How to Get Approved for the Navy Federal Gold Biz Rewards Card in 2024

Introduction

• Target Audience: Navy Federal members or those interested in becoming members.
• Purpose: To provide a step-by-step guide on how to get approved for the Navy Federal Gold Biz Rewards Card.
• Personal Experience: Approved for $15,000 with plans to increase within 91 days.

Prerequisites

Setting Up Navy Federal Account

• Open the following accounts:
  • Easy Checking Account
  • Flagship Checking Account
  • Savings Account

Initial Credit Building Steps

• Obtain an In Reward Secured Card.
• Get a Pledge Loan for $51.

Tailoring Approach Based on Credit Score

Subprime Credit (Below 600)

• Follow initial credit-building steps rigorously.

Fair Credit (630-650)

• Check the pre-qualify section on Navy Federal's website.
• Go for cash rewards cards if eligible, instead of In Rewards Secured Card.

Prime Credit (680+)

• Open accounts: Easy Checking, Flagship, and Savings.
• Directly apply for the business credit card.

Applying for Business Membership

Documentation Needed

• Business license.
• EIN number from IRS.gov.
• Certificate of Good Standing from Secretary of State.
• Federal Tax ID.
• Beneficial Owner Form.
• Certificate of Organization.

Application Process

• Gather all documents before starting the application.
• Upload documents in the Business Solutions portal.
• Call Navy Federal (1-877-418-1462) within two business days after uploading documents.

Steps to Approval

For All Credit Tiers

• Ensure all relevant accounts and loans are set up with Navy Federal.
• Submit the application online via Business Solutions portal.
• Application Steps: Application > Underwriting > Approval > Closing > Booked

Timeline

• Typical approval process can take 5-7 days.
• Online application status: Monitor to-do list.
• Fund the business membership with $250-$255 from Navy Federal account.

Data Points and Key Features of Gold Biz Rewards Card

• APR: 14.4% variable.
• No annual fee.
• Rewards: 1x point per dollar spent.
• No foreign transaction fees.
• Types: Available in Visa and MasterCard.
• No earnings cap.
• Application Requirements:
  • Credit score around 700 or above.
  • Fewer than three inquiries on credit report.
  • Well-structured business: website, business number, virtual address, etc.

Tips for Different Scenarios

Subprime Credit Holders

• Build a relationship with Navy Federal first.
• Use the In Rewards Card and Pledge Loan.

Fair Credit Holders

• Prequalify for better cards if possible.

Prime Credit Holders

• Directly apply for the business credit card with minimal additional steps.

Final Recommendations

• Continuous relationship-building with Navy Federal is key.
• Adding more products can improve internal score and approval chances.
• Regularly fund and use your Navy Federal accounts to maintain good standing.

Conclusion

• Engage with community for additional tips.
• Better cards might be available but Navy Federal offers non-reporting advantages.
• Stay updated with upcoming videos for more business credit tips.

Note: Comment below to share your experience or ask questions.