Navy Federal Credit Union Adds to Its Suite of Credit Cards by Launching a Secured Cash Back Card

Navy Federal Credit Union recently introduced a new rewards credit card to add to its suite of products: the cashRewards Secured credit card, a rewards-earning secured credit card designed for credit builders and underserved military consumers.

The product move reflects an effort to provide a more seamless on-ramp into Navy’s well-known family of rewards and travel cards. With a secured product reflecting the value proposition of its unsecured cashRewards card, the credit union is targeting an audience left behind by large issuers.

With a 1% flat cash back reward and no annual fee, this card packs a punch above its weight in the secured space. It’s also built with growth in mind — Navy Federal will start reviewing accounts to see if they qualify to graduate to unsecured status after only six months.

“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.

The new card design supports Navy Federal’s long-term membership approach. Cardholders with a payment history of prudent usage can upgrade to an unsecured product in six months and eventually transition into other higher-end products like More Rewards American Express® Card or Flagship Rewards Visa Signature®.

This type of product pathing builds lifecycle engagement, with consumers, providing multiple stepping stones in a single institution — something that has become increasingly valuable as cardholders are increasingly selective and loyalty-driven.

“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

Navy Federal’s strategy is noteworthy not only because it provides a solid entry-level product but also because of the parity in rewards between its secured and unsecured cards. That parity doesn’t often occur in the credit union universe, where secured products are stripped-down versions with few perks. 

“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.”

Regarding features, the new cashRewards Secured Credit Card provides:

• Unlimited 1% back in cash on each buy
• $200 minimum deposit that pays dividends
• No yearly or overseas transaction charges
• Contactless payments and fraud monitoring
• Easy upgrade path

Compared with secured product lines from large banks — several of which offer few reward opportunities or delayed upgrade timelines — Navy Federal’s product has the potential to compete both on progression and value.

Offered only to Navy Federal members, the product addresses military service members, as well as veterans and their families. Meeting this niche with a full-service rewards product from the secured level upward, Navy Federal supports its member retention as well as its competitive position in the credit card arena.