Rebuild Credit With a Navy Federal Credit Union nRewards Secured Credit Card
Let me start by saying that this is a first-rate secured credit card. Really, the only downside to the Navy Federal Credit Union nRewards Secured Card is that to be eligible, you have be in the military or related to someone who is. But if you meet the eligibility requirements, this is one of the best cards out there for rebuilding or establishing credit.
You’re required to make a deposit of at least $500 into a Navy Federal savings account to “secure” the card. Your credit limit will equal the amount of your deposit. And remember, you won’t have access to the funds, so think carefully about how much cash you want to put into the account.
- The issuer reports to all three major credit bureaus. As I’ve mentioned a gazillion times before, this is the most important feature for a secured card. Without this reporting, your credit history won’t improve.
- There’s no annual fee, which is awesome for this category of credit card.
- The APR is a variable 8.99 percent.
- There’s no monthly maintenance fee.
- You earn one point for every dollar spent.
Just a few thoughts about the rewards. You need 2,000 points to be able to redeem them for your choice of the following: merchandise, travel-related certificates and gift cards. The redemption value varies a little based on what you choose, but the value ranges from $0.005 (a half a penny) to $0.01 per point.
The only thing I don’t like is that it isn’t available to more consumers. The only other negative I should mention is that the reward points expire after four years. But that’s a little thing given all the other great features of this card. Besides, if you use this card responsibly, you’ll be moving on to an unsecured card way before your points expire.
People with poor scores and even with histories including bankruptcies got approved. Thanks to Navy Federal for giving folks a second chance.
Tags: Bankruptcies, Credit Limit, Establishing Credit, Military Credit Card, Navy Federal Credit Union, Navy Federal Credit Union nRewards, Rebuild credit, Secured Credit Card, Three Major Credit Bureaus