The Offer
- Navy Federal are offering an additional 2% cash back as a statement credit when you use your Navy Federal credit to make purchases at warehouse clubs (e.g Costco, BJ’s & Sam’s Club) until December 31st, 2016. They provide the following useful table to show you the rewards structure on each card:
The Fine Print
- Offer valid for new and existing Navy Federal Visa cardholders only.
- Receive 2% cash back on net purchases made at warehouse clubs.
- “Net purchases” means the sum of your eligible purchase transactions minus returns and refunds.
- The cash back will post in the form of a statement credit within 30 days after the calendar month in which the transaction posts to the account.
- Warehouse clubs specialty service purchases, such as travel, insurance, cell phone, home improvement and online purchases, are ineligible for the 2% cash back benefit.
- Purchases of gasoline at warehouses clubs (with the exception of Costco®) are ineligible to receive the additional 2% cash back. Platinum Visa credit card accounts that do not have a rewards program structure will only receive the 2% cash back offer.
- Account must be open and not in default at the time the credit posts to your account.
- Recipient is solely responsible for any personal tax liability arising out of the acceptance of this statement credit incentive. Merchants who accept Visa credit cards are assigned a merchant category code (MCC) based on the merchant’s primary line of business.
- Each merchant, not Navy Federal, determines its MCC.
- If the merchant does not process transactions under the MCC that corresponds with the offer, your purchase may not qualify to receive the 2% cash back.
- If your purchase is processed through third-party payment accounts, mobile or wireless card readers, online or mobile digital wallets, or similar technology, your purchase may not qualify if the technology is not supported to transmit MCCs associated with the offer.
- Excludes Navy Federal Business and Home Equity Line Platinum credit cards.
- This offer is valid from 7/5/2016 to 12/31/2016
Eligibility
- Eligibility to NFCU is for military members, associated persons and their family. See more here.
Our Verdict
I’m not really sure if this is a targeted offer at all, in the fine print it says for new and existing accounts, but then it says the recipient is responsible for any taxes (Update: being advertised on the home page so not targeted). Your best bet would be Flagship Rewards card that earns 2x points on all purchases, making it 4x at warehouse clubs. Other option is cashRewards card, as that would earn 3.5% cash back on all purchases at warehouse clubs. Not quite as good as the Chase Freedom offer, but no cap to worry about.
The sign up bonus on the cashRewards card is currently only $100 and it frequently goes as high as $200/$150, so you’d need to be putting a lot of spend on this card for this to be worth it. There is no sign up bonus on the Flagship Rewards card currently.
Hat tip to topspin46 on /r/churning
Any idea if this is being extended in 2018?
Haven’t seen anything suggesting it will be
Good deal if you have a card. If you don’t is it worth a hard pull?
Doubtful, especially since they usually have better bonuses on their cards. Depends on how hard you plan to hit up warehouse clubs.
I wish there was a backdoor way into this CU 🙁