Navy Federal Credit Union nRewards® Secured Credit Card review
A secured card to rebuild your credit with no annual fee — and simple rewards.
finder.com’s rating: 4.4 / 5
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Purchase APR (variable)
Recommended credit score
|Product Name||nRewards® Secured Credit Card|
|Purchase APR||18% variable|
|Balance transfer APR||18% variable|
|Cash advance rate||20% variable|
|Penalty APR||18% fixed|
|Foreign transaction fee||None|
|Interest free period||Up to 25 days|
|Late payment fee||Up to $20|
|Returned payment fee||Up to $20|
|Additional cardholder fee||$0|
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Unfortunately, you do need to become a Navy Federal Credit Union member in order to use this card. But if that isn’t a problem, this secured card offers a strong opportunity for credit-building and earning rewards.
How to apply for NFCU nRewards® Secured Credit Card
Before you can apply for a NFCU nRewards® Secured Credit Card, you’ll need to become a member of the NFCU and open a savings account with at least $200. You will not be able to complete the online application until you have deposited at least $200 into your NFCU savings account.
To be approved for the NFCU nRewards® Secured Credit 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
- Go to the Navy Federal Credit Union website and hover on Products and Services. Then click Credit Cards from the resulting window.
- Scroll to nRewards Secured and click Apply.
- Enter the user name and password for your NFCU online banking account and click Sign In.
- The website will walk you through the remaining steps, which include providing your personal and financial information.
- 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.
- Rewards program. Earn 1 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 Credit 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 $200, which becomes your credit limit.
- No intro APR. Once approved, a 18% variable APR applies immediately.
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.
nRewards® Secured Credit Card reviews and complaints
The NFCU nRewards® Secured Credit Card gets good reviews online, with comments like “what an outstanding card” and “amazing.” As of October 2020, the Navy Federal Credit Union gets an A+ from the Better Business Bureau, though it is not currently accredited.
Compare similar secured cards
With a low APR, minimal fees and a simple rewards program, the nRewards® Secured Credit Card is a good card to check out. But if this card doesn’t fit your needs or you’re not interested in becoming a NFCU member, compare more secured credit cards.
Common questions about the NFCU nRewards® Secured Credit Card
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