03-05-2009 05:58 AM
NFCU is coming out with a new cash rewards credit card in a few months. Looks to be pretty standard with 1% cash back on all purchases up to $1,000 and 1.5% cash back on all purchases beyond that.
Currently their nRewards Visa/Mastercard and goRewards Visa/Mastercard have annual fees of $0 and $18 respectively and have redeemable rewards returns of 1% and 1.7% respectively. Note that you can't get the 1% and 1.7% back in cash, you can only get the highest returns if you redeem them for gift cards. If you do choose the cash back option on the nRewards/goRewards, the redeemable rewards return decreases substantially.
Their Flagship Visa has a redeemable rewards return of 2% in travel or 1.5% in cash and has a $49 annual fee.
For those looking for a simple, straighforward cash back card from a reputable company, with no strings attached, this is a great option. Still, I prefer the Schwab Invest First Visa with 2% back on everything, no annual fee, no foreign transaction fees and Signature benefits. Only catch for that one is they require you to have a no-fee brokerage account into which your rewards are deposited, which isn't a big deal because Schwab is a great brokerage company and has a full-service bank integrated into it's Brokerage website.