A straightforward business card with an easy points structure and no annual fee.
- Get this card if you’re looking to earn points simply with no annual fee.
- Pick something else if you want to easily apply online.
- Apply with a good to excellent credit score of 670 or higher.
| Product Name | Navy Federal Credit Union Visa® Business Card |
|---|---|
| Card Type | Visa |
| Annual Fee | $0 |
| APR (Annual Percentage Rate) for Purchases | Prime+ 5.90% variable |
| Foreign Transaction Fee | None |
| Rates & Fees | Rates & Fees |
| Minimum Age | 18 years of age |
|---|
| Reward Value per Dollar | 1 points |
|---|
The basics
The Navy Federal Credit Union Visa® Business Card is a simple 0-annual-fee card offering an uncomplicated way to earn points with everyday spending. It earns you a flat 1 point for every dollar you spend. You can redeem points toward a variety of rewards offers that start at 1,000 points. Or choose cash back at a redemption rate of 1,000 points for every $10 credit to your NFCU business account.
Navy Federal Credit Union membership is available to current or retired members of the US Armed Services, employees of the Department of Defense and their families. This exclusive credit union focuses on offering low rates to its personal and business account holders.
The perks
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$0 annual fee.
Unlike with other business cards, you can take advantage of the Navy Federal Credit Union Visa® Business Card with no fee annually, making it a decent long-term option.
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Lower APRs than most cards.
Your potential APR ranges from Prime+ 5.90% variable, depending on your creditworthiness. Compare that to an average starting rate of about 13% for similar cards.
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Simple points earnings with no limits.
You earn 1x points across the board on all spending with no monthly or annual cap on how much you can earn.
You’ll also like…
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No foreign transaction fees.
If your business requires international travel, the Navy Federal Credit Union Visa® Business Card can help you save by waiving the foreign transaction fees you might find with other business cards.
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Straightforward rewards.
An easy rewards program allows for multiple redemption options that include gift cards for popular retailers, airline tickets and other travel perks, as well as cash back to your business savings account.
What to watch out for
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Cumbersome application process.
The Navy Federal Credit Union Visa® Business Card isn’t as easy as other cards to apply for. For one, you can’t apply online — rather, you submit completed PDFs by uploading them to NFCU’s site. You must also sign up for an NFCU Business Membership, which also requires individual membership with the credit union.
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No travel rewards bonuses.
Airfare, hotel and car rental purchases don’t earn you additional rewards like other travel-focused business cards do.
Consider other cards if …
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You want a travel card.
Travel purchases earn the same rewards as your everyday spending. If you’re looking for a card with travel-specific perks, look into the Spark® Miles Select for Business, which earns you an unlimited 1.5x miles on all purchases.
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You spend a lot on office supplies or gas.
The Bank of America Business Advantage Cash Rewards Mastercard® credit card offers 3% cash back on office supplies and gas purchases up to $250,000 annually. If your business seems to always be at the pump or out of toner, this could be a better choice.
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You’re looking for a solid signup bonus.
You’ll find no signup enticements to apply for this card. The Chase Ink Business Preferred℠ credit card, however, offers a considerable signup bonus: 80,000 points after you spend $5,000 in the first 3 months your account is open. These points can mean up to $1,000 in travel rewards.
Compare business credit cards
What size business is the Navy Federal Credit Union Visa® Business Card good for?
NFCU’s business accounts and cards appear to focus on small business solutions. It’s a no-frills business card that might best reward small businesses for their spending across all categories.
What should I know before I apply?
Before you can apply for the Navy Federal Credit Union Visa® Business Card, you must first be an individual NFCU member in good standing.
If you’re eligible, you must also open an NFCU Business Membership with:
- Your full name, employment info, date of birth and Social Security number.
- A $100 deposit, due when you open your account.
- Business documents that depend on your business structure.
Required documentation to open an NFCU business account include:
What credit score do I need?
A good to excellent credit score of 670 or higher can provide better odds of approval, not to mention lower APRs and higher credit limits.
What do customers say about the Navy Federal Credit Union Visa® Business Card?
Navy Federal Credit Union isn’t accredited with the Better Business Bureau (BBB), where it earns a respectable A- from the BBB regardless. Customer reviews on the site are overwhelmingly negative, but they appear to involve loan and account disputes rather than NFCU’s business credit cards.
Customer reviews posted on the NFCU Business Services site praise the credit union’s strong and personalized customer service efforts. They also frequently mention support for small businesses that have had trouble getting approved with other banks.
How to apply for the Navy Federal Credit Union Visa® Business Card.
To apply for the Navy Federal Credit Union Visa® Business Card, you must first be an individual NFCU member in good standing. If that’s you, proceed with starting your NFCU Business Membership:
- Go to the NFCU website and find the Business Membership page.
- Download and complete the Business Membership and Beneficial Owner Form PDFs.
- Upload your completed PDFs using NFCU’s Secured Document Upload.
- Call or visit a branch to open the required business accounts and complete your card application.
If you’d rather sign up in person, visit your local NFCU branch to speak with a representative.
How long will it take to get my Navy Federal Credit Union Visa® Business Card?
NFCU typically processes Business Membership applications within three business days. After you’re approved for the card, you should receive it in the mail within a few weeks.
I got the card. Now what?
- Make on-time payments. Pay your monthly statements online, through NFCU’s app, by phone or through autopay from your NFCU or an outside bank account.
- Avoid interest. Pay your balance in full each month within your card’s grace period to avoid unnecessary interest on your purchases.
- Avoid fees. This card’s fees are minimal, especially when compared with the competition. But you face a fee for each late payment.
- Get help. Call NFCU Business Services at 877-418-1462 weekdays from 8 a.m. to 5 p.m. ET or Member Services 24/7 at 888-842-6328. Sign in to your online account to chat live with a rep. Or see if you can get help through NFCU’s Facebook or Twitter.
Bottom line
The Navy Federal Credit Union Visa® Business Card can earn you points on everyday business spending at a simple flat rate that doesn’t depend on categories. It also comes with $0 annual fee, a low starting APR and minimal fees across the board.
But signing up for the required NFCU Business Membership before you can even apply for the card makes for a cumbersome application process. You must also already be an individual member of the credit union.
For more straightforward applications on cards offering stronger rewards, compare your many business card options.
Frequently asked questions
Image: NavyFederal.org
