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.
“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.