Navy Federal launches secured card offering unlimited cash back for military community

Cardholders earn 1% cash back automatically credited to their accounts for every dollar spent on eligible purchases. There are no categories or limits on earnings. Additional benefits include no balance transfer fees or foreign transaction fees—features that may appeal especially to those stationed abroad.

Applicants can open the account with a minimum deposit of $200 (up to $5,000), which becomes the credit limit while remaining in a savings account earning dividends. After three months of responsible use, customers may be eligible for a credit line increase; after six months they may qualify for an upgrade to an unsecured version of the card without needing a new application or hard credit inquiry (see more details at https://www.navyfederal.org/loans-cards/credit-cards/cash-rewards-secured.html#how-it-works).

The secured card also includes features such as contactless payments and secondary rental car insurance covering damage and theft for rentals up to 15 days.

Upon upgrading from the secured card within the same product family, qualified users can move automatically either to the standard cashRewards (earning 1.5% cash back) or the cashRewards Plus (earning 2% if approved for a $5,000+ limit). Upgrades do not require another application process; users retain their established credit history and receive their initial security deposit back.

Navy Federal’s field of membership covers all branches of military service—including Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard and Space Force—as well as veterans and immediate family members.

According to Navy Federal Credit Union: “The Navy Federal cashRewards Secured Credit Card is a smart way to build or rebuild credit while earning cash back and avoiding certain fees. Here’s what makes it stand out: 1% cash back on every eligible dollar you spend; No annual fee or foreign transaction fees; A clear upgrade path to higher rewards; Designed exclusively for military Servicemembers, Veterans, their families and Department of Defense personnel.”

Navy Federal Credit Union is federally insured by NCUA.