Navy Federal Credit Union nRewards Secured Credit Card

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nRewards Secured Credit Card

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  • $0 annual fee
  • Reward system
  • No fees for balance transfers


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  • No fees for balance transfer transactions
  • Low credit requirements for approval
  • No fees for foreign transactions


The Federal Credit Union nRewards Secured Credit CardSummary

The Navy Federal Credit Union nRewards Secured Credit Card has a lot of offerings for those who qualify, but membership with the Navy Federal is not something that just everyone can obtain. Thus, one would have to first meet these criteria before even considering submitting an application for this particular secured credit card.

The features that are offered to the cardholder when they are approved for the Navy Federal Credit Union nRewards Secured Credit Card is quite impressive, considering the type of card and especially when compared to some of the competitor options that are currently available. These features include no annual fees, no fees on balance transfer transactions, and no foreign transaction fees.

This secured credit card also comes with a reward system, which is rare for this type of product. The reward system allows the cardholder to earn cashback on the purchases that they make with the card.

There are some concerns that need to be taken into account, however, such as the minimum initial deposit that need to be made into the accompanying savings account for a customer to qualify for a credit line. The card also comes with a relatively high APR, which is also variable. This may be an unpleasant feature for potential customers.


PROS:
  • No fees for balance transfer transactions
  • Low credit requirements for approval
  • No fees for foreign transactions

CONS:
  • High APR compared to other options
  • Only available to members of the Navy Federal
  • Requires minimum security deposit of $200


Best Features

The best feature about this particular card would be the fact that it comes with no annual fees. The majority of secured credit cards that are available today tend to have an annual fee that the customer needs to pay.

The fact that the Navy Federal nRewards Secured Credit Card comes with a reward system is also a noteworthy benefit, as this is quite a rare find among these products. A single point is rewarded for every one dollar that is spent, with each point being worth one cent. Reward points can be redeemed for either cash or vouchers.

Other benefits offered by the Navy Federal nRewards Secured Card is the fact that the customer only needs a credit score of 300 to apply, and the product will help them build a better credit record. By keeping the account payments up to date, the customer may also qualify for an unsecured card.


Drawbacks

The biggest drawback that customers will notice about this card is the fact that they need to be a Navy Federal member if they wish to apply for the product. Not everyone can become a member or is directly related to an active member of the Navy Federal.

It is also important to note that the card does come with a relatively high APR. Many competitor secured credit cards are able to offer lower APRs on transactions.


Overall Summary

The Navy Federal nRewards Secured Card is one of the few of its kind to come with a reward system. While the product does require a relatively high minimum deposit into a savings account for the customer’s credit line to be activated, there are several benefits that those who are a Navy Federal member can take advantage of. The card does, however, come with a relatively high APR, which is something to be considered before applying.


Who this card is best for

The Navy Federal nRewards Secured Card is a good option for members of the Navy Federal who have a bad credit record. The card would allow such an individual to build up their credit report, while also giving them access to convenient features like a reward system, no foreign transaction fees, and even a $0 annual fee.


 

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