Navy Federal Nrewards Secured full review

An In-Depth Look at the Navy Federal nRewards Secured Credit Card

If you’re looking for a secured card that offers excellent features and benefits, the Navy Federal Credit Union® nRewards® Secured Credit Card is worth considering. This card has all the essential features you would expect from a secured card, without any annual fees, application costs, or account management expenses.

One of the standout features of the Navy Federal Credit Union® nRewards® Secured Credit Card is its ability to help improve your credit. If you demonstrate good payment habits, your account could be considered for conversion to an unsecured status after just six months.

Unlike most secured cards, the Navy Federal Credit Union® nRewards® Secured Credit Card also offers additional perks and rewards. This makes it an ideal choice for individuals who are starting to build their credit or rebuilding their credit after previous damage.

However, there is one important requirement to consider before applying for this card – you must already be a member of the Navy Federal Credit Union. This means you’ll need to fulfill specific requirements in order to join the credit union.

How Does the Navy Federal nRewards Secured Credit Card Work?

Secured cards, like the Navy FCU nRewards® Secured Credit Card, can be a lifeline for those with bad credit, no credit, or a damaged credit history. These cards require a security deposit, which serves as collateral for the loan.

One of the key advantages of a good secured card, such as the nRewards Secured Card, is the ability to report your payment activity to the major credit bureaus. This provides an opportunity to showcase responsible credit usage and build a positive credit history.

In addition to helping you establish credit, the Navy FCU nRewards® Secured Credit Card offers other benefits. There are no international transaction or cash advance fees, which is rare for secured cards designed for individuals with limited or no credit history. The card also earns points on eligible purchases, which can be redeemed for goods, gift cards, or cash back.

The minimum deposit for the Navy FCU nRewards® Secured Credit Card is $200, and members may be evaluated for a higher credit line after just three months. Regular reviews occur after six months, and those who demonstrate responsible credit usage may qualify for an unsecured card.

A Solid Choice for a Secured Card

The Navy FCU nRewards® Secured Credit Card offers several impressive features that are uncommon for cards targeted at those with poor or no credit history. These features include rental car coverage, protection against cell phone breakage, and auto rental insurance.

While other cards might offer higher rewards, the Navy FCU nRewards® Secured Credit Card stands out for its unique benefits and lack of cash advance fees. To be eligible for this card, you must be a Navy Federal member. Keep in mind that joining Navy Federal can be easier than you think, as eligibility extends to family members of veterans or active military personnel.

How Much Cash Back Can You Earn?

To determine the rewards potential of the Navy FCU nRewards® Secured Credit Card, let’s consider the average American household’s annual credit card expenses. The average household charges around $25,087 to a credit card each year.

If all purchases were made using the Navy FCU nRewards® Secured Credit Card at a rate of one point per dollar spent, you could earn 25,087 points annually. These points can be redeemed for a cashback value of $250.87.

Navy Federal nRewards Secured Benefits

• Accessible for individuals with poor or low credit
• No annual fees
• Credit activity reported to the three main credit bureaus
• No balance transfer fees
• No foreign transaction fees

How to Apply for the Navy Federal nRewards Secured Credit Card

If you’re interested in applying for the Navy Federal nRewards Secured Credit Card, check out our detailed article on how to complete the application process.

Written by

Claire Harrison