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 Name||nRewards® 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|
|Cash Advance Rate||2% above your variable APR|
|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 Age||18 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.
|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.
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.
2. Scroll to nRewards Secured and click Apply.
3. Enter the user name and password for your NFCU online banking account and click Sign In.
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.
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