Navy Federal Credit Union is finding a big payoff in its cash rewards program linked to a Visa credit card.
The nation's largest CU said so far it has issued 50,000 of the 1% to 1.5% cash rewards cards to its members since the program was started nearly a year ago.
The no annual fee card, with rates as low as 9.65%, provides 1% cash back up to $10,000 spent by a user in a given year and 1.5% cash back on purchased above $10,000.
Under the program, redemptions can be made into a member's savings or checking account or as a credit to the card balance. With a $20 minimum, cash can be redeemed in any amount, and there is no expiration date or limits.
"From the time we introduced this card last April, the CashRewards Visa has been the overwhelming card of choice for our military members," said Tony Gallardy, vice president of credit and consumer lending. "The number of members signing up for CashRewards has been 50% over expected projections, and we are pleased to offer a credit card with low rates and great rewards."
In addition, the Navy Federal's CashRewards program received a prominent mention in a recent article in Money magazine's March issue.