Navy Federal Credit Union NRewards Secured Credit Card Review in 2022

Are you looking for a secured credit card to help rebuild your credit? If so, the Navy Federal Credit Union NRewards Secured Credit Card

may be the perfect option for you. This card has no annual fee and earns cash back on your purchases.

Please, keep reading to learn everything you need to know about the Navy Federal Credit Union NRewards Secured Credit Card.


Card Basics

Navy Federal Credit Union’s NRewards Secured Credit Card is a great option for people who are working to rebuild their credit. The no-annual-fee card earns rewards, offers an upgrade path and even features some perks.

The card is a secured product which requires a membership and security deposit.

However, the deposit is refundable, and you can get your credit line increased after making regular, on-time payments. Plus, you’ll earn rewards on every purchase, and you can redeem your points for cash back, travel or merchandise.


Quick facts

Here are some quick facts about the Navy Federal Credit Union NRewards Secured Credit Card.

  • The Navy Federal Credit Union NRewards Secured Credit Card is a great option for those looking to rebuild their credit. 
  • This card offers 18% Variable APR on purchases, no annual fee, and the ability to earn 1X points per dollar spent with no rewards limit. 
  • Earn one point for every $1 spent. A point is worth about a cent and can be redeemed for cash back, merchandise or gift cards.
  • The card also offers Tap to Pay and has no cash advance fees or balance transfer fees.

Pros and Cons of the Navy Federal Credit Union NRewards Secured Credit Card

There are a lot of things to like about the Navy Federal Credit Union NRewards Secured Credit Card.

Here are some of the pros: 

  • No annual fee
  • No foreign transaction fees
  • No Balance Transfer Fees
  • Earn 1 point per dollar spent
  • No cash advance fees
  • Access To Higher Credit Line after 3 months

Here are some of the Cons: 

  • You must join Navy Federal to use its services, which means you must have a grandparent or grandkid who is a veteran or active military member.
  • The account requires a deposit as a secured card.
  • High APR

Now that we’ve covered the basics let’s take a closer look at some of the features and benefits that make this card worth considering.


Should I Get A Navy Federal Secured Credit Card? 

Navy Federal Credit Union NRewards Secured Credit Card
Navy Federal Credit Union NRewards Secured Credit Card

You might want to consider the Navy Federal Credit Union NRewards Secured Credit Card if: The Benefits Outweigh the Cost. So, I have explained below some of the key features and benefits that come with this card. Let’s explore them in more detail.

nRewards® Secured Credit Card Reviews: The Card Benefits

1. You can get your deposit back

After making regular, on-time payments with the Navy Federal Credit Union NRewards Secured Credit Card, you may be able to have your deposit returned and your credit line increased. This is a great way to help rebuild your credit.

2. You earn rewards on your purchases

With the Navy Federal Credit Union NRewards Secured Credit Card, and you’ll earn 1 point per dollar spent on all of your purchases. There is no limit to the number of points you can earn, and you can redeem your points for cash back, travel or merchandise.

3. You have access to some great perks

With the Navy Federal Credit Union NRewards Secured Credit Card, you’ll have access to some great perks, including tap to pay and no cash advance fees. You’ll get a free FICO score each month to help you monitor your credit.

4. There is no annual fee

One of the best things about the Navy Federal Credit Union NRewards Secured Credit Card is that there is no annual fee. This means you can use the card without worrying about paying an annual fee.

5. You can use the card anywhere

Since the Navy Federal Credit Union NRewards Secured Credit Card is a Mastercard, you’ll be able to use it anywhere that Mastercard is accepted. This means you’ll be able to use your card for online and in-store purchases.

6. No membership fees

Unlike some other credit unions, Navy Federal Credit Union does not charge any membership fees. This means you’ll be able to use the credit union’s services without paying a monthly or annual fee.

7. No foreign fee

Another great thing about the Navy Federal Credit Union NRewards Secured Credit Card is that there is no foreign transaction fee. This means you’ll be able to use your card for purchases made abroad without worrying about paying a fee.

8. You can Qualify with bad credit.

Even if you have bad credit, you may still be able to qualify for the Navy Federal Credit Union NRewards Secured Credit Card. Even if you have a Credit Score of 300-689 (Poor – Average), you may still be able to get this card. So this card is great for people who are looking to rebuild their credit.

9. Reports to the three major credit bureaus

The Navy Federal Credit Union NRewards Secured Credit Card reports to the three major credit bureaus. This means that your payments and activity will be reported to TransUnion, Equifax, and Experian. This is good for your credit because it will show that you’re using and managing credit responsibly.

10. No balance transfer fee

There is also no balance transfer fee with the Navy Federal Credit Union NRewards Secured Credit Card. This means you can transfer your balance from another card without paying a fee.

