The Navy Federal Platinum Credit Card is a good card for balance transfers, as it’s one of the few cards with a low introductory APR and no balance transfer fee. It’s worth applying for this card if you’re eligible to join, your credit score is 640+, and you can pay off your transfer within a year.  

If you need a lot longer than that to pay off your balance, it may be worth paying a fee to transfer your balance to a credit card with a longer 0% period. Other elite balance transfer cards offer 0% for 15-24 months, but they charge a balance transfer fee of 3% - 5%. You can use WalletHub’s balance transfer calculator to see which type of offer is likely to save you the most money. 

Below, you can find more information to help you decide whether or not to apply for the NFCU Platinum Card. 

5 Key Things to Know About the Navy Federal Platinum Credit Card

No annual fees, foreign fees, or transfer fees

This could save you a lot of money, depending on how you use the card. At the very least, you’ll be saving about $27.85 per year compared to the average credit card offer available right now, given NFCU Platinum’s lack of an annual fee.   

A lot of cards have $0 membership fees, no foreign transaction fees, or no transfer fees. But far fewer have all three, and when you add a low introductory APR to the mix, the list of options is extremely short. 
 

Nearly-free balance transfer offer

If you transfer a balance to the NFCU Platinum Card, you will enjoy an introductory APR of 0% for 12 months from account opening on balance transfers made in the first 60 days. The clock starts when you open the account, so the sooner you transfer the balance, the longer you’ll have with low interest.  

The offer itself is nothing special. In fact, most 0% cards charge a balance transfer fee, and NFCU Platinum does not. The combination of no interest and no fee is what makes this card special. 
 

Fairly low regular APR

The average APR among new credit card offers is currently 22.35%, according to our research. You could pay about half that if you get the lowest possible APR from the NFCU Platinum Card. The regular APR could be anywhere from 10.24% to 18.00% Variable, depending on your overall creditworthiness when you apply. 

Still, you don’t want to carry a balance for long when this regular APR is in effect. It’s lower than average, but that won’t stop it from costing you a lot of money over time.
 

No rewards

You won’t earn cash back, points or miles when you make purchases with this card. You won’t earn an initial bonus for spending a certain amount in the first few months your account is open, either. But that’s ok. 

No credit card has everything, and this one will help you reduce the cost of debt instead of providing a discount on everyday purchases. Besides, you can always use a different card – one with really good rewards – to make purchases that you can afford to pay off by the due date every month. Interest shouldn’t be an issue with those expenses. 
 

Available to people with fair credit

You need a credit score of 640+ to be eligible for this card. You can check your latest credit score for free right here on WalletHub to estimate your chances.