Navy Federal cashRewards Plus Card: $200 Cash Bonus, $98 Walmart+ Credit, 2% Cash Back, No Annual Fee

Updated offer and card details. The Navy Federal cashRewards Plus Card is the new and improved sibling of the Navy Federal cashRewards Card (no “Plus”). The difference: If the credit limit you get is $5,000 and above, you get the Plus with a higher 2% cash back. Under $5,000; no Plus and the old 1.5% cash back. Rest of the highlights:

• $200 cash back for new cardholders after $2,000 in purchases within 90 days of account opening.
• $98 Walmart+ credit. For a limited time, get a one-time $98 statement credit when you pay $49 or more for an annual Walmart+ membership using your cashRewards credit card. (Normally, annual Walmart+ memberships are $98.)
• New: Flat 2% cash back on all purchases with the cashRewards Plus card with $5,000+ credit limit.
• Flat 1.5% cash back on all purchases with the cashRewards card with less than $5,000 credit limit.
• No foreign transaction fees.
• No annual fee.

There is no cap on cash back earned. Cash back does not expire as long as the account is open. Note: There is no longer any benefit to having direct deposit on a NavyFed checking account.

Annual Walmart+ membership must be purchased within one year from Navy Federal cashRewards Credit Card account opening date to receive the one-time statement credit. Also nice that you get the full $98 even if you only pay $49 for the annual Walmart+ membership (the often-discounted price from Walmart).

A few readers have commented that they don’t like dealing with miles or points, and prefer simply cash back. This is one of the better cash bonuses on a flat 2% cash back card with no annual fee. I would recommend to maximize your stated income to include all legitimate, eligible sources in order to get the highest credit limit possible.

The primary catch here is that in order to apply, you must be a NavyFed credit union member. Membership eligibility for NavyFed now goes beyond current and retired members of the armed forces to include their families and household members of veterans, Department of Defense personnel, and more. The effort can be worth it as NavyFed also offers other useful financial products like mortgages, car loans, certificates of deposit, etc.