Navy Federal Credit Union announced the introduction of its cashRewards Secured credit card, aimed at helping members to build or improve their credit score while earning cash back. The card offers users an unlimited 1% cash back on all purchases, a minimum initial deposit, and an eventual upgrade 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," stated 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 card comes with several features including unlimited 1% cash back on every purchase, no annual or foreign transaction fees, and no expiration on rewards while the account is active. Users can start with a deposit as low as $200 and might qualify for a credit limit increase within three months. After six months, users will have a monthly account review for a potential upgrade to an unsecured cashRewards Credit Card. The card also includes a competitive annual percentage rate and the ability to earn dividends on the security deposit.
"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," Conyers added. "We're proud to provide a product that helps our members achieve their financial goals."
The card is intended for Navy Federal members and potential members with developing or limited credit histories. Additional details can be found by visiting navyfederal.org/cashrewardssecured.
Navy Federal Credit Union, established in 1933, now has over 14 million members globally and is the largest credit union worldwide. Membership extends to Department of Defense and Coast Guard Active Duty, Veterans, civilian and contractor personnel, and their families. With 25,000 employees, Navy Federal operates more than 365 branches globally. More information is available at navyfederal.org.