Navy Federal Secured Credit Card Fees Rates and Rewards Compared

The Navy Federal Secured Credit Card is a great option for those looking to rebuild their credit or establish a credit history. It requires a security deposit, which becomes your credit limit.

The fees for this card are relatively low, with an annual fee of $0. This is a significant advantage over other secured credit cards on the market.

To get approved for the Navy Federal Secured Credit Card, you'll need to have a Navy Federal Credit Union membership. This is a requirement, but it's easy to join if you're eligible.

The application process is straightforward, and you can even apply online or by phone.

To qualify for a Navy Federal credit card, you can use their prequalification tool, which doesn't affect your credit score.

Before applying, review your credit report for errors and address them, as well as familiarize yourself with credit card terms and conditions.

You can browse Navy Federal's credit card options, including secured and unsecured cards, and select one that fits your needs and qualifications.

To apply, gather necessary information in advance and fill out the application carefully and honestly.

If you're considering the Navy Federal nRewards Secured Card after bankruptcy, you may be approved, but approval depends on factors like the time since your bankruptcy was discharged and your current financial situation.

Navy Federal will generally only pull your Equifax credit report.

To check if other data points will be pulled, make sure to review the creditboards pull application.

You can find this information by checking the creditboards pull application.

If you're a Navy Federal member, you can instantly check to see which cards you qualify for before applying, and there's no impact to your credit score. This is a great way to get a head start on finding the right card for you.

The Navy Federal credit card prequalification tool allows you to see what you're eligible for, so you can make an informed decision about which card to apply for.

You can get approved for a Navy Federal nRewards Secured Card after bankruptcy, but approval will depend on several factors like the amount of time since the bankruptcy was discharged and your current financial situation.

Membership with Navy Federal is a crucial factor in getting approved for their credit cards, including the nRewards Secured Card.

To apply for a Navy Federal credit card, review your credit report for any errors and address them first. This will ensure a smooth application process.

Get familiar with credit card terms and conditions, so you know what to expect when approved. This will also help you make an informed decision about which card is right for you.

Browse Navy Federal's credit card options, including secured cards and unsecured cards, and choose one that matches your needs and qualifications.

To open an account, you'll need at least $200 to deposit.

The minimum security deposit required is $200, which is a relatively low barrier to entry.

You'll need to deposit this amount to get started with the Navy Federal nRewards Secured Card.

A hard pull is a possibility when applying for the Navy Federal Secured card, and it can cause your credit score to drop by 5-10 points.

The good news is that you can still apply for it even with bad credit. Most people's scores bounce back within 3-6 months with responsible credit management, but it can take up to 12 months.

To qualify for a Navy Federal Secured card graduation, you need to make on-time payments and keep your balance under the credit limit.

Navy Federal will review your card monthly, starting from the first six months, to see if you're eligible for an upgrade to an unsecured card.

It can take anywhere from 5 to 18 months to graduate, and I've seen people's credit limits increase from $200 to $2000 upon graduation.

You're not guaranteed to graduate, but making responsible payments and keeping your balance in check can definitely improve your chances.

The Navy Federal Secured Credit Card offers some great benefits and features to help you build credit and manage your finances.

One of the standout features is that you earn 1 point for every dollar spent on all purchases, which is a common practice for secured credit cards.

You can redeem your points for cash, statement credit, gift cards, and merchandise, giving you flexibility in how you use your rewards.

Points expire after 4 years, so be sure to use them before they disappear.

Here are some key benefits of the Navy Federal Secured Credit Card at a glance:

Additionally, your security deposit earns dividends, just like it would in a savings account, which can be a nice bonus.

The Navy Federal will review your account after three months to see if you're eligible for additional credit with no deposit required, and after six months to see if you're eligible for the cash Rewards unsecured card.

You can receive a credit limit of up to $50,000 when you apply for the card, as long as you have the money in the account and the deposit amount must be in the account more than 30 days.

The credit limit you receive is dependent on the security deposit you leave, which earns interest at a rate that varies and can be found on the Navy Federal website.

Adding funds to your Navy Federal savings account can increase your credit limit, and it's a very simple process - just call or send a secure message to request the increase.

Funds can be added to increase your credit limit, and Navy Federal will usually do this within 24 hours, marking the funds as "held".

Navy Federal does not do a hard pull to add funds, which is a nice feature.

After one year, Navy Federal will review your account and refund the deposit up to the first $15,000 or your approved unsecured credit limit, whichever is greater.

