nRewards® Secured review
Why you can trust Bankrate
At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to:
- Meet you wherever you are in your credit card journey to guide your information search and help you understand your options.
- Consistently provide up-to-date, reliable market information so you\'re well-equipped to make confident decisions.
- Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you.
At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
How We Make Money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
This content is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate.com. HomeInsurance.com LLC services are only available in states were it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
nRewards Secured card from Navy Federal Credit Union Overview
The nRewards Secured card from Navy Federal Credit Union offers this rare combination: It pays credit card rewards to those who are also working on rebuilding their credit. That’s something you’ll find with just a handful of secured credit cards.
A deeper look at the current card offer
If you’re looking for a secured credit card it typically means one of two things:
What sets the nRewards Secured card apart is its lack of fees coupled with its award-earning potential. For every $1 spent, you’ll earn 1 point, worth about 1 cent when you redeem it for merchandise or gift cards through Navy Federal’s portal.
It’s not uncommon to see secured cards that charge an annual fee, a processing fee or sometimes a combination of both. The nRewards card skips these charges. Navy Federal Members can open an account with only a security deposit, starting at a minimum of $500, and using that amount as the line of credit.
Lower fees are an important benefit because any upfront cost you have to pay will instantly reduce your purchasing power and chip away at your credit utilization ratio, which can negatively impact your score.
For example, if you put down $500 to get a secured card from another issuer, but you’re charged a $50 annual fee and a $75 one-time processing fee, you will only have $375 worth of credit left.
The no-fee structure of the nRewards card will give you a better chance of using your credit line responsibly so you can build up a stronger credit profile over time. The card also doesn’t charge foreign transaction fees — another plus, especially for Navy Federal members in the military who are stationed overseas.
Perhaps best of all, this card also has one of the lowest APR rate ranges we’ve seen for a secured card. The variable APR ranges from 9.99% to 18.0%, depending on what you qualify for, meaning you could be charged less interest than on many unsecured cards.
But you need to pay your bill on time or you’ll be subject to a variable penalty APR of 18.0%, which will apply until you make at least six consecutive monthly payments on time, plus a late fee of up to $20.
Keep in mind that only credit union members can apply for this card. Eligibility is restricted to those who serve or have served in the military or are an immediate family member of someone in the military.
If you meet that criteria, the nRewards card is an outstanding choice for a secured credit card.
Other cardholder perks
Card owners have access to Visa discount coupons.
Rewards expire four years from the month in which they were earned. Earnings can only be redeemed for gift cards or merchandise through the Navy Federal portal.
Fees and APR
- The variable APR for purchases and balances transfers is 9.99% to 18.0% based on creditworthiness.
- Minimum security deposit is $500.
- There are no annual fees, balance transfer fees or foreign transaction fees.
- A penalty of 18.0% may apply if you miss a payment. You’ll also be charged a $20 late fee.
Bankrate’s Take: Is the nRewards Secured card worth it?
Anyone who qualifies for Navy Federal Credit Union and wants a fee-free, low-interest secured card.