Written by: Eric Bank
Edited by: Lillian Guevara-Castro
Reviewed by: Adam West
Key Takeaways
For consumers who have heard “No” from credit card issuers more times than they can count, the nation’s largest credit union may very well be able to say “Yes” with its new card offering.
Navy Federal Credit Union, which has more than 14 million members and more than $180 billion in assets, recently launched its new cashRewards Secured credit card, and it’s designed with consumer bouncebacks in mind.
Secured cards are nothing new — but 1% cash back and a transparent path to graduation are rare. Throw in the fact that Navy Federal created this card to facilitate credit rebuilding for responsible individuals who have fallen on hard times, and they’ve got something really unique.
This fits into a larger initiative by Navy Federal to make more inclusive financial resources available to its military members, particularly those who may be beginning anew.
“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.
A Secured Card That Treats Holders Like Real Customers
The new cashRewards Secured Credit Card allows members to earn 1% back as cash on every purchase, just as with Navy Federal’s unsecured product.
It has a refundable deposit to establish consumer credit limits and will report to all three major credit bureaus — building consumers’ scores with each on-time payment. It even pays dividends on deposits.
The standout feature, however, is the promise of an upgrade. Navy Federal checks consumers’ accounts after only six months to see if they qualify to graduate to an unsecured card. That’s faster than many of its secured card competitors, who can take up to a year to consider this option.
“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.” — Rick Conyers, Assistant Vice President of Credit Card Products at Navy Federal
This card comes with no annual fee and doesn’t charge foreign transaction fees, keeping expenses low for people who are just getting back on their feet. It’s also covered with 24/7 fraud monitoring and has contactless payment functionality.
“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 said. “We’re proud to provide a product that helps our members achieve their financial goals.”
Designed for the Military — and Their Families
To get this card, you’ll need to become a Navy Federal member — but membership is open to active duty, veterans, and their families. That includes folks who may not have strong credit yet or who’ve taken some financial hits.
The credit union also offers a full range of financial education resources, including its MakingCents hub and partnerships with organizations like GreenPath, giving members more tools to take control of their credit.
For consumers in the military community looking for a second chance to build credit — with rewards to boot — this new card might be their ticket.
