Navy Federal Credit Union nRewards Secured Card Review

Navy Federal Credit Union nRewards Secured Card Review

I want to start with stating that that is a first-rate secured bank card. Actually, the downside that is only the Navy Federal Credit Union nRewards Secured Card is that to qualify, you need to be when you look at the army or pertaining to an individual who is. That person becomes your “sponsor. In the event that you meet with the eligibility requirement through a household or home member” you are able to find out about it the following.

You’re expected to make a deposit with a minimum of $500 in a Navy Federal checking account to “secure” the card. And keep in mind, you won’t get access to the funds, so be cautious regarding how cash that is much desire to put in the account.

Your re payment history is reported to any or all 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 pointed out 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 a problem for anybody selecting a secured card. To help you sleep effortless on that rating. (That pun ended up being actually a major accident, that makes it much more awesome, LOL. )

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


You make 1 point per buck invested (less returns and refunds). You can 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.

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

Prices and fees

It’s been awhile since We reviewed the Navy Federal Credit Union nRewards Secured Card and also the rates of interest have actually changed. The lower quantity is the identical, nevertheless now there’s an assortment so you aren’t assured a low apr. Yet still, if you be eligible for a account, this card’s a beauty.

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

Transfers of balance: in the event that you qualify, you will get a adjustable APR of 2.99 % for one year. There’s no transfer cost. The awesomeness simply keeps coming!

Yearly charge: None.

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

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

Deposit needed: You will do need certainly to start a Navy Federal checking account while the minimum safety deposit for this bank card is $500. This review is definitely a change therefore I left all of the comments that are previous destination. Several commenters said you have to have the $500 in a NFCU checking account before you submit an application for the card. I’m guessing the credit union would like to concur that you’ll really be eligible for account and that 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 main point here

The Navy Federal Credit Union nRewards Secured Card is a fairly fantastic credit card that is secured. In addition, you acquire some benefits that are good such as for example Collision harm Waiver once you lease a motor vehicle. This charge card additionally is sold with a chip, and today, that’s a crucial function. If you’re just a little hazy exactly how cards that are chip, join the club. Here’s a post we composed to clear things up: A Mercifully brief Guide to Credit Cards with Chips.

The only thing we don’t like is the fact that reward points expire after four years. But that is only a little nitpicky provided all of those other wonderful features with this card. Besides, if you are using this card responsibly, you’ll be moving forward to an unsecured card method before your points expire.

And kudos to Navy Federal to take proper care of those who work in the army (and their loved ones). And I also would also like to individually thank those of you that are presently serving or who haved offered our country. Each of you are heroes and we appreciate your solution.