Navy Federal Credit Union nRewards Secured Credit Card review June 2018

Review: Navy Federal Credit Union nRewards® Secured credit card – June 2018

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A secured card to rebuild your credit with no annual fee — and simple rewards.

When you have poor or no credit history, it can be tough to get a loan or a credit card with a reasonable APR. Establishing or rebuilding your credit is important to your overall financial health.

The Navy Federal Credit Union nRewards Secured credit card reports to the three major credit bureaus so with responsible use and on-time payments you can get your credit where it needs to be.

Product NamenRewards® Secured Credit Card
Balance Transfer Rate (not intro)10.49% to 18.00% variable
APR for Purchases ( Purchase Rate )10.49% to 18.00% variable
Annual fee$0
Cash Advance Rate2% above your variable APR
Card TypeVisa
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 25 days
Returned Payment Fee$20
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
0% of transaction value
Minimum Interest$0
Minimum Age18 years of age
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Annual fee$0
Returned Payment Fee$20
Late Payment Fee$20

With no annual fee and a decent 10.49% to 18.00% variable APR, this option is worth looking into. But qualifying requires membership with the Navy Federal Credit Union and opening a NFCU account with a minimum $500 security deposit. This security deposit becomes your credit limit.

This card further stands out as one of the few secured cards with a rewards program. For every dollar you spend, you’ll get one point for redemption toward gift cards or merchandise.

The Perks

Unlike a prepaid or debit card, the NFCU nRewards Secured Card can help you rebuild or establish your credit history. This one comes with a few key benefits.

  • Rewards program. Earn one point for every dollar you spend, and redeem points for gift cards or merchandise.
  • Credit bureau reporting. NFCU reports your account activity to the three major credit bureaus, which can improve your credit score more quickly.
  • No annual fee. It’s a good choice for those looking for a low-cost credit card.
  • Collision damage waiver. You automatically have collision damage waiver coverage when you rent a car and pay for the rental with your secured card.

What to watch out for

The NFCU nRewards Secured Card can help you build your credit to meet your financial goals. But consider the below before you apply.

  • Required NFCU membership. You must become a member and open up an NFCU account for approval.
  • High required security deposit. Requires at least $500, which becomes your credit limit.
  • No intro APR. Once approved, a 10.49% to 18.00% variable APR applies immediately.

How to apply for NFCU nRewards Secured Card

Always consider your options and your financial situation before you apply for a credit card.

Before you can apply for a NFCU nRewards Secured Card, you’ll need to become a member of the NFCU and open a savings account with at least $500. You will not be able to complete the online application until you have deposited at least $500 into your NFCU savings account.

To be approved for the NFCU nRewards Secured Card, you need to be at least 18 years old, a US citizen or legal resident and be able to provide a valid Social Security number or tax ID number. You’ll also need to provide:

  • Your employment status
  • Your monthly income
  • Your monthly housing expense

1. Go to the Navy Federal Credit Union website and hover on Products and Services. Then click Credit Cards from the resulting window.

step 1 Navy Federal Credit Union nRewards

2. Scroll to nRewards Secured and click Apply.

step 2 Navy Federal Credit Union nRewards

3. Enter the user name and password for your NFCU online banking account and click Sign In.

step 3 Navy Federal Credit Union nRewards

4. The website will walk you through the remaining steps, which include providing your personal and financial information.

5. After you review the terms and conditions and fund your security deposit (if you don’t already have the funds in your account), confirm the information you’ve provided and submit your application

How long will it take to be approved?

You’ll find out if you’ve been approved for the card nearly immediately after applying.

I got the card. Now what?

You’re on your way to rebuilding your overall credit history and financial health. Here are some important tips to help making your payments a little easier.

  • Manage your account online. Set up an online account to monitor and stay on top of your spending.
  • Avoid unnecessary interest. After the close of each billing cycle, you have a grace period of 25 days to pay your balance. If you do, you won’t pay interest on your purchases.
  • Avoid fees. Returned payments come with fees of up to $20, so consider signing up for autopay for automatic payments ahead of your due date.
  • Contact information. Contact NFCU at 888-842-6328, or log in to your account to send a secure email or initiate a live chat. You can also visit NFCU on Facebook or on Twitter @NavyFederal.

What customers are saying about the NFCU nRewards Secured Card

The NFCU nRewards secured card gets good reviews online, with comments like “what an outstanding card” and “amazing.” And the Navy Federal Credit Union gets an A+ from the Better Business Bureau.

Bottom line

A secured credit card can help you rebuild your credit by reporting your responsible spending and on-time payments to the three major credit bureaus.

With a low APR, minimal fees and a simple rewards program, the nRewards® Secured Credit Card is a good one to compare.
Your guide to secured credit cards

Commpare the Navy Federal Credit Union nRewards Secured vs. Discover it Secured

Rates last updated June 25th, 2018
Unfortunately, none of the credit cards match that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Name Product Product Description Annual fee Min credit limit APR for Purchases ( Purchase Rate )
nRewards® Secured Credit Card
Earn rewards while building credit.
$0
$500
10.49% to 18.00% variable
Discover it® Secured Credit Card
2% Cashback at restaurants or gas stations on up to $1,000 in combined purchases each quarter. Plus 1% cash back on all other credit card purchases.
$0
$200
24.49% variable

Compare up to 4 providers

Compare the Navy Federal Credit Union nRewards Secured vs. Capital One Secured

Rates last updated June 25th, 2018
Unfortunately, none of the credit cards match that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Name Product Product Description Annual fee Min credit limit APR for Purchases ( Purchase Rate )
nRewards® Secured Credit Card
Earn rewards while building credit.
$0
$500
10.49% to 18.00% variable
Secured Mastercard® from Capital One®
Take control and build your credit with responsible use.
$0
$200
24.99% variable

Compare up to 4 providers

Common questions about the NFCU nRewards Secured Card

Adrienne Fuller

Adrienne Fuller leads the publishing team at finder.com. She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

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2 Responses

  1. Default Gravatar
    AliciaApril 5, 2018

    I’m wondering if within time does your secured credit card turn into an unsecured credit card?

    • finder Customer Care
      nikkiangcoApril 5, 2018Staff

      Hi Alicia,

      Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?

      Your secured card can become an unsecured card upon approval of the issuing bank should they deem your credit standing good and you meet the eligibilities and other requirements needed for an unsecured card.

      Hope this helps!

      Cheers,
      Nikki

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