USAA Secured Credit Card: Rewards, Limitations, and Alternatives

The USAA Secured Credit Card is a great option for those looking to rebuild their credit or establish a credit history. It's a secured credit card, which means you'll need to make a security deposit that will become your credit limit.

The security deposit requirement is one of the main limitations of this card. You'll need to pay a deposit of at least $500 to get started, and this deposit will be held as collateral in case you miss a payment.

One of the benefits of the USAA Secured Credit Card is its relatively low annual fee of $0. This is a significant advantage over other secured credit cards, which can charge upwards of $50 or more per year.

To qualify for the USAA Secured Credit Card, you'll need to be a USAA member. This means you, a spouse, or a parent must be in the military or be a veteran with an Honorable or General Under Honorable Conditions discharge.

You'll need to provide the branch of military service, rank, and service dates to create a USAA account as a military member or qualifying veteran. Spouses and children will need to provide the USAA number for the qualifying member's account.

The minimum deposit requirement for the card is $250, and the maximum is $5,000, which is a healthy range and on par with what you'll find elsewhere.

To be eligible for the USAA credit card, you must be a USAA member, which means you, a spouse, or a parent must be in the military or be a veteran with an Honorable or General Under Honorable Conditions discharge.

You'll need to provide the branch of military service, rank, and service dates to create a USAA account as a military member or qualifying veteran. Spouses and children, on the other hand, need to provide the USAA number for the qualifying member's account to be eligible.

If you don't meet the minimum membership requirements for USAA, you won't qualify for the card, so it's best to explore other options. Fortunately, there are better credit cards available without membership requirements.

To qualify for USAA Secured Card Platinum Visa graduation, you'll need to use your card responsibly for about 18 months.

Paying your bill on time every month is crucial for building a positive credit history.

Maintaining reasonable credit utilization, ideally below 30%, will also help you qualify for an unsecured credit card.

You won't be able to graduate to an unsecured card with the USAA Secured Visa Platinum Credit Card specifically, but it will report to the three main credit bureaus.

This means you'll have a chance to qualify for an unsecured credit card after 18 months of responsible use.

The USAA Secured American Express Credit Card has a relatively lenient approval process. Almost anyone can get approved for their secured product.

You don't have to worry about being denied, as long as you're a USAA member. Even those with bankruptcies or derogatory items have been approved.

The only exception is non-military members, who won't qualify for this secured credit card.

The USAA Secured American Express Credit Card is an exciting secured card for eligible USAA members.

No foreign transactions or annual fees are associated with this card.

Suppose you want rewards or the opportunity to upgrade, you won't find that here.

This card is a decent option to consider if you want a steady platform to establish a positive credit history without fees.

The USAA Secured American Express Credit Card is exactly the same card as the USAA Secured Visa Platinum Credit Card, with the only difference being the payment network of the card (Visa vs. American Express).

Adding funds to your secured card is a straightforward process, and it's a great way to increase your credit limit. You can add a minimum of $50 each time you want to increase your credit limit.

This minimum amount can be increased to a maximum of $5,000, so you have some flexibility to boost your credit limit as needed.

USAA's approval process is surprisingly lenient, with almost anyone being approved for their secured product, apart from non-military members. This is evident in the fact that even those with bankruptcies have been approved.

USAA's open-armed approach to approval is likely due to their focus on serving military members. This focus allows them to take a more holistic view of applicants' financial situations, rather than just their credit scores.

To add an authorized user to your account, you'll need to log in to your online account or call customer service at (800) 531-8722.

You'll need to provide the authorized user's personal information, including their full name, to add them as an authorized user on your account.

The authorized user will receive their own credit card, sent to your mailing address, within a few weeks of being added to the account.

To proceed, you'll need to have the authorized user's full name ready to go when you contact customer service or log in to your online account.

The USAA Secured Credit Card doesn't offer a welcome bonus or introductory offers, which is common with secured credit cards.

It lacks significant rewards or cashback options, solely focusing on credit-building opportunities. This means you won't earn cash back, points, or miles on your purchases.

The lack of rewards might be a drawback for some, but it's essential to remember that the primary goal of a secured credit card is to help you build credit.

Stats show that this secured credit card has a relatively low APR of 9.90%, which is lower than most secured credit cards. The minimum security deposit is $250, while the maximum is $5,000, giving you some flexibility when applying.

There's a 25-day grace period before interest is charged, and no foreign transaction fees are charged on transactions made in U.S. dollars. However, a 1% fee is applied to each transaction.

Here are the key stats at a glance:

You'll also pay an annual fee of $35, but no application fees are charged. The rewards program is limited, but the card does offer some benefits, such as emergency assistance and collision damage waiver coverage.

The USAA Secured American Express and USAA Secured Visa Platinum Credit Card have limited rewards options.

These cards focus primarily on credit building, but they don't offer significant rewards or cashback opportunities.

You won't find any ongoing cash back, points, or miles with these cards, which is a notable limitation.

The USAA Secured American Express doesn't even offer a welcome bonus or introductory offers, which is common with secured credit cards.

Some secured cards come with sign-up bonuses, but the USAA Secured Amex doesn't have any added costs or rewards to speak of.

This means you won't be able to earn rewards or cash back on your purchases with these cards.

The USAA Secured Credit Card offers a range of benefits, but it's essential to compare it with other secured credit cards to find the best option for your needs. The card has a minimum deposit requirement of $250 and does not charge an annual fee.

You can compare the USAA Secured Credit Card with other secured credit cards, such as the OpenSky Plus Secured Visa Credit Card, which has a minimum deposit requirement of $200 and no annual fee. The Discover it Secured Credit Card also has a minimum deposit requirement of $200 and no annual fee.

The USAA Secured Credit Card has a regular APR of 27.40% (Variable), while the OpenSky Plus Secured Visa Credit Card has a regular APR of 28.99% (Variable), and the Discover it Secured Credit Card has a regular APR of 27.24% Variable.

The USAA Secured Credit Card doesn't offer rewards, but it's a decent option for building credit without fees.

The USAA Secured Visa Platinum Credit Card is a great option for those who want to build or rebuild their credit. It's a no-annual-fee card that reports to all three major credit bureaus.

The card has a relatively low APR of 27.24% Variable, which is comparable to other secured cards on the market. One thing to keep in mind is that the card requires a minimum deposit of $200 to open.

If you're looking for alternatives to the USAA Secured Visa Platinum Credit Card, here are a few options to consider:

The Discover it Secured Credit Card offers 1-2% cash back rewards, which is a nice perk for those who want to earn something back on their purchases. However, it's worth noting that the OpenSky Plus Secured Visa Credit Card has a slightly higher regular APR.

Ultimately, the best card for you will depend on your individual needs and financial situation. Be sure to shop around and compare rates and fees before making a decision.

The USAA Secured Visa Platinum Card has its pros and cons. Here are a few things to consider:

No annual fee means you don't have to worry about extra costs when building credit.

The card reports activity to the three major credit bureaus, helping you build credit. This is a big plus for those looking to improve their credit score.

You can qualify for the card with limited or no credit history, making it a good option for those who are just starting to build credit.

The card's regular APR is 27.40%, which is a bit higher than some other secured credit cards.

The card doesn't offer any rewards program, so you won't earn any cash back or other rewards for using the card.

Here's a summary of the card's pros and cons: