Navy Federal Credit Union Visa® Business Card review | finder.com

Navy Federal Credit Union Visa® Business Card review – October 2018

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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 NameNavy Federal Credit Union Visa® Business Card
Card TypeVisa
Annual Fee$0
APR (Annual Percentage Rate) for PurchasesPrime+ 5.90% variable
Foreign Transaction FeeNone
Rates & FeesRates & Fees
Minimum Age18 years of age
Reward Value per Dollar1 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

  • $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.

  • 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.

  • 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…

  • 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.

  • 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

  • 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.

  • 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 …

  • 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.

  • 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.

  • 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

Updated October 23rd, 2018
Name Product APR (Annual Percentage Rate) for Purchases Introductory Purchase APR Annual Fee
None (Charge Card)
$450
New cardholders can earn 75,000 Membership Rewards® bonus points by spending $10,000 on purchases for the first 50,000 points and then another $10,000 for the next 25,000 points on their new card in the first 3 months.
None (Charge Card)
$0 annual fee for the first year ($250 thereafter)
This charge card gives you the option to pay in full each month or to carry a balance for up to 60 days with no interest.
20.24% variable
$0 annual fee for the first year ($175 thereafter)
Earn 50,000 Membership Rewards® points after you spend $5,000 in qualifying purchases on the Card within your first 3 months of Card Membership.
14.24%, 19.24% or 21.24% variable
0% for the first 9 months (then 14.24%, 19.24% or 21.24% variable)
$0
Save on interest with a 0% intro APR on purchases for 9 months; after that your APR will be 14.24% - 21.24% variable.
14.99% to 20.99% variable
0% for the first 12 months (then 14.99% to 20.99% variable)
$0
$500 bonus cash back after you spend $3,000 in the first 3 months.
17.74% to 22.74% variable
$95
80,000 bonus points after you spend $5,000 on purchases in the first 3 months after account opening. That's $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards®.
17.74% to 24.74% variable
$0 annual fee for the first year ($99 thereafter)
75,000 Bonus points after you spend $3,000 on purchases in your first 3 months from your account opening with your Marriott Rewards Premier Business credit card.
24.74% variable
$0
Get the credit you want for your business, and unlimited 1% cash back on every purchase, every day.
14.74%, 18.74% or 22.74% variable
0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5X miles per dollar on every purchase, every day.
18.74% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2 miles per dollar on every purchase, every day.
14.74%, 18.74% or 22.74% variable
0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5 cash back on every purchase, every day.
18.74% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2% cash back from Spark Cash could mean thousands of dollars each year going back into your business. No minimum to redeem.
17.74% to 24.74% variable
$0 annual fee for the first year ($95 thereafter)
50,000 bonus miles after you spend $3,000 on purchases in the first 3 months your account is open.
17.74% to 24.74% variable
0% for the first 9 months (then 17.74% to 24.74% variable)
$99
Earn 2x points on Southwest® purchases and 1x point on all other purchases. Plus 6,000 anniversary bonus points.
17.99% to 25.99% variable
$0 annual fee for the first year ($99 thereafter)
For a limited time, earn 70,000 American Airlines AAdvantage® bonus miles after making $4,000 in purchases within the first 4 months of account opening.

Compare up to 4 providers

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:

Screenshot of types of business option

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:

  1. Go to the NFCU website and find the Business Membership page.
  2. Download and complete the Business Membership and Beneficial Owner Form PDFs.
  3. Upload your completed PDFs using NFCU’s Secured Document Upload.
  4. 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

Megan Horner

As the assistant publisher of credit cards at finder.com, Megan is passionate about helping you compare and find the best credit cards for your situation, whether that is earning great rewards or improving your credit score. In her previous position, Megan worked as an assigning editor at Credit Karma, where she focused on editing and publishing educational articles on credit cards. Megan started her career as a writer at a comparison website, so she has a longstanding background in surfacing the best deals and helping people make decisions. In her spare time, Megan likes to hike, camp, surf, and read.

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