The Navy Federal Credit Union nRewards Secured Card is probably one of the best secured credit cards you can find. It comes with generous rewards which can only be found on unsecured credit cards.
There is no annual fee and the interest rate is relatively low. The only requirement is that you have to be a member of the Navy Federal Credit Union. It is not as difficult as you think to join the union. If you happen to have a family who works or worked for the armed forces, but you must first be eligible to join this large credit union. It might not be as hard as you think.
If you can join Navy Federal Credit Union,this is one of best secured credit card.
Navy Federal Credit Union membership is open to uniformed personnel in all branches of the armed forces – not just the Navy – plus the National Guard, retirees, civilians who work at Department of Defense installations, as well as their family members. So, if your grandfather was in the service, he can join if he’s not already a member, and you can too.
Who the card is for?
People who are members of the Navy Federal Credit Union and do not have a sound credit history.
Fees
No annual fee.
Balance transfer fee: None.
Late payment and returned payment fee: up to $20.
APRs
8.99% to 18% on purchases. You are sugguested to use this card to carry a balance considering that there’s no annual fee and balance transfer fee, and the APR is low.
Rewards
Earn 0.5% to a full 1% cash back for purchases depending on how much you spend. You get one point for every dollar you spent with this card. For example, if you spend $1000, you will get 5 points(0.5%) in return. When your spending reaches a high $7500, the cash back you can earn is as much as $75(1%). The cash back is redeemable for giftcards and certificates on your account. Points expire after 4 years and there is no limit on how many ponits you can earn.
Reward examples:
2,000 points for $10 gift card from Starbucks or Applebee’s
3,500 points for $25 gift card from Best Buy or iTunes Music Store
7,500 points for $75 Gap® or Navy Federal Visa Awards Card
Anyway, The Navy Federal Credit Union nRewards Secured Card is an excellent secured credit card that you will regret for missing it for there is no annual fee, balance transfer fee or whatever fee imposed on it which is quite common on other secured cards. And it offers a generous reward. With this card, you are actually enjoying privileges only reserved to people with excellent credit.
In my opinion
Unbelieveable this card is. The very thought of loosing it is the worst experience in life anybody could ever have. I mean it would be a nightmare through life without the power this card posses and the gift of a lifetime opprotunity.