11. It’s possible to graduate with an unsecured credit card.

After making regular, on-time payments with the Navy Federal Credit Union NRewards Secured Credit Card, you may be able to graduate with an unsecured credit card. The company will review your account after 6 months and may offer you an unsecured credit card if they determine that you’re eligible.

12. Excellent customer service

You can contact customer service if you have any questions or concerns about the Navy Federal Credit Union NRewards Secured Credit Card. The customer service team is available 24/7 and is always happy to help.

After reading through this list of benefits, it’s easy to see why the Navy Federal Credit Union NRewards Secured Credit Card is a great choice for people with bad credit.

13. Cell Phone Protection

One of the best things about the Navy Federal Credit Union NRewards Secured Credit Card is that it offers cell phone protection. This means that if your cell phone is lost, stolen, or damaged, you may be able to get up to $600 in reimbursement.

14.$0 Fraud Liability

Another great benefit of the Navy Federal Credit Union NRewards Secured Credit Card is that you’re protected from fraud. This means that if your card is lost or stolen, you won’t be held responsible for any unauthorized charges.

15. Collision Damage Waiver

The Navy Federal Credit Union NRewards Secured Credit Card also offers a collision damage waiver. This means that if your rental car is damaged or stolen, you may be covered.


Why you should not get the Navy Federal Credit Union NRewards Secured Credit Card.

Here are a few reasons why you might not want to get the Navy Federal Credit Union NRewards Secured Credit Card:

1. You have to put down a security deposit

The Navy Federal Credit Union NRewards Secured Credit Card may not be the best option for everyone. One reason is that you have to put down a security deposit of $200 to get the card. This may be too much for some people to put down.

So, if you cannot afford a security deposit at all, some alternative credit card options could work for you.

The Capital One Platinum Secured Credit Card offers an initial credit line of $200 for a deposit of $49, $99 or $200. You can pay the deposit in instalments.

2. You must join Navy Federal to use its services.

The Navy Federal Credit Union offers a credit card that is only available to members or those eligible for membership through family ties to the Department of Defense or military service.

A $5 minimum deposit is required to open a savings account to be considered for membership with the credit union. If you do not want to join, you can check out other credit card options that do not have this requirement.

The OpenSky® Secured Visa® Credit Card does not require a credit check or any kind of membership but comes with an annual fee of $35.


How does the Navy Federal Secured credit card compare to other secured cards?

The Navy Federal Credit Union NRewards Secured Credit Card is a great option for people with bad credit because it offers a lot of perks and benefits.

However, depending on your needs, other secured credit cards might be a better fit.

Here are some other secured credit cards to compare to the Navy Federal Credit Union NRewards Secured Credit Card:

1. Discover it® Secured Credit Card

Discover It Secured Credit Card
Discover It Secured Credit Card

When it comes to choosing a Secured Credit Card, there are a few key factors to consider.

The Navy FCU nRewards® Secured Credit Card offers 1 point per dollar spent, with no limit to the number of points you can earn. You also have the option to redeem your points for cash back, merchandise, or travel.

The Discover it® Secured Credit Card offers 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and unlimited 1% cash back on all other purchases.

So, if you’re someone who spends a lot on gas and eats out often, the Discover it® Secured Credit Card might be the best choice for you.

However, if you prefer the flexibility of redeeming your points for cash back or travel, the Navy FCU nRewards® Secured Credit Card might be a better fit.

Ultimately, the decision comes down to your personal spending habits and preferences.

2. Petal® 1 “No Annual Fee” Visa® Credit Card

Petal 1 No annual fee visa credit card
Petal 1 No annual fee visa credit card

The Petal 1 is a credit card for people with weak or damaged credit history. The Petal 1 uses something called a “Cash Score” to evaluate credit, based on banking and other financial histories.

The Petal 1 offers an unsecured card with a credit limit between $300 and $5,000. Petal 1 has advertised cash-back rates at 2%-10% cash back at select merchants. For people with weak or damaged credit, the Petal 1 is an attractive option.

The unsecured card means no deposit is required, and the cash-back rates are higher than many other cards on the market.

In addition, Petal 1 doesn’t have any annual fees. For people looking to rebuild their credit, the Petal 1 is definitely worth considering.

3. Bank of America® Unlimited Cash Rewards Secured Credit

Bank of America® Unlimited Cash Rewards Secured Credit Card
Bank of America® Unlimited Cash Rewards Secured Credit Card

The Bank of America® Unlimited Cash Rewards Secured Credit Card* offers 1.5% unlimited cash back on all purchases, which is unusual for a secured card.

Typically, secured cards are designed with fewer benefits and are marketed to those needing to build or rebuild credit history.

