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Last updated on October 6th, 2021
Navy Federal nRewards Secured Credit Card
- Regular Purchase APR 18% variable based on the Prime Rate
- Balance Transfer APR 18% variable based on the Prime Rate
- Cash Advance APR 20% variable based on the Prime Rate
- Annual Fee None
Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Poor , No Credit Required
- Processing Network Mastercard
- No annual fee
- No foreign transaction fees
- 1x points for every dollar spent
- Regular Purchase APR: 18% variable based on the Prime Rate
- Balance Transfer APR: 18% variable based on the Prime Rate
- Balance Transfer Transaction Fee: None
- Cash Advance APR: 20% variable based on the Prime Rate
- Cash Advance Transaction Fee: None if performed at a Navy Federal branch or ATM. Otherwise, up to $1
- Penalty APR: 18%
- Late Payment Penalty Fee: Up to $20
- Return Payment Penalty Fee: Up to $20
- Minimum Deposit Required: $200
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At a Glance
The Navy Federal nRewards Secured Credit Card is a secured credit card designed for those looking to repair or build their credit while earning rewards. Cardholders earn one bonus point for every dollar they spend on purchases with the card. Rewards points are applicable to travel, merchandise, cash, or gift cards. The card also features no annual fees, no foreign transaction fees, and an 18% APR on purchases and balance transfers.
Ideal for Those Who:
- Are a member of NFCU
- Need to rebuild or establish your credit
- Want to earn rewards for your everyday purchases
- Don’t want to pay an annual fee
- Can make a security deposit of at least $200, which acts as the credit line (credit limit)
Navy Federal nRewards Secured Review
The Navy Federal nRewards Secured Credit Card is a reliable secured credit card for those looking to establish credit for the first time or improve their existing credit score. The card differs from other secured credit cards in that it provides members with rewards while they work on their credit score.
Many secured credit cards exist for little another purpose than helping a person build (or rebuild) their credit. That’s not to say that these cards should be looked down upon – after all, they provide an essential service. The Navy Federal nRewards Secured Credit Card, on the other hand, gives cardholders the chance to earn rewards points as they rebuild.
The card earns 1X point for every dollar spent with the card – points that are applicable towards rewards such as travel, cash back, gift cards, or even merchandise. Points in the Navy Federal rewards program have a value of about $.01 per point.
With regular use, the Navy Federal nRewards Secured Credit Card offers the versatility not found in many secured cards. The card has no annual fee, for example, and lacks fees for foreign transactions, balance transfers, and cash advances.
The card rates are a typical APR of around 18% variable based on the Prime Rate, which is pretty good for a secured card. While the interest rates might be higher than with other unsecured credit cards, this won’t be an issue provided the users pay off their statement in its entirety each month – a great habit to get in when repairing credit.
Should You Apply for the Navy Federal nRewards Secured Card?
Overall, the Navy Federal nRewards Secured Credit Card is a very good option for members of the Navy Federal Credit Union who are looking to boost their credit but want some perks along the way. Secured cards typically come with an annual fee, but the Navy Federal nRewards Secured Card does not.
Far too many lenders try to gouge people with bad credit to give them the privilege of opening a secured credit card account; the lack of an annual fee is a great perk that shouldn’t be overlooked. The rewards points are another great feature. While the points-earning potential might not be spectacular, they are a pleasant bonus while making the trek from secured to unsecured credit cards.
Another benefit of Navy Federal credit cards is that they usually come as either a Visa or Mastercard. This provides cardholders with the choice of card protections, though both networks are essentially the same. NFCU may also periodically review your account and credit history to see if you qualify for an unsecured card.
Related Article: What Are the Best Secured Cards for Rebuilding Credit?