Navy Federal Secured Card: Amazing Facts and Benefit

Navy Federal Secured Card: 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. Navy Federal Card has you covered.
Navy Federal Secured Card
Navy Federal nRewards Secured Credit Card

The Navy Federal nRewards Credit Card is designed to help cardholders establish or rebuild their credit. This secured card has an annual fee of $0 and requires a minimum security deposit of $200. With the Navy Federal nRewards Secured Credit Card rewards program, you earn a flat one point per dollar in purchases.

With no annual fee and a decent 18% 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 $200 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.


  • Qualify with limited / bad credit

  • No annual fee

  • No foreign transaction fee


  • Must be a Navy Federal member

The Benefits

Unlike a prepaid or debit card, the NFCU nRewards® Secured Credit Card can help you rebuild or establish your credit history. This one comes with a few key benefits.

  • Rewards program. Earn 1 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 Credit 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 $200, which becomes your credit limit.
  • No intro APR. Once approved, a 18% variable  APR applies immediately.

Rates & Fees

Their rates and fees includes;


  • Min APR: 9.99%
  • Max APR: 18.00%
  • Balance Transfer: N/A
  • Cash Advance: 11.99% – 20.00%


  • Annual: $0
  • Late Payment: Up to $20
  • Balance Transfer: N/A
  • Foreign Transaction: None

Why You might Want the Navy Federal Secured Credit Card

  • Little in the way of fees: There are many secured cards on the market, but many tack on additional charges like account opening fees or annual fees. The only thing you’ll pay upfront for the Navy Federal Credit Union® nRewards® Secured Credit Card is a minimum $200 security deposit. 

  • Rewards: Cards designed for those with less-than-good credit don’t always offer rewards, but the Navy Federal Credit Union® nRewards® Secured Credit Card does. Rewards points are worth about a cent each and can be redeemed for cash back, merchandise or gift cards.

  • Collision damage waiver coverage is included: If you rent a car for 15 days or less and pay for the rental with the Navy Federal Credit Union® nRewards® Secured Credit Card, you’ll get this benefit. Keep in mind, there are certain terms, restrictions, and exclusions to CDW coverage.

  • Cell phone protection: The Navy Federal Credit Union® nRewards® Secured Credit Card is among a relatively small group of credit cards that offer cell phone insurance. Pay your monthly mobile phone bill with the Navy Federal Credit Union® nRewards® Secured Credit Card and receive protection for up to three cell phones.

  • Other perks and benefits: Aside from the CDWs and cell phones, if your Navy Federal Credit Union® nRewards® Secured Credit Card is a Visa, you’ll get other benefits including car rental discounts and specific shopping discounts. If your Navy Federal Credit Union® nRewards® Secured Credit Card is issued by Mastercard, the perks include price protections, extended warranties and travel assistance.

Why You Might Want a Different Card

  • Membership requirement: Unless you or a family member is a current or former member of the military, or a Department of Defense employee, you’re not eligible for membership to Navy Federal’s credit union, which is a requirement for the card. If you are eligible and not already a member of the credit union, you still have to apply for membership and open a savings account with a minimum $5 deposit.

  • Security deposit: Navy Federal lowered the minimum required security deposit from $500 to $200 in December 2018. But for some, that may still be a big barrier. If you simply can’t afford a security deposit, some alternative credit card options could work for you.

  • You want the lowest APR:The ongoing APR is 18.00%, Variable. But depending on what shape your credit is in, you may only qualify for the upper end of that range. If you think you’ll need to carry a balance, choosing a card with the lowest possible interest rate is a smarter move. 

Point Highlighted

It is easy to see that the Navy Federal Secured Credit Card would be a good choice for some consumers. This is especially true for consumers that don’t really have good credit, or those that don’t have any credit at all.

Point highlighted

With a low APR, minimal fees and a simple rewards program, the nRewards® Secured Credit Card is a good one to check out. And if this card doesn’t fit your needs, compare more secured credit cards.

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