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Navy Federal Credit Union Platinum Review: No Balance Transfer Fees, Low APR

Review Updated
Steven Porrello
By: Steven Porrello

Our Credit Cards Expert

Nathan Alderman
Check IconFact Checked Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

The Navy Federal Credit Union Platinum is a balance transfer card that doesn't mess around with credit card interest. No balance transfer fees, no foreign transaction fees, plus a reduced APR for 12 months on balance transfers and new purchases. If you're trying to become debt free, this card could help you get there. It's not for everyone (literally: the entry criteria is high) but if you want to save on interest, read on to learn what makes the Navy Federal Credit Union Platinum card so special.

Ratings Methodology

Navy Federal Credit Union Platinum

Navy Federal Credit Union Platinum
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good (670-850)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good (670-850)

Intro APR Circle with letter I in it. Transfer your non-Navy Federal balances within 60 days of getting a Platinum card, and you'll pay a 0.99% intro APR on the balance transfer for 12 months from account opening.

Purchases: N/A

Balance Transfers: 0.99%, 12 months

Regular APR

11.24% - 18.00% (Variable)

Annual Fee

$0

Welcome Offer

N/A

  • With a low APR plus no balance transfer fees, this card packs a mighty punch for those looking to get out of debt.

    • Low introductory APR
    • Low ongoing APR
    • No balance transfer fees
    • No foreign transaction fees
    • No 0% APR period
    • No rewards
    • Navy Federal Credit Union membership required
    • No annual fees
    • No balance transfer fees
    • No foreign transaction fees
    • No cash advance fees
    • Low interest rate

Credit card comparison

We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.

Offer Our Rating Welcome Offer Rewards Program APR Learn More
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. Circle with letter I in it. N/A 1% - 5% Cashback Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 17.24% - 28.24% Variable APR

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash back on travel purchases 		Up to $300 cash back Circle with letter I in it. Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. 1.5% - 5% cash back Circle with letter I in it. Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases

Intro: Circle with letter I in it. 0% Intro APR on Purchases and Balance Transfers for 15 months

Purchases: 0% Intro APR on Purchases, 15 months

Balance Transfers: 0% Intro APR on Balance Transfers, 15 months

Regular: 20.49% - 29.24% Variable

Apply Now for Chase Freedom Unlimited®

On Chase's Secure Website.

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for travel and points transfers 		75,000 bonus points Circle with letter I in it. Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's over $900 when you redeem through Chase Travel℠. 5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchases Circle with letter I in it. Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.

Intro: Circle with letter I in it. N/A

Purchases: N/A

Balance Transfers: N/A

Regular: 21.49%-28.49% Variable

Apply Now for Chase Sapphire Preferred® Card

On Chase's Secure Website.

Full Navy Federal Credit Union Platinum review

This credit card is a good fit for: Members of Navy Federal Credit Union who want to avoid high interest payments or transfer balances from expensive credit cards to one with a low APR.

Top perks

Like other balance transfer cards we've reviewed, the Navy Federal Credit Union Platinum card offers several perks designed to help you get out of debt. Let's take a look at some of the card's headliners.

Low introductory APR

One of the top perks is the introductory 0.99% APR for balance transfers. This promotion lasts 12 months, after which your APR will scale up to 11.24% - 18.00% (Variable). While we don't encourage carrying a balance past 12 months, it's encouraging to see the card's regular APR is still lower than most credit cards.

No balance transfer fees

Most balance transfer cards will charge fees to initiate a balance transfer, usually between 3% and 5% of the total transfer. The Navy Federal Credit Union Platinum card, however, doesn't. This card's $0 balance transfer fee is pretty unusual and could make this card one of the cheapest balance transfer cards on the market.

To demonstrate how much you could save, let's compare it to a card that imposes a 3% balance transfer fee but has a 12-month intro 0% APR period. Imagine you're transferring $5,000. Which card would help you save more on credit card interest and fees?

A 3% fee on $5,000 would mean you would pay $150 upfront. After that, you'll pay $0 in interest for 12 months. If you transfer the same amount to the Navy Federal Credit Union Platinum, you would pay nothing upfront. Instead, you'll pay 0.99% APR, which comes out to about $4.07 a month. Even if you carry that $5,000 into 12 consecutive billing cycles, you would still only pay about $49 in total fees -- $100 less than the card with 0% intro APR.

For high balance transfers, then, this card is clearly a force to be reckoned with.

No foreign transaction fee

Another unusual perk -- the Navy Federal Credit Union Platinum doesn't charge a foreign transaction fee for international purchases. Even sweeter -- it has no cash advance or annual fees.

What could be improved

Although this card can help you save on balance transfer fees, it's not perfect. Before you apply, here are some weaknesses to be aware of.

No rewards

The Navy Federal Credit Union Platinum doesn't earn cash back or points. Not totally unusual for a card designed to help you pay off debt, but certainly something to consider if rewards are important to you.

Must be a Navy Federal member

This card is available for those who have ties to the armed forces, National Guard, or Department of Defense. If you or an immediate family member (such as a parent, grandparent, siblings, spouse, or child) have ties to the military, you are eligible to join the Navy Federal Credit Union. Otherwise, this card is not available to you.

Suggested credit score

You should have a FICO® Score of 670 or higher, which is considered good credit, to get approval. That said, Navy Federal Credit Union will look at a range of factors, not just your credit score, such as your income and debts. If your overall financial profile looks good, it may approve you with a lower score.

If your credit score is lower than 670, you could also look at some of the best balance transfer credit cards for bad credit.

The Navy Federal Credit Union Platinum is right for you if:

  • You're a member of the Navy Federal Credit Union, or meet the criteria to become one.
  • You have a high credit card balance and want a cheap overall balance transfer option.
  • You can pay off your debts in 12 months or less.
  • You're more interested in saving money on credit card interest than earning rewards.

Our credit card methodology

At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.

FAQs

  • To qualify for the 0.99% intro APR, you have to transfer a balance within 60 days of getting your Platinum card.

  • Yes, you still have to make minimum payments. If you don't, you'll be charged up to $20 in late fees.

  • After 12 months, the Navy Federal Credit Union Platinum card will start charging a higher APR on remaining balances. The card's regular APR is lower than most credit cards, but significantly higher than the promotional rate.

Our Credit Cards Experts

Steven Porrello
By: Steven Porrello

Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

Nathan Alderman
Check IconFact Checked Nathan Alderman

Fact checker

Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.