How does nRewards Secured Credit Card work?

Everything you need to know before applying

The nRewards Secured Credit Card is suitable for people with a low credit score who need to improve, or for those who have just started building their credit score.

That’s why it is so chosen by students looking for their first credit card or immigrants who have just arrived in the United States.

Or, if you are in a difficult financial situation, this credit card could be a great choice for you.

Its fees are relatively lower than the fees charged by other credit cards, and it is intended for people who cannot get approvals for the other options available.

Although the APR is a little higher, this card has a good rewards program, as you can see below.

Is it a secured credit card?

Yes, nRewards is a secure credit card, where anyone who makes the security deposit is approved when applying for one. The minimum deposit is $200 and the amount deposited will impact your initial limit.

When you make your deposit, that money will remain in a savings account, which means you will receive some dividends while you stay there. However, we recommend that you use this account as a way to reserve your money, as there are others with a higher yield.

Main benefits for nRewards Secured Credit Card

nRewards have some benefits that are not normally found on secured credit cards, such as some rewards and fast limit termination.

Here are some of the benefits offered by this credit card:

• You can review your credit limit within the first three months of using your credit card.
• Allows you to withdraw and withdraw the savings account withholding every six months.
• There is no limit on rewards.
• $0 annuity.
• $0 transfer fee.
• Report your credit history to the three main US agencies.
• Does not cover foreign transfer fees.
• It has a cashback points system.

CREDIT CARD

NREWARDS

$0 ANNUITY GOOD REWARDS PROGRAM

APPLY NOW Upon clicking you will be redirected to a new website

Rewards and perks for this secured credit card

That’s right, the nRewards Credit Card has a points system to offer its users cashback on purchases. For every dollar spent on your credit card, you earn 1 point.

Unlike many credit cards, it doesn’t have a monthly or yearly limit, which means the more you buy, the more points you earn. You can exchange your points for cash, a gift card or merchandise.

In addition, you can exchange your points for flights and hotel stays, making it an excellent option for anyone planning a trip.

You can check your score and exchange it for the available options simply and easily, on the card’s official website. It’s worth mentioning that these points expire after four years, so use them before that time and enjoy!

The Cons of the nRewards credit card

Well, of course nRewards also has its cons and we’ll show you what they are below.

Before you decide to apply for this credit card, here are some more important information:

• High APR rate (up to 18%).
• To apply for it, you must have an association with the Federal Navy.

This factor is very important. To get your nRewards, you must have a relative who is either a veteran or currently in the military. If you already have a relative who is a member, the entire process to apply for one is very simple. Just go to the website and check that you are already pre-approved before submitting your application.

Can you get an unsecured credit card over time?

Certainly! nRewards offers the possibility to get an unsecured card if you keep up with your payments and use your credit card responsibly.

After purchasing your credit card, the financial institution will assess your financial situation every six months, which may result in:

Gain access to your savings account for recovery of the security deposit and interest earned.

Achieve a credit card upgrade by switching to an unsecured option with more benefits and lower APR rates.

For this to happen, it is essential that you do not miss any payments, so always be aware of bills and due dates.

APRs and fees

The standard APR for such credit cards is 18%. It can be considered inferior when compared to other credit cards, but it is still high for those who want to maintain a balance.

However, in terms of fees, nRewards is very easy and simple. It has no annual foreign transaction or balance transfer fees, helping you get your finances on track.

How to apply for nRewards Secured Credit Card?

For people who are already members of the Federal Marine Credit Union, the application process is simple and easy. Just go to the credit card’s official website and verify that you are already pre-qualified.

You can check your credit score without any prejudice and then finalize your application.

If you are not yet a member, before applying for the card you must sign up and open a savings account with a minimum of $5 in deposit. After that, follow the same steps as above.

CREDIT CARD

NREWARDS

$0 ANNUITY GOOD REWARDS PROGRAM

APPLY NOW Upon clicking you will be redirected to a new website