Did you know that the majority of credit cardholders significantly underuse their rewards? This is partially due to users not paying off their balances, but also because they fail to actually cash in on their points earned. The U.S. government recognizes credit card rewards as rebates, so they are not taxed and can act as a discount on your everyday purchases.
As part of our commitment to finding quality finance opportunities for servicemembers, Veterans, and military families, we’re breaking down our favorite cash back rewards cards to help you navigate the market.
Navy Federal Credit Union –cashRewards Credit Card
When we look for cash back credit cards, we look for simplicity. Jumping through hoops to earn cash back on every day purchases is simply too much work for most families. Navy Federal Credit Union offers a solid cash back card with cashRewards and cashRewards Plus. In your stable of purchasing power, either of these cards is a great fit for maximizing your cash back with as little effort as possible.
What we like:
- Straightforward cash back rewards: no special categories to worry about, just a flat rate reward
- Balance transfer special offer: 0% intro APR for 12 months beginning when you open your account. After that special intro period, a variable APR between 14.90% and 18% applies.
- Credit needed: Good to Excellent
- A breather from fees: No annual fee, no balance transfer fee (even after the special introductory offer), no foreign transaction fees, no cash advance fees (rates do apply, see terms)
- Cash back rewards: Earn unlimited 1.5% (cashRewards Credit Card) or 2% (cashRewards Plus Credit Card)