It sounds to me like the perks of Navy FCU are less about rewards from spend and more about credit access, i.e. high limits, low rates, easier approvals.
Just like anything else, they're awesome for some people but may not make sense for everyone.
I am a new NFCU member. I discovered not long ago that my father's service in the Army National Guard qualifies me. I was surprised by that, and joined immediately once I learned this fact on the MyFICO board.
As a new member during the coronavirus era, I will say two things that might be taken as negative or sour notes. First: the CSR apparently fat-fingered my SSN when I signed up. A couple of weeks later when I applied for a credit card, this came back to haunt me. I ended up with a de facto triple pull (the full story is slightly more complicated than that) as they apparently realized the SSN they had for me did not match what my credit report said, and started pulling other reports in hopes of finding the "right" SSN. Mistake #1 is typing in the wrong SSN, but, human error, it happens. What irked me more was mistake #2, pulling other credit reports instead of asking me to resolve the error. Without getting into the whole story, I will add that I had a warning sign that I missed at the time, so I have some shared responsibility for not being more pro-active in figuring out what was going on.
I sent a secured message asking if they could recode some of the hard pulls as soft pulls. They replied (looked like a copy and paste) saying they couldn't give me special treatment because it wouldn't be fair to other customers. I said I don't want special treatment, I just don't want a bunch of hard pulls because of the errors involved. They replied again (still looked like a copy and paste) saying they coudn't give me special treatment. I replied explaining the series of errors that led to this point. They didn't reply very soon, so I replied again and said, nevermind. One or two people on this board suggested that I call them. I probably should, but I'm pretty burned out telling them this story. I chalk this up largely to the virus hurting their staffing levels.
Second, when I was approved for a card, it was for $1,000, which is low in context of my profile (highest CL is $18,500 and cards total $81,100 in CLs), although I'm ok with that part (I have massive credit-seeking, including recently, and I mainly got this card so I could get a Flagship later this year or early next year). But just to mention as their "high" or "low" starting credit limits have appeared in this thread.
On the positive side, I have spoken with them on the phone four times, and all four times, the person sounded professional - three times, they went above and beyond to be helpful. I can see why people love their customer service, despite some of my comments above.
But for me, the main reason I wanted to join was their rates. Compare their best rates for any product (auto, mortgage, motorcycle, etc) with any other lender and you'll see what I mean.
As for their cards, I like their selection better than, say, PenFed's selection or Capital One's selection. You could live without having one of their cards, but conversely, someone could do just fine if the only cards they had were NFCU cards. Part of the longterm appeal is definitely potential for high credit limits.
JMO ... I think I'm an outlier in several ways, but feel like I should add to community info as I'm able.
Honestly these two images say it all. 
NFCU is willing to give anyone a chance where many other issuers, especially credit unions, are less likely to lend to people with low income and negative past credit histories. They have no predatory practices, some of the best credit card rates in the country (I mean who has a 5.99% card on offer?) that don't require 800 scores to get (I got the lowest on my two cards when my TU score was around 640), credit card products that are competitive with other offerings (cashRewards = QuickSilver with much better APR) and even exceed some other offerings like the More Rewards' uncapped grocery spend at 3X vs the BCE capped at $6K (and that's not to mention the fact the More Rewards also has 3X categories for dining, transit, and gas on that single card as well), low or no interest BTs every single year, and generous credit lines over time. On top of all of that, they have some of the best customer service of anyone. Despite their size, the service you get is the kind of service you only expect with a smaller outfit that can't afford to lose members. I don't dread making a call to NFCU and I hate talking on the phone after working in call centers.
It really isn't hard to see why they are so loved. Experiences like KJinNC has had are exceptionally rare and I'm sure 6 months from now, KJinNC will be a big fan of NFCU too.
@KJinNC wrote:
... the CSR apparently fat-fingered my SSN when I signed up. A couple of weeks later when I applied for a credit card, this came back to haunt me.
Second, when I was approved for a card, it was for $1,000, which is low in context of my profile ... as their "high" or "low" starting credit limits have appeared in this thread.
On the positive side ... I can see why people love their customer service, despite some of my comments above.
But for me, the main reason I wanted to join was their rates. Compare their best rates for any product (auto, mortgage, motorcycle, etc) with any other lender and you'll see what I mean.
As for their cards, I like their selection better than, say, PenFed's selection or Capital One's selection. You could live without having one of their cards, but conversely, someone could do just fine if the only cards they had were NFCU cards. Part of the longterm appeal is definitely potential for high credit limits.
Sorry for your unfortunate customer service experience with Navy! It's notable that you still had positive constructive feedback to give, none-the-less.
I will add to the "low starting limit" comment. I experienced the same thing and I later came to understand that Navy (and most credit unions) value relationship a lot more than I knew. So if you want a better credit SL with Navy, join and bank with them for awhile before applying for a card. By the time you get to cards number 2 and 3 with them, your limits will be climbing. While they have maximum exposure of $80K across all cards, you just don't see $30K or $40K or $50K SL with a first card with them, especially as a new member, regardless of what other profile data points you bring to the table.
I echo that it's not so much that their cards themselves are that special. It's more the underwriting, the customer service, and their rates on products as a whole that make them stand out. And they are popular on My Fico in part because we have a lot of rebuilders and Navy tends to be more lenient and generous than some competitors on profiles such as that.
And by the way, Navy Federal is by far the largest credit union in the United States, much larger than even many regional banks. No other credit union comes close to their size, which is part of the reason their products are exceptional as a whole.
@Anonymous wrote:What are you looking for?
My answer is probably better suited for Personal Finance but here it goes. 🤗
I am looking for an FI that offers HYSA with no maximum and in-house brokerage and free outbound domestic wire transfers so I can purchase mutual funds whenever I see an opportunity while the cash earns decent interests. If there are high rewards credit cards and other benefits that would be even better.
Either I am not looking in the right places or CU's just traditionally don't offer such products but I haven't found a CU that comes close.
Presently I am trying out HSBC Premier, and it's been a mixed bag. I am also checking out Goldman Sachs Marcus and Charles Schwab. Too bad CitiBank doesn't offer HYSA in my area or CitiGold could be a good choice, at least on paper.
One more thought, no matter what you are looking for there is something to be said about excellent customer service. Those that consistently get high reviews (Navy, Schwab, AmEx, Discover, etc) are FIs I will always keep in mind and regularly check out. The moment they offer something I want I am in.
