Navy Federal Credit Union® nRewards® Secured Credit Card Review

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ByGrace Pilling
Edited byLukas Velunta
ByGrace Pilling
Edited byLukas Velunta

Updated: June 11, 2024

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Navy Federal Credit Union® nRewards® Secured Credit Card

Min. Security Deposit$200
APR18.00%
Annual Fee$0
Recommended CreditNo Credit History

The Navy Federal Credit Union® nRewards® Secured Credit Card is ideal for those seeking rewards and financial growth. It offers points on every purchase with flexible redemption options, perfect for everyday spending. It's economically advantageous with no annual, balance transfer or foreign transaction fees. Its most compelling feature is the potential credit upgrade after responsible use, making it an excellent option for credit builders. While it requires a security deposit and credit union membership, its benefits, including the transition to an unsecured card, make it a top pick for financially conscious individuals.

Navy Federal Credit Union® nRewards® Secured Credit Card Overview

Understanding and evaluating the diverse features of a credit card is important in making an informed decision that aligns with your financial goals and needs.

  • Regular APR: 18.00% (variable) (See rates and fees)
  • Deposit required: $200–$5,000
  • Potential credit limit: $200–$5,000 (equal to your deposit)
  • Annual fee: $0 (See rates and fees)
  • Rewards rate: Earn 1X points per dollar spent

Important Card Details

Exploring the features of a credit card can provide insightful perspectives into its suitability for various financial needs and goals. In our analysis of the Navy Federal Credit Union® nRewards® Secured Credit Card, we delve into its distinct attributes, examining the opportunities and considerations each feature presents to the consumer.

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    Rewards

    The Navy Federal Credit Union® nRewards® Secured Credit Card offers a straightforward reward structure: earn 1X points for every dollar spent. This is beneficial for consistent spenders who want to accumulate rewards over time. The versatility of point redemption is a standout feature. Cardholders can exchange points for cash, statement credits, gift cards or merchandise, offering flexibility in how rewards are used. With no cap on reward earnings, diligent spenders can accumulate substantial benefits, though it's crucial to note that rewards expire after four years.

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    Security Deposit

    A key aspect of this card is the required security deposit, starting at $200, which is held in a membership savings account. This deposit acts as a safeguard for the issuer and determines your credit limit. It's a foundational step for those building or rebuilding credit, as it minimizes risk for the lender. The deposit is refundable, and after six months, there's an opportunity for a review to potentially upgrade to an unsecured card. This feature makes the card an attractive option for those seeking a secure credit pathway.

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    Credit Requirements

    This card caters to individuals with limited or rebuilding credit. Because it's a secured card, the credit requirements are more lenient compared to standard credit cards. The initial security deposit lowers the risk for the issuer, making it easier for applicants with less-than-ideal credit histories to get approved. Furthermore, the opportunity for a credit upgrade after three months shows a commitment to helping cardholders improve their credit standing. However, this card is only available for Navy Federal Credit Union members.

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    Fees

    A significant advantage of the nRewards® Secured Credit Card is the absence of many common fees. It charges no annual, balance transfer, foreign transaction or cash advance fees, making it a cost-effective option for those wary of additional charges. The elimination of these fees can lead to substantial savings, especially for cardholders who travel abroad or frequently transfer balances. However, be mindful of the variable APR for purchases and balance transfers, set at 18.00%.

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    Other Perks

    Beyond the basic features, this card includes additional perks that enhance its value. Notably, it offers rental car coverage, providing peace of mind for travelers. Additionally, the card's eligibility for a credit upgrade adds a pathway for financial growth and improved creditworthiness. These features, combined with the flexibility in reward redemption and the supportive approach to credit-building, make the nRewards® Secured Credit Card a well-rounded financial tool for members of the Navy Federal Credit Union.

How the Navy Federal Credit Union® nRewards® Secured Credit Card Compares

In this comparison, we'll closely examine the features, benefits and potential drawbacks of the Navy Federal Credit Union® nRewards® Secured Credit Card and another popular credit card to help you determine which aligns best with your financial needs and spending habits.

How This Card Compares

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Navy Federal Credit Union® nRewards® Secured Credit Card

  • Regular APR: 18.00% (variable) (See rates and fees)
  • Deposit required: $200–$5,000
  • Potential credit limit: $200–$5,000 (equal to your deposit)
  • Annual fee: $0 (See rates and fees)
  • Rewards rate: Earn 1X points per dollar spent
  • Best for: Individuals looking to build or rebuild credit, appreciating a straightforward rewards system with no annual fee, and desiring a flexible credit limit matching their deposit (from $200 to $5,000).
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Discover it® Secured Credit Card

  • Regular APR: 28.24% Variable APR (See rates and fees)
  • Deposit required: $200–$2,500
  • Potential credit limit: $200–$2,500 (equal to your deposit)
  • Annual fee: $0 (See rates and fees)
  • Rewards rate: Earn 2% cash back at gas stations and restaurants (up to $1,000 in purchases per quarter) and 1% cash back on other purchases. Matches all your cash back in the first year
  • Best for: Frequent diners and drivers looking for high cash back on gas and restaurant purchases, with a first-year match bonus, and comfortable with a higher APR and a credit limit up to $2,500.

About Grace Pilling


Grace Pilling headshot

Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.

Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.


*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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