Navy Federal Credit Union Platinum Rating

Top benefits

Like other balance transfer cards we've reviewed, Navy Federal Credit Union's Platinum card offers several benefits 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 biggest advantages is the introductory interest rate of 0.99% for balance transfers. This promotion lasts 12 months. After that, your APR increases to 11.24% – 18.00% (variable). While we don't recommend carrying a balance of more than 12 months, it's encouraging to see that the card's regular APR is still lower than most credit cards.

No fees for transferring the balance

Most balance transfer cards charge fees to initiate a balance transfer, typically between 3% and 5% of the total transfer amount. However, this is not the case with the Navy Federal Credit Union Platinum card. This card's $0 balance transfer fee is quite unusual and could make this card one of the cheapest balance transfer cards on the market.

To illustrate how much you could save, let's compare it to a card that charges a 3% balance transfer fee but has a 12-month introductory period with a 0% APR. Imagine you are transferring $5,000. Which card can 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 pay $0 interest for 12 months. If you transfer the same amount to Navy Federal Credit Union Platinum, you pay nothing upfront. Instead, you'll pay 0.99% APR, which works out to about $4.07 per month. Even if you carry that $5,000 over 12 consecutive billing cycles, you'd still only pay about $49 in total fees — $100 less than the 0% introductory APR card.

For transfers with high balances, this card is clearly a strength to be reckoned with.

No foreign transaction fee

Another unusual benefit: Navy Federal Credit Union Platinum does not charge a foreign transaction fee for international purchases. Even sweeter: There are no cash advances or annual fees.