However, the Bank of America® Unlimited Cash Rewards Secured Credit Card offers cash back potential on par with some average credit rewards cards. This makes it a noteworthy card for anyone looking to build their credit.

The issuer will review your account periodically to see if you qualify for a higher credit line than your deposit, but they don’t specify how long you’ll have to wait.

Overall, the Bank of America® Unlimited Cash Rewards Secured Credit Card is a good option for anyone looking to build their credit history with the potential to earn cash back rewards.


What is the credit score you need for a Navy Federal secured card?

Navy Federal doesn’t specify a minimum credit score needed for their secured card, but they do say that they consider your “credit history and ability to repay.” So, if you have bad credit or no credit history, you may still be able to qualify for the Navy Federal secured card.

However, according to MyCreditCardClub.Com research, the average credit score of approved applicants is between 300-689 (Poor – Average).

What is the credit limit on a Navy Federal secured card?

Navy Federal doesn’t specify a minimum credit limit for their secured card, but they say that your credit limit will equal your security deposit. So, if you make a $200 deposit, your credit limit will also be $200.

Is it true that Navy Federal automatically raises the credit limit?

It is true that Navy Federal automatically raises the credit limit for some cardholders. Navy Federal will do a hard pull of your credit report when you request a credit limit increase, which can lower your score by a few points.

However, if you use your card responsibly, your score should rebound quickly. You can log in to your online account or send a secure message through online banking to request an NFCU credit limit increase, or call customer service at (888) 842-6328.

When requesting the increase, be prepared with information about employment status, annual income, and monthly rent/mortgage payment. The possibility of requesting a credit limit increase through Navy Federal’s mobile app is also possible.

If you are approved for a credit limit increase, you will receive an email notification within 5-7 business days. You can then log in to your account to view your new credit limit.

Remember that you should only request a credit limit increase every 3 months to avoid harming your credit score.

Who should get the Navy Federal Secured credit card?

The Navy Federal Secured a credit card is a great option for those who are looking to rebuild their credit or establish credit for the first time. This card is perfect for military members and their families who want to earn rewards while changing stations.

With this card, you can earn cash back on everyday purchases, such as gas and groceries. Plus, there is no annual fee, and you can get your credit limit increased after just six months of responsible credit management.

So if you are looking for a starter card or a way to build your credit, the Navy Federal Secured a credit card is a great option.


Bottom line: is the Navy Federal Secured credit card worth it?

In short, yes. The Navy Federal nRewards Secured card is a good option for those with weak or damaged credit profiles who want to improve their credit.

Among secured cards, the nRewards card’s cash-back rewards may not be the best, but its perks like cell phone protection and car rental insurance are not often found in the secured card market.

The nRewards card has no foreign transaction fees or cash advance fees as long as you’re qualified to join Navy Federal Credit Union.

All things considered, the Navy Federal Secured credit card is a good choice for anyone looking to rebuild their credit.

Do you still have questions about the Navy Federal Secured credit card?

If you have more questions about the Navy Federal Secured credit card or are looking for a different type of credit card, please don’t hesitate to reach out to us through the comment section, our contact form, or by sending us an email. Our team would be happy to help you find the right card for your needs!


FAQ about the Navy Federal Secured Credit Card

  1. Is it true that the Navy Federal nRewards Secured Card reports your account activity to credit bureaus?

    Yes, Navy Federal reports your account activity to credit bureaus. This is one of the best ways to rebuild your credit. Using your card responsibly and making on-time payments can improve your credit score over time.

  2. What is the minimum credit limit for the Navy Federal Secured Credit Card?

    Navy Federal does not disclose the minimum credit limit for the Navy Federal Secured Credit Card. However, your credit limit will be based on your security deposit.

  3. Can I get a credit limit increase on my Navy Federal Secured Credit Card?

    Yes, you can request a credit limit increase after six months of responsible credit management. Navy Federal will do a soft pull of your credit report to determine if you are eligible for an increase.

  4. What Credit Bureau Does Navy Federal Pull For The nRewards Card?

    Navy Federal pulls your credit report from all three major credit bureaus: Experian, Equifax, and TransUnion. Credit hit in your account may depend on which bureau they decide to use.

  5. How often can I request a credit limit increase on my Navy Federal Secured Credit Card?

    You can request a credit limit increase every three months. However, remember that requesting multiple credit limit increases in a short time can hurt your credit score.

2 thoughts on “Navy Federal Credit Union NRewards Secured Credit Card Review in 2022”

  1. Honestly, in my opinion while credit score is very important, it doesn’t determine how successful a business will become but I like to do everything right and i take care of my business credit judiciously.

    Reply
    • Thank you for your input! I completely agree that a credit score is important, but it’s not the only determining factor in the success of a business. I’m glad you take care of your business credit – it’s definitely a smart move! 🙂

      Reply

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