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Navy Federal Cash Rewards vs Wells Fargo Active Cash Credit Card - YouTube
Channel: Money Growth Project
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what's up money growers jacob back here
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with another video bringing you guys the
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good old-fashioned credit card
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comparison i know a lot of you like here
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on this channel you guys do like to see
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this so we're gonna do the credit card
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comparison here and talk about a credit
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union versus a very very large bank that
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has been around for quite some time uh
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so navy federal versus wells fargo so
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guys go ahead and subscribe the channel
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because we're talking about two cash
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back credit cards today that both these
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places um
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have to offer and how they compare and
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contrast which one might be good for you
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depending on your certain situation
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which one you like and what may fit for
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you just in your personal financial life
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so guys go ahead and subscribe because
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man we got more stuff to talk about here
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uh in the future when it comes to
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finance particularly in the world of
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credit i enjoy teaching you guys this
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stuff getting to share what i know also
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if there's anything i miss any important
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stuff share in the comment section below
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because that really does help a lot of
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the other new people that are brand new
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to the world of cred i mean even if
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you've been in credit for years um stuff
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changes and some stuff just
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situations are different for different
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people and some stuff you know two
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people may be in the same situation or
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similar situation you have very
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different results when applying for a
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credit card or a loan or something
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happens their credit score so it's not a
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perfect science okay it's not a perfect
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science so guys go ahead and subscribe
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and let's get going into this video here
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now we are talking about navy federal
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credit union versus wells fargo
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now some of you may be a member of one
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or both of these i was a member of wells
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fargo for like 15 years
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i may go back we'll see depending maybe
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i will get some business cards wells
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fargo we'll see what i wind up doing
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here but i am with navy federal as well
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i do like navy federal and i was so i
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was a member of these uh both of these
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actually for a while at the same time
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now
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navy federal because their credit union
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right they're member owned right they're
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not for profit okay they are the
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biggest uh credit union in the world 9
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million 10 million members something
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like that and then wells fargo they've
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been around you see since 1852
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henry wells and william fargo so they uh
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they've been around for quite some time
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and they were actually um they grew
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interesting story they grew really big
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uh during their um depression that was
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actually when their bank got really big
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they bought a whole bunch of other banks
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that went out of business now coming to
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the cards here talking about this navy
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federal we're talking about the cash
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rewards versus wells fargo's active cash
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credit card now both of these
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are like everyday spending cards right
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you know you can get cash back maybe
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federal you can get some rewards
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obviously in cash back with wells fargo
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as well uh navy photo their credit score
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standards a little bit lower that's one
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of the big reasons people like navy
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federal is because you can have average
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credit and get approved for i've seen
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the videos online if you were getting
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approved for 10 15 20 25 30 000 limits
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with a card like the cash rewards uh
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with navy federal just that's just
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they're known to be a bit more lacks on
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that wells fargo you know they want you
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have good excellent credit so you know
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they're probably gonna be a little bit
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more strict in that regard navy federal
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was known to be more lacks with some of
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their credits um
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card approvals and credit limits that
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they give out to people people also love
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them because you know you can get credit
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limit increases oftentimes without them
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being a hard pull and you can do them
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like every three months or so every few
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billing cycles you can do it so
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navy federal okay with the cash rewards
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we're looking at sign up offers here
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between these two so navy federal right
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now is actually not a great promo
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they're running as of making this video
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a 150 bonus cash back when you spend a
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thousand bucks than 90 days of account
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opening um oftentimes it's actually
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better than that it'll be you know
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250 bucks for spending 2500 that kind of
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thing uh they are also offering those
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zero percent intro apr on balance
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transfers for six months after that the
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apr is going to be the normal rate with
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them which is anywhere between 9.65 and
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18 they don't go over eighteen percent
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of maybe federal now the cash back
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portion of the card is you get one point
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seven five percent cash back on
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purchases when you enroll in direct
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deposit without direct deposit you get
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one and a half percent so still good
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still competitive with many other cards
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but that direct deposit gives you that
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extra quarter of a percent now on the
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wells fargo side you compare the active
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cash credit card you're gonna get a 200
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cash reward uh for spending a thousand
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dollars in the first three months so
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they're giving you a better return on
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spend than navy federalists so i mean
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navy federal is giving you what 15
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return on spend wells fargo is giving
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you 20
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uh for the same amount of money for the
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same amount same length of time like i
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said maybe federal often has a bigger
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cash back signup bonus but you know you
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usually have to spend 2 2500 whatever it
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is now
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wells fargo they're also giving you zero
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percent intro apr on purchases and
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purchases and balance transfers for 15
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months
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that's a tough one for navy federal to
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beat uh 14.99
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19.99 or 24.99 after is what you're
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gonna have um they do have an intro fee
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of either five bucks or three percent of
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the amount of balance transfer whichever
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is greater for the first 120 days and
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then you get up to five percent for each
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balance transfer with a minimum of uh up
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to five percent of each balance transfer
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with a minimum of five
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um dollars after so then unlimited two
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percent cash rewards on purchases so
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they're giving you a little bit better
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return on spend for the bonus um
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and then they are giving you just a
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little bit more in the cash
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um rewards part so whether it's one and
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a half or 1.75 maybe federal those are
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both getting beat by the two percent
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that wells fargo is offering
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that's one of the there's one reason
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people like banks because oftentimes um
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not always but oftentimes banks are able
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to um
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they've got more money right bottom line
