Navy Federal Credit Union is updating its lineup of credit card offerings. Mark your calendars for April 2, 2025, when eligible members will have the chance to apply for the brand-new cashRewards Secured credit card.
Let me walk you through some key features and benefits of this card:
- Security Deposit: You’ll need at least $200 to get started.
- Rewards: Enjoy the perk of unlimited 1% cash back on every single purchase you make.
- Foreign Transaction Fee: There’s none to worry about.
- Balance Transfer Fee: Not a thing—you won’t be charged for transferring balances.
- Upgrade Opportunity: After just six months, you’ll be up for an account review to see if you qualify for an upgrade to the unsecured cashRewards Credit Card.
- Issuer Options: When applying, you can decide whether you want a Mastercard or Visa. Keep in mind that each comes with its own set of perks and benefits.
This new secured card steps in as a replacement for the older Navy Federal Credit Union® nRewards® Secured Credit Card, which has stopped taking new applications as of April 2, 2025. If you’re currently holding an nRewards card, don’t fret. You’ll be seamlessly transitioned to the new cashRewards Secured card, and you’ll receive a fresh card in the next few months. Plus, your existing nRewards points will convert into cash back. Typically, these points hold a value of about a cent each and can be turned into cash back, merchandise, or gift cards.
Remember, you must be a Navy Federal Credit Union member to apply for any of their credit cards. Membership usually requires being a current or former member of the military or having a family member who is. To become a member, simply open a membership savings account with at least a $5 balance.
