For those who have no credit or have a damaged credit history and envision a brighter future with a higher credit score, secured cards like the Navy Federal nRewards card often provide a credit life-saving opportunity. Secure cards require a deposit that banks effectively use as collateral to lend. The available credit limit is based on the deposit amount, which allows issuance to those with little or no credit. The benefit of a secure card offering is the reporting: card issuers report to the three major credit bureaus, giving consumers the opportunity to demonstrate a pattern of responsible use of credit.
The Navy Federal nRewards card offers additional benefits to those who use the card to establish a credit history. Unlike many unsecured cards intended for those with little or no credit history, nRewards has no foreign transaction or cash advance fees. It also offers rewards, with an unlimited number of 1 point earned per dollar spent. Points can be redeemed for merchandise, gift cards or cash back. The nRewards card requires a minimum deposit of $ 200.
After just three months, nRewards cardholders can be assessed for extended credit beyond the deposit amount. After six months, regular reassessments begin so that those considered “responsible enough” can switch to an unsecured cashRewards card.
With a range of additional benefits, from cell phone damage protection to rental car coverage, the nRewards card offers incredible benefits for a secure card. While other cards may offer more rewards, some of the nRewards perks (like no cash advance fees and car rental insurance) are rare perks when it comes to cards offered to people with no credit or damaged. .
Remember, you need Federal Navy membership to qualify for this card. However, joining Navy Federal may be easier than you think. You must have a family or domestic connection with a veteran or military member, but “family” is defined up to grandparents and grandchildren.