If you fund your account for $50,000, after one year you may be approved for $17,000 unsecured limit, and you'll refund $17,000 and have the option to refund the remaining $32,000 or use it as secured to keep the full $50,000 credit limit.

The nRewards Secured card is a great option for those looking to build credit. You earn 1 point for every dollar spent on all purchases, which is a common feature among secured credit cards.

One of the standout benefits of this card is that your security deposit earns dividends, just like it would in a savings account. This means you can earn interest on your deposit while you're building credit.

The card also offers a chance to upgrade to an unsecured card after a few months. Navy Federal will review your account after three months to see if you're eligible for additional credit with no deposit required, and after six months to see if you're eligible for the cash Rewards unsecured card.

Here are some of the key benefits of the nRewards Secured card at a glance:

The rewards program with the Navy Federal nRewards Secured Card is a great perk, especially since you can earn 1 point for every dollar spent on all purchases with no limit on the total number of points you can earn.

You can redeem your points for cash, statement credit, gift cards, and merchandise, which is a decent range of options. Points expire after 4 years, so make sure to redeem them before they're gone.

One of the best things about this rewards program is that there are no limits on the amount of points you can earn. This means you can keep earning points as long as you keep using your card.

Here are the ways you can redeem your points:

It's worth noting that you can't redeem points for travel or transfer them to travel partners, so if that's something you're interested in, you might want to look into other options.

The Navy Federal nRewards secured card has a no-fee structure, which means you won't have to pay any annual fee, processing fee, or combination of both.

This is a significant benefit because it will give you more purchasing power and a better chance of using your credit line responsibly to build a stronger credit profile over time.

The card also doesn't charge foreign transaction fees, which is a big plus for Navy Federal members in the military who are stationed overseas.

However, there are penalty fees for late and returned payments, which can climb as high as $20.00.

You can deposit up to $5,000 on the Navy Federal nRewards Secured card. This is the maximum amount you can deposit on this particular card.

Opening an account requires a minimum deposit of $200.

The nRewards Secured card skips annual fees, processing fees, and foreign transaction fees, making it a great option for those looking to avoid extra costs.

Having no upfront fees is a significant advantage because it allows you to use your credit line responsibly and build a stronger credit profile over time.

The card does come with penalty fees for late and returned payments, which can climb as high as $20.00.

You'll only need to pay a specified minimum amount each month to be credited for paying on time, but keep in mind that won't save you from interest, which will still accrue on any unpaid balance carried from month to month.

The minimum payment amount is not clearly stated in the information available, but it's likely to be a fraction of the total balance.

You'll need a history of paying your secured card on time to be eligible for a deposit refund, which will post to your account within 10 days.

The Navy Federal nRewards Secured Card has a WalletHub rating of 4.3, which is higher than the OpenSky Secured Visa Credit Card's 3.3 rating.

The Navy Federal nRewards Secured Card has a regular APR of 18%, compared to the OpenSky Secured Visa Credit Card's 24.89% APR.

If you're looking for a secured credit card with no annual fee, the Navy Federal nRewards Secured Card and the OpenSky Plus Secured Visa Credit Card are both good options, with the latter having a slightly higher WalletHub rating of 3.9.

Here's a comparison table:

The Navy Federal nRewards Secured Card and the OpenSky Plus Secured Visa Credit Card both have a minimum deposit of $200, which is lower than the OpenSky Secured Visa Credit Card's minimum deposit of $200.

If you're looking for alternatives to the Navy Federal Credit Union nRewards Secured Card, there are a few options to consider.

The OpenSky Secured Visa Credit Card has a lower APR of 24.89% (V) and an annual fee of $35, but no rewards program. This card is also available for those with poor credit.

The OpenSky Plus Secured Visa Credit Card has a higher APR of 29.24% (V) and no rewards program, but an annual fee of $0 and a minimum deposit requirement of $300.

In terms of user reviews, the OpenSky Secured Visa Credit Card has 3,500 reviews, while the OpenSky Plus Secured Visa Credit Card has only 180 reviews.

The Capital One Platinum Secured Credit Card is a solid choice for those looking for a secured credit card. It's Bankrate's top choice, after all.

You can open an account with a deposit as low as $49, which is a relatively low minimum security deposit amount. Your minimum deposit will be either $49, $99, or $200, so be aware of that.

One thing to note is that the Platinum Secured card does not earn rewards on purchases, which might be a drawback for some. However, it does come with no annual fee and no foreign transaction fees.

The review cycle for increased limits is a bit longer, at six months, compared to the nRewards card's three months. But, at six months with the nRewards card, you might have the opportunity to graduate to an unsecured card and get your initial deposit back.