Credit union has member from small town to million military personnel. If you are part of Marine or Army, Navy federal is good choice as your credit union. It serves varied financial services, such as mortgage, car loan, personal loan, and credit card. The latter consists of secured and Navy Federal Secured Credit Card.
Using credit card is similar to have a loan from credit union, which is Navy federal. You are capable to pay daily purchase, medical cost, bill, student fee, and subscription. Secured credit card union lends money to fulfill all payments and you have obligation to return it. This system is very familiar if you have experienced with bank.
Navy Federal Secured Credit Card and its benefits
Navy Federal Secured Credit Card is good choice due to some factors. At first, you need to know about this kind of credit card and how to obtain it. In general term, secured credit card is loan with safety deposit as collateral. That is what Secured Credit Card from Navy Federal offers and serves.
Why do you need to pay deposit for Navy Federal Secured Credit Card? Credit union has regulation and requirement for members when taking credit card. For beginners or first timers, it will be difficult because no FICO score is available. Credit union cannot take risk without knowing credit worthiness.
Instead of deliberately rejecting member request, they suggest to change on Navy Federal Secured Credit Card. It does not have strict rule and member will be easy to follow. Firstly, you should pay deposit on Navy Federal saving with minimum amount of $500. After that, you are eligible to utilize card with credit limit as equal to deposit.
Safety deposit is method to keep the risk as low as possible. It is useful when you do not have enough money to cover payment. As it mentioned above, collateral is practical thing on loan to prevent default or bad payment. That is what deposit does for secured credit card.
Utilize Navy Federal Secured Credit Card
As similar to regular one, Navy Federal Secured Credit Card is capable to pay in many merchants. Good thing about Navy Federal is reward or point that you can exchange for many benefits. Other advantages for using this card are no annual fee and ATM cash advance. You do not have to pay fee for transfer balance and foreign transaction.
Navy Federal Secured Credit Card also receives protection from fraud and identity theft. There is system to make sure everything is in check during transaction. It uses later chip technology for credit card to handle encryption. Moreover, the card is zero liability if card owner reports immediately if fraud happens.
Secured credit card is interesting choice at all. Navy Federal gives this card many features and benefits as similar to regular one. As credit union, card owner is a member from military, whether active or retire, including their family. Navy Federal Secured Credit Card is able to expand for other families as long as they are part of union.