Navy Federal Credit Union today announced the launch of its new cashRewards Secured credit card, designed to provide members with a straightforward and rewarding path to building or rebuilding their credit. The cashRewards Secured card offers unlimited 1% cash back on all purchases, a low initial deposit, and a clear pathway to upgrading to an unsecured credit card.
“We know access to credit and building credit are important to our members, and we’re committed to providing tools and resources to meet those needs,” said Rick Conyers, assistant vice president of credit card products at Navy Federal. “The cashRewards Secured card is designed to support our members’ credit journey, offering them the opportunity to earn cash back while establishing a strong credit history.”
The cashRewards Secured card boasts a range of features tailored to those looking to improve their credit standing:
- Unlimited 1% Cash Back: Earn unlimited 1% cash back on every purchase, with no rotating categories or caps.
- Low Minimum Deposit: Begin building credit with an initial deposit as low as $200.
- Credit Line Review: Potential credit limit increase eligibility in as little as three months.
- Unsecured Card Upgrade: After six months, receive a monthly account review to determine eligibility for an unsecured cashRewards Credit Card.
- Competitive APR: Offers a competitive interest rate, lower than many competitors.
- Earn Dividends: Earn dividends on your security deposit.
- No Fees: No annual or foreign transaction fees.
- Simple Rewards: No rewards expiration while the card is open.
“Whether you’re just starting your credit journey or looking to rebuild, the cashRewards Secured card offers a valuable combination of benefits and credit-building features,” added Conyers. “We’re proud to provide a product that helps our members achieve their financial goals.”
The cashRewards Secured card is specifically designed for Navy Federal members and prospects with limited or developing credit histories. It provides a simple and transparent way to build credit while enjoying the benefits of cash back rewards.