In a press release on September 6, Navy Federal Credit Union debuted the release of its new rewards credit card: The Navy Federal More Rewards American Express Card. Evident in its name, the new rewards credit card is offered with American Express, the partner company on the new product.
In a comment on the press release, the head of credit card products, Matt Freeman, claimed that a driving incentive for the new offer was to provide a chance for beneficial rewards “during the holiday shopping season,” confirming that the card offer is in preparation for the holidays.
This new credit card product seeks to rewards Navy Federal cardholders for their necessary weekly expenses; in fact, the benefits closely mirror a typical American Express card.
Three points are to be awarded for each dollar spent at a grocery store, supermarket, or gas station. Two points per dollar spent are earned while dining out to eat. Finally, transactions anywhere else garner just one point per dollar spent. There are no limits on these rewards either.
In addition to the rewarding rate of return, cardholders can expect no annual fee, no balance transfer fee, or foreign transaction fee. As always, there are $20 maximum fees on late and returned payments.
In terms of annual percentage rates, the card boasts low potential rates. Creditworthy cardholders have the chance for an APR of 10.65 percent at the lowest, but the APR could reach as high as 18.00 percent. APR on cash advances are typically 2 percent higher than the standard APR on a card. Penalty APR is the Navy Federal’s standard of 18.00 percent.
The advent of the Navy Federal More Rewards American Express Card is sure to keep Navy Federal members happy during the holidays when spending at grocery stores and on travel increase substantially. Despite the usefulness of the card, only members of Navy Federal will be able to experience any of the benefits of the rewards credit card.