navy federal credit union health insurance

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Review: Navy Federal Credit Union nRewards® Secured credit card – August 2017

Navy federal credit union health insurance

  • If the provider quotes a different rate to the one above please let us know

A secured card to rebuild your credit with no annual fee — and simple rewards.

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.

The Navy Federal Credit Union nRewards Secured credit card reports to the three major credit bureaus so you can get your credit to where it needs to be.

With no annual fee and a decent 9.99% to 18.00% 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 $500 security deposit. This security deposit becomes your line of credit.

This card further stands out as one of the few secure cards with a rewards program. For every dollar you spend, you’ll get one point for redemption toward gift cards or merchandise.

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

  • Rewards program. Earn one 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 (CDW) coverage when you rent a car and pay for the rental with your secured card.

The Navy Federal Credit Union nRewards® Secured vs. Discover it Secured

NFCU nRewards Secured 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 $500, which becomes your line of credit.
  • No intro APR. Once approved, a 9.99% to 18.00% variable APR applies immediately.

The Navy Federal Credit Union nRewards® Secured vs. Capital One Secured

Always consider your options and your financial situation before you apply for a credit card.

Before you can apply for a NFCU nRewards Secured Card, you’ll need to become a member of the NFCU and open a savings account with at least $500. You will not be able to complete the online application without logging in to your existing savings account online.

To be approved for the NFCU nRewards Secured Card, you need to be at least 18 years old, a US citizen or legal resident and be able to provide a valid Social Security or tax ID number. You’ll also need to provide:

  • Your employment status
  • Your monthly income
  • Your monthly housing expense

1. Go to the Navy Federal Credit Union website and hover on Products and Services. Then Click Credit Cards from the resulting window.

Navy federal credit union health insurance

2. Scroll to nRewards Secured and click Apply.

Navy federal credit union health insurance

3. Enter the user name and password for your NFCU online banking account and click Sign In.

Navy federal credit union health insurance

4. The website will walk you through the remaining steps, which include providing your personal and financial information.

5. After you review the terms and conditions and fund your security deposit, confirm the information you’ve provided and submit your application

You’ll find out if you’ve been approved for the card nearly immediately after applying.

You’re on your way to rebuilding your overall credit history and financial health. Here are some important tips to help making your payments a little easier.

  • Manage your account online. Set up an online account to monitor and keep on top of your spending.
  • Avoid unnecessary interest. After the close of each billing cycle, you have a grace period of 25 days to pay your balance. If you do, you won’t pay interest on your purchases.
  • Avoid fees. Returned payments come with fees of up to $20, so consider signing up for autopay for automatic payments ahead of your due date.
  • Contact information. Contact NFCU at 888-842-6328, or log in to your account to send a secure email or initiate a live chat. You can also visit NFCU on Facebook or on Twitter @NavyFederal.

A secured credit card can help you rebuild your credit by reporting your responsible spending and on-time payments to the three major credit bureaus.

With a low APR, minimal fees and a simple rewards program, the Navy Federal Credit Union nRewards® Secured Credit Card is a good one to compare.

Common questions about the NFCU nRewards Secured Card

Yes, you can authorize up to four users on your card. Contact NFCU for more information.

The US prime rate is a benchmark interest rate used by financial institutions to set rates on consumer loan products like credit cards.

Let NFCU know the dates you’ll be traveling and where you’re going by setting up Travel Notification on the phone, through the app or with a secure email through your online account.