Does navy Federal have a secured credit card?

Does Navy Federal Have a Secured Credit Card?

As one of the largest credit unions in the United States, Navy Federal Credit Union offers a wide range of financial products and services to its members. Among these products is a selection of credit cards, including secured credit cards. In this article, we will explore whether Navy Federal has a secured credit card and what benefits and features it offers.

What is a Secured Credit Card?

A secured credit card is a type of credit card that requires a security deposit, which is used to determine the credit limit on the card. This type of card is designed for individuals who are building or rebuilding their credit, as it allows them to establish or improve their credit score while minimizing the risk of default.

Does Navy Federal Have a Secured Credit Card?

The answer is yes. Navy Federal offers a secured credit card called the Navy Federal Secured Credit Card. This card is designed to help members establish or improve their credit while providing a safe and secure way to make purchases.

Benefits of the Navy Federal Secured Credit Card

Here are some of the benefits of the Navy Federal Secured Credit Card:

• Establish or improve credit: The secured credit card is designed to help members establish or improve their credit score by reporting payment history to the three major credit bureaus (Equifax, Experian, and TransUnion).
• Low annual fee: The annual fee for the Navy Federal Secured Credit Card is $0, making it an affordable option for those looking to build credit.
• Low interest rate: The interest rate for the Navy Federal Secured Credit Card is 12.90% (Variable APR), which is competitive with other secured credit cards on the market.
• Credit limit: The credit limit on the Navy Federal Secured Credit Card is equal to the security deposit made by the member, which can range from $200 to $5,000.
• Rewards program: The Navy Federal Secured Credit Card offers a rewards program that allows members to earn points for every dollar spent, which can be redeemed for cash back, travel, or other rewards.

Features of the Navy Federal Secured Credit Card

Here are some of the key features of the Navy Federal Secured Credit Card:

• Security deposit: The security deposit is used to determine the credit limit on the card and is fully refundable if the account is closed in good standing.
• No foreign transaction fees: The Navy Federal Secured Credit Card does not charge foreign transaction fees, making it a great option for international travel.
• Travel insurance: The card offers travel insurance, which provides protection against trip cancellations, interruptions, and delays.
• Purchase protection: The card offers purchase protection, which provides protection against theft, loss, or damage to purchases.

Who is Eligible for the Navy Federal Secured Credit Card?

To be eligible for the Navy Federal Secured Credit Card, you must be a member of Navy Federal Credit Union. Membership is open to:

• Active duty military personnel
• Veterans
• Retirees
• Civilian employees of the Department of Defense
• Family members of eligible members

How to Apply for the Navy Federal Secured Credit Card

To apply for the Navy Federal Secured Credit Card, you can:

• Apply online: You can apply for the card online through the Navy Federal Credit Union website.
• Apply by phone: You can apply for the card by phone by calling Navy Federal Credit Union’s customer service number.
• Apply in person: You can apply for the card in person at a Navy Federal Credit Union branch.

Conclusion

In conclusion, Navy Federal Credit Union does offer a secured credit card, which is designed to help members establish or improve their credit while providing a safe and secure way to make purchases. The card offers a range of benefits and features, including a low annual fee, low interest rate, and rewards program. If you are a member of Navy Federal Credit Union and are looking to build or improve your credit, the Navy Federal Secured Credit Card may be a great option for you.

Table: Comparison of Navy Federal Secured Credit Card and Other Secured Credit Cards

Note: The table is for comparison purposes only and may not reflect the current features and benefits of the Navy Federal Secured Credit Card or other secured credit cards.