VIENNA, Va.--(BUSINESS WIRE)--Navy Federal Credit Union announced today it will be lowering the APR for its Platinum and GO REWARDS credit cards, effective June 30. Platinum’s variable rate will drop two percentage points to 6.74%, and GO REWARDS’ variable rate will lower to 9.74%. Both credit cards have no annual, foreign transaction, balance transfer or cash advance fees.
“Lower rates means members get what they want in their wallets,” said Matt Freeman, head of credit card products at Navy Federal. “Reducing Platinum’s variable rate to 6.74% makes it one of the lowest credit card APRs available. It’s the best option for members who value low rates, period.”
As rates across the credit card industry are rising, Freeman said the credit union reviewed its credit card portfolio and saw an opportunity to benefit members and bring them more savings.
“We’re making these changes now ahead of the back-to-school and holiday shopping seasons so members can reduce their monthly credit card payment,” said Freeman.
Navy Federal’s GO REWARDS credit card—named “Best Credit Union Card for Military” by NerdWallet—earns 3 points at restaurants, 2 points on gas and 1 point on everything else. The points can be redeemed for cash, travel, gift cards and merchandise, with no limit on points earned. GO REWARDS is the option for members who value low to no fees and rewards that quickly add up.
“We’re providing choices,” said Freeman. “If members want the lowest rate possible, they can get it with us. If they also want rewards, that’s an option, too.”
About Navy Federal Credit Union: Navy Federal Credit Union is the world’s largest credit union, with more than $82 billion in assets, 7 million members, 298 branches and a workforce of over 15,000 employees worldwide. The credit union serves all Department of Defense and Coast Guard Active Duty, veterans, civilian and contractor personnel and their families. For additional information about Navy Federal, visit navyfederal.org.