Navy Federal Credit Union Revamps Visa Signature Flagship Rewards Credit Card

Navy Federal Credit Union has announced a comprehensive upgrade to its Visa Signature Flagship Rewards Credit Card. Beginning today, the card will earn 3x points in a rather generous travel and entertainment category and 2x points on all other purchases. Each point is worth 1 cent regardless of the way the points are redeemed.

In order to qualify for Navy Federal Credit Union membership, you can be active duty, a veteran, National Guard, DOD contractor or civilian, retired from any of those positions or be within two generations of any of those individuals.

Sign-Up Bonus

The revamped Flagship Rewards card is offering 50,000 bonus points after spending $4,000 in the first 90 days of account opening. That's $500 worth of cash, travel or gift cards. The card has a $49 annual fee, which is waived for the first year if you sign up for the card by Dec. 31, 2018.

Reward Structure

Navy Fed is making its 3x travel category almost as inclusive as possible. The following purchases are specifically defined as travel by the bank:

Airline and train tickets, hotel stays, car rentals, travel agencies, cruises, campgrounds and RV parks, timeshares, boat rentals, motor home rentals and travel related arrangement services, ride-sharing services, bridges, tolls and ferries, parking garages and lots, bus lines, limos and taxis, commuter transport, passenger railways, public golf courses, amusement parks and tourist attractions including museums, vineyards and aquariums.

You'll earn 2x on all other spend, equating to a minimum of 2% cash back on all purchases. There's no cap to the rewards you can earn, and points don't expire as long as your account is open.

Ancillary Benefits

As a Visa Signature, the Flagship Rewards card carries many of the same ancillary benefits you're probably familiar with, such as extended warranty, lost baggage reimbursement, secondary auto rental collision damage coverage and travel accident insurance. You can read the details of exactly what's covered in the Flagship Rewards benefit guide (warning: PDF file).

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Standout features of the enhanced card is a $100 statement credit for a Global Entry or TSA Precheck registration fee. The card also carries a modest cell phone protection policy covering $250 per claim after a $50 deductible for up to three phones owned by the cardholder. Those aren't groundbreaking benefits, but they're very competitive for a $49 annual fee card.

Lastly, Navy Fed has a fairly handy benefits portal which lists all the protections, travel, entertainment and shopping perks of the card. Benefits of note are access to the Visa Signature Luxury Hotel Collection, 15% off Silvercar rentals, 10% off best available rates at Preferred Hotels & Resorts and some fairly attractive cruise benefits like onboard credit and prepaid gratuities.

Bottom Line

A $500 sign-up bonus, 3% cash back across a broad travel and entertainment category and 2% cash back on all other spend is generous. What takes the card a step above the competition is receiving all this for a $49 annual fee, which you don't even have to pay in the first year. The card can't provide the outsized value possible with transferable bank points, but if you're after maximum cash back and some nice travel perks for next to nothing, this card is probably worth evaluating for your next application. You can apply for the card and membership in the credit union at the Navy Federal Credit Union website.