Navy Federal Lowers Deposit on Its Nrewards Secured Card

NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money. Navy Federal Credit Union has made its secured card, the nRewards® Secured Credit Card, even better by dropping the minimum required security deposit from $500 to...
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NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.

Navy Federal Credit Union has made its secured card, the nRewards® Secured Credit Card, even better by dropping the minimum required security deposit from $500 to $200.

The smaller deposit, launched in December 2018, is intended to make the nRewards® Secured Credit Card more accessible to the 8 million Navy Federal Credit Union members who may be seeking to build or rebuild their credit but might be finding it difficult to put up a big chunk of cash for a deposit.

» MORE: NerdWallet’s best secured credit cards

“We’re committed to the financial success and well-being of our members,” said Aaron Aggerwal, assistant vice president of credit cards at Navy Federal, in a statement. “Many of them are looking for a card that helps them establish or build credit, but the reality is not everyone has $500 to invest in a secured card. By lowering the nRewards security deposit to $200, we’re able to provide more credit-building opportunities for those that need it most.”

Although there are a handful of other secured cards that allow you to put down an opening deposit of $200 or less, most charge fees and/or don’t offer rewards or other perks. The nRewards® Secured Credit Card offers a suite of features that help it stand out among secured cards, including:

  • No annual fee, balance transfer fee or foreign transaction fee.
  • Rewards of one point per $1 spent. A point is worth about one cent and can be redeemed for cash, merchandise or gift cards.
  • Collision damage waiver coverage when you rent a car for 15 days or less.
  • Cell phone insurance coverage for up to three phones when the bill is paid for with the nRewards® Secured Credit Card.

Although these are enviable benefits, you have to be a member of Navy Federal to apply for the card, which requires meeting certain criteria.

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Source: www.nerdwallet.com