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they've got more money so they're
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oftentimes able to give certain offers
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that are a bit better than what a credit
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union can match
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now other benefits we're looking at here
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right we have the 1.75 cash back on all
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purchases of navy federal no annual fee
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balance transfer fee or foreign
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transaction fees with navy federal
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that's one of the big reasons people
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love them is because their lack of fees
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where banks often times have quite a few
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fees uh that credit unions either don't
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have or the banks have higher fees than
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the credit union now there's no rewards
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limit the points never expire with maybe
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federal uh wells fargo you get your cell
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phone protection
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concierge service which i don't know i
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don't know if anybody who actually uses
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those anymore that places offer because
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you have your cell phone now right you
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can always pull out google and search
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for what you need rewards don't expire
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either wells fargo right there plenty of
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online stores you can redeem um your
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points and things like that also you can
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redeem your rewards as a credit to a
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wells fargo credit card checking account
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mortgage stuff like that so
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again they got a variety of options for
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ways you can redeem your points navy
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federal they're going to give you your
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cell phone protection as well right the
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you know credit card reps are available
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24 7. you have a collision damage waiver
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uh wells fargo you can also um use your
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awards to buy tickets right with
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those online you get purchases right you
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can do statement credits um you know to
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cover things you've already purchased
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that kind of thing
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um you can also redeem at atm so you can
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redeem it for gift cards redeem your
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awards for flights car rentals hotel
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stays all the usual stuff that lots of
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big banks and big credit unions offer
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right
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now some of the other fees are well the
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fees you're going to be looking at here
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that you want to see to compare this
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this is a nice side by side we've got
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going here okay
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now
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navy federal the annual fee zero wells
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fargo's annual fee on this also zero so
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foreign transaction fee zero at navy
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federal uh wells fargo looking at three
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percent of each transaction all right
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now uh balance transfer apr navy federal
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zero
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far ago the intro is zero for the 15
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months and then like we said after that
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introductory period you go to 14 i'll
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just say i'll just say 15 20 25 make it
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easy in the navy federal after the
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introductory period uh of six months
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you're going to be 9.65 to 18. now if
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we're looking at cash advance apr at the
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federal it's two percent above your
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variable apr uh until you hit 18 once
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you 18 percent they don't go over that
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so if your apr is 18 then your cash
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advance apr is also going to be 18
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late payment return payment fee with
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navy federal 20 bucks
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is what you're looking at um cash
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advanced fee with wells fargo with
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either 10 10 bucks or 5 of the amount of
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each
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advance uh whichever is greater late
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payment return payment fee up to 40
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dollars which is typical of banks 38 39
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40 bucks seems to be pretty common
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credit union is more likely to be around
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you know 10 15 20 bucks somewhere in
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there um the balance transfer fee on the
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wells fargo is either gonna be five
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dollars or three percent of the amount
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whichever is greater and you have up to
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five percent for each balance transfer
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with a minimum of five bucks
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atm uh cash advance fee for navy federal
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zero if you do it at one of their
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branches but they only got i mean
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they've got branches all over the world
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but i mean i live here in las vegas
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vegas is a couple million people now i
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think they only have three in the vegas
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area so you know they definitely don't
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have as many branches like around most
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areas you're gonna find wells fargo
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you're gonna find way more wells fargo
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uh branches in most major areas than you
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will navy federal outside of that it's
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going to be 50 cents for a domestic
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transaction or a dollar for foreign
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transaction um for a cash advance to be
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with navy federal now
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if you want to join navy federal or
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wells fargo wells fargo like most banks
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you got to be an adult so you had to be
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18. you know you need a valid social
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security number um
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and things like that so i mean you
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basically just have to have those those
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are like the major things you need to
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join a bank uh you also
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important to know you may not qualify
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for additional wells fargo credit card
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if you've opened a wells fargo credit
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card in the last six months good to know
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keep in mind maybe federal to join them
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since they are crediting they've got
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more stringent requirements credit
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unions if you don't know
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oftentimes have restrictions on who can
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join either by geographic area by
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employment right certain you know
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certain employers um their employees are
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eligible for credit unions and things
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like that some credit unions only serve
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certain counties or even a certain state
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some they serve other states even if you
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don't live in a particular state you can
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you know donate to a
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non-profit organization and you can
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still join that way but navy federal
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largely obviously pertains to the
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military but you don't have to be
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military so military of course can join
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but also pretty much any immediate
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family member can join as well including
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household members uh for navy federal
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credit union also even if you're not
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military or related to some of the
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military if you're a civilian who's a
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department of defense employee then you
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can join as well so
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these are the connections you have to
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have um you know so you have to meet one
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of these requirements so if you're not
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in the military yourself you need to
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have that direct immediate family member
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connection or be a household member uh
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or be basically a dod civilian or dod
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contractor something along those lines
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you can find out more on their website
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but that's what you need to know if you
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want to join navy federal
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and with all that being said go ahead
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and subscribe to the channel i hope you
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guys enjoyed this breakdown these two
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cards um had some similar wars you guys
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saw they were similar enough in some
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sense that you know they were comparable
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i felt so i wanted you guys to tell me
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if you got one or both these cards let
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me hear about it down below what you
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like about them which you don't like and
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that's gonna be for this video guys i
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appreciate you watching being so awesome
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and until next time keep growing your
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money
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