The Navy Federal Business Credit Card Review

The Navy Federal business credit card offers straightforward spending—1 reward point per dollar you spend, with minimal fees and competitive APRs. However nice that sounds, you can access even more rewards with the Navy Federal business credit cards’ top fee-free competitors.

The Navy Federal business card shines the most in its low rate.

Depending on your creditworthiness when you apply for the card, your APR on the Navy Federal business credit card could be as low as 10.9% (that’s the current prime rate + 5.90%).

These potentially low APRs could end up saving you a huge sum in the long run, especially if you need a long time to pay down a balance—even longer than 15 months, which is the length of longest 0% intro APR period on the market.

Put simply, the Navy Federal business credit card’s rewards program is a bit sparse, especially when measured against the rewards program of its competitors.

When you spend with your Navy Federal business credit card, you’ll earn a flat-rate of 1x rewards points for every dollar you spend.

When you earn enough points—which, keep in mind, will accumulate gradually—you’ll be able to redeem them for virtually anything you want. From cash back to travel, you’ll still be able to access the same cent per point value regardless of what form you redeem them in. Plus, there’s no cap on how many points you can earn in a year.

To be a Navy Federal business credit cardholder, you won’t have to pay an annual fee or a foreign transaction fee.

Additionally, if you get an ATM cash advance at a Navy Federal branch or ATM, you won’t have to pay a fee. Otherwise, it will only be 50 cents per domestic transaction and $1 per overseas transaction.

• You have a well-established relationship with Navy Federal Credit Union.

• You want to access more lucrative rewards.

Now that we’ve combed through all of the details on both versions of the Navy Federal business credit card, it’s time to take a step back and zoom out a bit.

Let’s take a beat to consider what the repercussions are for all of these details on the Navy Federal business credit card. And how do they affect your search for the perfect business credit card for your business?

Let’s start out on a positive note and take a look at the most notable upsides to choosing the Navy Federal business credit card for your business spending:

First and foremost, the Navy Federal business credit card is about as fee-free as a business credit card can get.

Of course, you’ll come across a fee when you miss a minimum payment, submit a rejected payment, or try to get a cash advance from a non-Navy Federal ATM. But if you request a cash advance at a Navy Federal branch or ATM, you’ll be able to do so without incurring a cash advance fee, which is pretty rare for a business credit card.

Plus, you won’t pay a foreign transaction fee or an annual fee for the Navy Federal business credit card, but this is less unique than its feeless cash advance setup.

Additionally, the Navy Federal business credit card offers the opportunity to access some of the most competitive ongoing APRs on the market.

Of course, the APR you access through the Navy Federal business credit card will depend on your creditworthiness when you apply for the card. However, you’ll have a chance at earning a more competitive rate than you would with other business credit cards.

If you need to pay off a big purchase over much more than 15 months, then the Navy Federal business credit card could be the most affordable option for you. Otherwise, look to the Blue Business Plus or the Blue Business Cash for a 0% intro APR of 12 months.

For all of its more impressive features, the Navy Federal business credit card is far from perfect.

What are the main reason that might make you shy away from choosing the Navy Federal business credit card for your business spending?

Let’s run through the main downsides to the Navy Federal business credit card so that you’re familiar with all the facets—good and bad—of this business credit card:

Put simply, you won’t get the most bang for your spend with the Navy Federal business credit card.

You will earn just 1 rewards point for each dollar you spend with the Navy Federal business credit card. To put this rewards rate into context, most business credit cards offer this 1x rate as a base rate for when you max out higher earning categories, but more on that later.

Granted, the amount of points you can earn is unlimited, because Navy Federal won’t place a cap on your earnings potential. But that feature isn’t unique to this card. In fact, you can find it in many other business credit cards that offer even higher rewards rates than the Navy Federal business credit card.

Not to mention, many other business credit cards will offer you additional rewards offers if you choose to spend with them.

For instance, many business credit cards will offer you a welcome bonus for spending a certain amount within a certain span of time when you first get your card.

Not to mention, cards like the Blue Business Plus and the Blue Business Cash, which we mentioned earlier, will offer you an intro period of 0% APR, which will allow you to carry interest-free balances for a given amount of time.

All in all, the Navy Federal fails to make up for its scant rewards program with any other attractive offers.