
- Are you a member of the uniformed personnel of the Department of Defense (DoD)? This includes Army, Navy, Space Force, Air Force, and Marine Corps retirees and annuitants.
- Are you a serving or retired DoD civilian employee?
- Are you a DoD reservist? This includes the Air Force, Army, Navy, and Marine Corps. Your drill status will be taken into consideration as a qualification criterion.
- Are you US Coast Guard-uniformed personnel? This includes auxiliaries, civilian employees, retirees, and annuitants.
- Are you Army National Guard plus Air National Guard personnel?
- Are you a part of the DoD Officer Candidate Program? These include midshipmen and cadets at the United States Naval Academy, the United States Coast Guard Academy, the United States Air Force Academy, the United States Military Academy, and the United States Merchant Marine Academy.
- Are you one of the United States government workers assigned to DoD installations?
- Are you an honorably discharged veteran?
- Are you a DoD contractor doing installations for the United States government?
- Are you an employee of Navy Federal Credit Union?
- Are you a family member? They include spouses, siblings, grandparents, parents, grandchildren, children, and cohabitants.
- Are you a serving or retired civilian employee of the Department of Defense?
Did you check to see if you qualify according to these criteria? Well, if yes, you have the chance to become a Navy Federal member. So let us guide you through the steps from here on.
- Visit the union website.
- Go to the “Become a Member” section.
- Once you choose the “become a member” section, type in the required details.
- The details you will need to provide to apply to become a member include the following:
- Your government ID or driver’s license
- Your current home address
- Your social security number
- Bank account or credit card along with a routing number to add funds to your account.
What are the best Navy Federal business credit cards?
Suppose you are a union member. In that case, you have the chance to enjoy different products and services offered by the Navy Federal Credit Union. And one of the best products they offer is credit cards. And there are many types of cards they issue. You must be curious to learn about the various cards you can get from the Navy Federal. So here we have listed and discussed the best Navy Federal business credit cards.
NFCU nRewards® Secured Credit Card
First up, we have the NFCU nRewards card. So what’s special about this credit card? Well, this is a perfect choice for customers who want to build credit. So if you plan on building credit, this card is the way to go. This works like any other credit card. You are required to deposit funds so that they work as collateral when you use this credit card.
So what kinds of advantages does this credit card offer? For one, the NFCU nRewards card provides one reward point for every $1 you spend. Isn’t that great? Whenever you get a point like this, you can turn it into gift cards, cash back, merchandise, or statement credits, depending on your preference.
Now you may want this card for yourself. First things first: you need to deposit at least $200 into your savings account before getting this card. This amount you put in earns interest as it stays in your account rather than lying idle. This deposit amount will determine your credit limit.
NFCU Visa Signature® Flagship Rewards Credit Card
The NFCU Visa Signature® Flagship Rewards Credit Card is the perfect card for you if you are into traveling. Why? Because this credit card provides you with rewards that you can use for your travel. You can expect to earn three points for every $1 you spend on travel. Apart from that, this card offers two points on all your other purchases too. You have the chance to redeem the earned points for travel, gift cards, cash, or merchandise. And you don’t need to worry about the limit on the points you can earn. The card does not have any set limits on how many points you can earn. It doesn’t charge foreign transaction fees either. The only downside to this credit card is that there is a $49 annual fee. However, considering the benefits offered by this card, it is definitely worth it.
NFCU More Rewards American Express® Card
NFCU: More Rewards The American Express® Card is another great product offered by Navy Federal. So what makes this card a good choice for you? Well, this card provides three points per $1 you spend at restaurants, supermarkets, gas stations, and on transit. Apart from that, you can expect a point for every $1 you spend on all other purchases. And the best part is that the card has no reward limits! Plus, these rewards do not expire either. As a cardholder, you have the chance to earn 25,000 points valued at $250 once you spend $3,000 Keep in mind that they need to be on qualifying purchases within 90 days of account opening. And, another great thing about this card is that it charges no annual fee.
NFCU Cash Rewards Credit Card
The NFCU Cashrewards Credit Card is also a great choice if you want to obtain a credit card from Navy Federal. If you obtain this credit card, you have the chance to enjoy their offering of a cashback rate on every eligible purchase. Also, note that you do not have to pay annual feed either. As a cardholder, you get to earn 1.5% cash back. As of May 2018, this rate can go up to 1.75% cash back with direct deposit at Navy Federal. Once you spend $2,500 on qualifying purchases within 90 days of account opening, you can get a $250 welcome bonus. So try out this amazing credit card that comes with many benefits.
NFCU GO BIZTM Rewards Mastercard
The NFCU GO BIZTM Rewards Mastercard comes with many advantages. Here’s why this card is ideal for you: For instance, you can use this card for everyday business purchases. Other than that, this card allows you to separate your business expenses from your personal ones. Other than that, this credit card rewards you up to one point for every $1 you spend. And the best part about this card is that there are no earning caps or set limits for scoring points.
NFCU Platinum Credit Card
The NFCU Platinum Credit Card provides a low, variable APR. It is between.99% and 18% on purchases and balance transfers. Keep in mind that, within that range, it varies as per your credit scores. So if you have an amazing credit history, that means you are in luck.
There you have it! We discussed all the Navy Federal Credit Union. It is an international credit union chartered by the National Credit Union Administration. Currently, it is one of the largest credit unions in the country, with lots of customers. This large customer base speaks on behalf of the company’s incredible services and products. One of the best services offered by Navy Federal is its business credit cards. Through this article, we discussed their best business credit cards and their benefits. We hope you found a credit card that suits your needs.