Navy Federal Credit score Union has made its secured card, the nRewards® Secured Credit score Card, even higher by dropping the minimal required safety deposit from $500 to $200.
The smaller deposit, launched in December 2018, is meant to make the nRewards® Secured Credit score Card extra accessible to the eight million Navy Federal Credit score Union members who could also be looking for to construct or rebuild their credit score however may be discovering it tough to place up an enormous chunk of money for a deposit.
“We’re dedicated to the monetary success and well-being of our members,” mentioned Aaron Aggerwal, assistant vice chairman of bank cards at Navy Federal, in an announcement. “Lots of them are on the lookout for a card that helps them set up or construct credit score, however the actuality shouldn’t be everybody has $500 to spend money on a secured card. By reducing the nRewards safety deposit to $200, we’re capable of present extra credit-building alternatives for people who want it most.”
Though there are a handful of different secured playing cards that permit you to put down a gap deposit of $200 or much less, most cost charges and/or don’t supply rewards or different perks. The nRewards® Secured Credit score Card gives a collection of options that assist it stand out amongst secured playing cards, together with:
- No annual payment, stability switch payment or international transaction payment.
- Rewards of 1 level per $1 spent. A degree is price about one cent and will be redeemed for money, merchandise or reward playing cards.
- Collision harm waiver protection while you lease a automotive for 15 days or much less.
- Cellphone insurance coverage protection for as much as three telephones when the invoice is paid for with the nRewards® Secured Credit score Card.
Though these are enviable advantages, it’s important to be a member of Navy Federal to use for the cardboard, which requires assembly sure standards.