Navy Federal Credit Union nRewards Secured Card Review

I’d like to start with stating that that is a first-rate secured charge card. Actually, the only disadvantage to the Navy Federal Credit Union nRewards Secured Card is to qualify, you need to be into the armed forces or pertaining to somebody who is. In the event that you meet with the eligibility requirement through a household or home member, that individual becomes your “sponsor. ” you can easily find out more about it below.

You’re needed to create a deposit with a minimum of $500 in a Navy Federal checking account to “secure” the card. And don’t forget, you won’t get access to the funds, therefore be cautious exactly how much money you wish to put in the account.

Your re payment history is reported to all or any three credit reporting agencies, so responsibly use this card and you’ll rebuild–or establish–your credit score and boost your FICO rating. As I’ve talked about a gazillion times before, here is the most significant function for a secured card. Without this reporting, your credit history won’t enhance.

This card is reported towards the bureaus as “unsecured. ” I understand that’s usually an issue for anybody selecting a card that is secured. To help you sleep effortless on that rating. (That pun ended up being really a major accident, rendering it much more awesome, LOL. )

But even when it absolutely was reported as “secured, ” it couldn’t penalize your rating. If you’d like to find out more about this, check always down this post: Does the FICO get Treat Secured Credit Cards Differently?


You get 1 point per buck invested (less returns and refunds). You are able to redeem points for present cards and product. Here’s an illustration through the internet site: 3,500 points for the $25 present card from Applebee’s or Outback Steakhouse.

Simply a thoughts that are few the benefits. There are not any limitations from the level of benefits you can make. Nonetheless they expire after four years. Please take note of that. You can easily find out more about Navy Federal Rewards here.

Rates and fees

It’s been awhile since We reviewed the Navy Federal Credit Union nRewards Secured Card and also the interest levels have actually changed. The lower quantity is similar, nevertheless now there’s an assortment so that you aren’t fully guaranteed A apr that is low. But nevertheless, in the event that you be eligible for account, this card’s a beauty.

APR for purchases: you can get a adjustable price between 8.99 per cent and 18.0 %. Major points for low-end-of-the-range awesomeness.

Transfers of balance: you get a variable APR of 2.99 percent for 12 months if you qualify. There’s no transfer cost. The awesomeness simply keeps coming!

Annual cost: None.

APR for payday loans: you can get a rate that is variable’s 2 per cent above your purchase APR. Nevertheless, the rate that is highest will likely not go beyond 18.0 per cent. But even when your price is low, interest for a cash loan starts ticking straight away. So if you’re eager for cash, explore other options first. The deal cost is zero if you obtain the bucks at a Navy Federal branch or ATM. Also it’s $0.50 cents per “domestic deal or $1 per international deal. ”

International deal charges: None, so more major points in awesomeness.

Deposit needed: You will do need to start a Navy Federal checking account and also the minimum safety deposit because of this charge card is $500. This review can be a enhance thus I left most of the comments that are previous destination. Several commenters said you have to have the $500 in a NFCU family savings before you submit an application for the card. I’m guessing the credit union desires to make sure you’ll really be eligible for account and therefore you additionally have the funds for the deposit.

Borrowing limit: Your borrowing limit shall equal your protection deposit quantity. As an example: $500 deposit = $500 borrowing limit.

The important thing

The Navy Federal Credit Union nRewards Secured Card is a fairly fantastic credit card that is secured. In addition find some good advantages, such as for instance Collision harm Waiver whenever you hire a car or truck. This credit card additionally is sold with a chip, and today, that is a crucial function. If you’re just a little hazy regarding how cards that are chip, get in on the club. Here’s a post we published to clear things up: A Mercifully brief Guide to Credit Cards with Chips.

The only thing we don’t like is the fact that the reward points expire after four years. But that’s a little nitpicky offered the rest of the great benefits with this card. Besides, if you utilize this card responsibly, you’ll be moving forward to an unsecured card means before your points expire.

And kudos to Navy Federal to take care of the who work within the armed forces (and their loved ones). And I additionally also want to really thank those of you that are presently serving or whom haved offered our country. Each of you are heroes and we appreciate your solution.

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