Do you have an unlimited 2% cash back credit card in your wallet?
Money expert Clark Howard recommends that all credit card rewards chasers have one of these no-annual-fee options as a solid base of return on all types of spending. Knowing you can swipe one card in any situation and earn 2% back is huge. (Assuming you pay your bill in full each month to avoid interest charges.)
Clark carries the Navy Federal cashRewards Plus Credit Card in his wallet as his 2% back option. (You can read our full review of the card here.)
And if you want to join him in that card membership, now might be a good time to do your research on the card.
As part of a “Celebration America’s 250” promotion, Navy Federal is offering an enhanced welcome bonus for a limited time.
Here are the details:
“Get up to $300 with a new cashRewards card: Earn a $50 bonus when you join Navy Federal and open a cashRewards or cashRewards Plus card using the Special Offers link after becoming a member. Offer ends 07/31/2026.
Spend $2,500 within 90 days of account opening, and you’ll get another bonus of $250.
Plus, you’ll save with a 1.99% intro APR for 12 months from account opening on balance transfers made in the first 60 days. After that, a variable APR between 14.15% and 18% applies.”
What You Should Know About the Navy Federal cashRewards Plus Credit Card
Let’s start with the strong points: This card meets Clark’s major requirements (no annual fee, unlimited 2% cash back, reasonable APR, no junk fees). It also has some pretty cool perks, like no foreign transaction fees and auto rental insurance coverage.
Being able to earn $300 for opening up a 2% card that checks all these boxes sounds like a pretty great deal.
But there are a couple of major catches:
1. Credit Union Membership Requirement
Unfortunately, this offer is not for everyone.
Navy Federal Credit Union has membership requirements that would prevent many people from applying.
To gain membership and apply for the card, you must fall into one of these four buckets:
- Active Duty U.S. Military: This includes members of the Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard and Space Force.
- U.S. Military Veterans: “No matter how long you served, you’re in!”
- Immediate Family Members of U.S. Military: This includes spouses, siblings, parents, children, grandparents and grandchildren.
- Department of Defense (DoD) Civilians: This includes employees, contractors, retirees and annuitants.
Clark met the qualifications thanks to his service with the Georgia State Defense Force.
2. Navy Federal Could Stick You With a Less Lucrative Card Instead
You may have noticed that this offer applies to both the Navy Federal cashRewards Plus Card AND the Navy Federal cashRewards Card.
While applicants with a top-tier credit history are likely to receive the green light on the 2% back “Plus” version of the card, it’s possible that Navy Federal could instead qualify you for the plain “cashRewards” card that only awards 1.5% cash back on everyday purchases.
This card would still qualify for the welcome offer, but may not be as desirable as an everyday spender for the long term.
Do you have this card? Would you consider it with this limited-time offer? We’d love to hear your thoughts in the Clark.com community.
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