Navy Federal Credit Union® nRewards® Secured Credit Card

The Navy Federal Credit Union® nRewards® Secured Credit Card is a strong choice for members looking to build or repair credit. The key word to note here is "members," because if you aren't a member of the Navy Federal Credit Union, you won't be eligible to apply for this card.

To become a member of Navy Federal, you have to either be a member of the military, a past member or veteran of the military, an employee of the Department of Defense, or an immediate family member of any of those.

If you do fit the criteria to apply for the Navy Federal Credit Union® nRewards® Secured Credit Card, it's one of the best options out there when it comes to secured cards. Here's a rundown of the card's features:

• The annual fee is $0, and there's also no balance transfer fee or foreign transaction fee.

• A minimum $200 security deposit.

• Rewards of one point per $1 spent. A point is worth about one cent and can be redeemed for cash, merchandise or gift cards.

• Automatic review of your account starting at six months to see if you can graduate to an unsecured card.

• Collision damage waiver coverage when you rent a car for 15 days or less.

• Cell phone insurance coverage for up to three phones when the bill is paid with the Navy Federal Credit Union® nRewards® Secured Credit Card.