cashRewards Secured Credit Card
- Best for: Navy Federal members starting or rebuilding credit
- What Sets It Apart: A credit union’s rate on a secured card; automatic monthly upgrade reviews from month 6; deposit freed within 3 to 5 business days of an upgrade
- Cost: $0 annual fee; $0 foreign transaction fee; 18.00% variable interest rate; $200 to $5,000 refundable deposit
- Features: 1% cash back on purchases; no cap or redemption minimum; higher-limit review at 3 months; reported to the credit bureaus; rental car collision coverage
- Pros: 18.00% rate vs. a 21.19% bank card average; higher limit possible without a bigger deposit; upgrade reviews need no application
- Cons: Membership required; 1% back vs. 1.5% on the unsecured cashRewards card; past-due amounts can come from other Navy Federal accounts
Get the cashRewards Secured Credit Card if you’re starting or rebuilding credit and can join Navy Federal. It pays 1% cash back with no annual fee, and its 18.00% interest rate is below the 21.19% average on bank credit cards. From month six, Navy Federal checks every month whether to upgrade you and free your deposit.
Navy Federal launched it in April 2025 for members who need to rebuild credit with a secured card or build credit from scratch, and it has since replaced the nRewards Secured card. Membership comes first, with $5 in a savings account, the same account that will hold your card’s deposit.
Key Features
- No annual fee or foreign transaction fee
- Refundable deposit of $200 to $5,000, which sets your credit limit
- 1% cash back on purchases, with no cap and no minimum to redeem
- 18.00% variable annual percentage rate (APR) on purchases and balance transfers
- Account reported to the credit bureaus
Pros
- 18.00% APR, below the 21.19% that bank credit cards averaged in August 2026, per the Federal Reserve
- A higher limit possible at 3 months, without adding to your deposit
- Monthly reviews from month 6 for an upgrade to the unsecured cashRewards card, with your deposit freed within 3 to 5 business days
- Rental car collision coverage that pays after your own insurance, on rentals of 15 days or less paid with the card
Cons
- Open only to service members, veterans, Defense Department personnel, and their families
- Only 1% back, while the unsecured cashRewards card pays 1.5%
- Upgrade depends on your whole credit history, not just this card
- Cash back lost if you close the card without redeeming it, except for New York residents
- Past-due amounts can be taken from your other Navy Federal accounts without notice, except IRAs
Navy Federal members starting or rebuilding credit should open it for a credit union’s rate, no annual fee, and automatic upgrade reviews from month six. If you can’t join, a bank’s secured card is the place to start.
Learn more about the cashRewards Secured Credit Card or see how it compares to the best secured credit cards.
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