If you qualify for membership into the Navy Federal Credit Union and want a secured card with exceptionally low fees, a healthy rewards program, and a direct path to an unsecured credit card, the Navy FCU nRewards Secured Credit Card is an amazing option. You don't need a high credit score to qualify. Just join the credit union with a small minimum deposit.
Like many secured credit cards, the credit line you get will match your initial deposit. However, when you demonstrate that you can use the card well, in just three months the credit limit may exceed your deposit. After six months of paying on time and maintaining a low or no revolving balance, you will be eligible for the unsecured version of the card without having to apply for it -- and your deposit will be returned to you.
Other benefits of this card include a low APR and no annual or foreign transactions fees, making this a very inexpensive product. As you charge, you will earn points that you can redeem for cash, gift cards, and merchandise.
- Low APR
- No annual, foreign transaction, balance transfer, or cash advance fees
- Raised credit limit in three months
- Converts to unsecured card in six months
- Must become a credit union member
- Cash deposit required