Credit Card Review & Application
- American Express concierge service and other exclusive AMEX card benefits
- Get as low as low 10.40% APR on purchases, balance transfers, and cash advances
- $35 annual fee, with no application fee
- When you apply - you'll also be opening a USAA 2-year Certificate of Deposit, an interest-earning deposit account that has a two-year term and a $250-minimum initial deposit
- CD lets you get a credit card even if you don't have a credit history or have bad credit
- Enjoy no foreign transaction fees when you travel outside of the United States.
|APR on Purchases:||10.40% to 20.40% (variable)*|
|Card Issuer:||USAA Bank|
|Card Network:||American Express®|
|Card Category:||Consumer (Secured)|
|Card Type:||- Card for Bad Credit|
- Guaranteed Approval
- Instant Decision Card
- Low Interest Credit Card
- Military Credit Card
- No Foreign Transaction Fee Credit Card
|Credit Needed:||Bad Credit OK*|
The USAA Secured Platinum American Express Card offers present and former military personnel and the spouses and children of those insured by the USAA low rates, no penalty APR, and it comes with a 2-year Variable Rate CD. It is through the 2-year Variable Rate CD that USAA is able to issue the secured credit card. They use the CD as a security deposit. It is used as a vehicle that protects the cardholder and the bank if the cardholder is unable to make his or her payments. There is a minimum initial deposit needed to start the account.
The CD earns interest at a variable rate, which operates as an interest bearing savings account. Plus, you can make deposits into the CD. When you make these deposits, you can request a credit line increase. It is ideal to deposit more and request the increase when possible so you can take advantage of the interest that the account gains. It is important to note that if money is withdrawn prematurely, then the account could be penalized. This is in place to ensure you can maintain your spending power by allowing the money to gain interest.
As for the cost to have the card, it is quite competitive. The APR does vary based on the market, which is based on the Prime Rate. If a payment is made late, there is no penalty APR. It is even possible to avoid paying interest on purchases. The due date is 25 days after the billing cycle close date, so this is the period in which the bill can be paid off. If the balance is paid off by the due date, then interest on purchases will not have to be paid.
There is a small annual fee to the card. There is also a fee for balance transfers, cash advances, and foreign transactions. The fees that are associated with these activities are a certain percentage of each transaction, but the fee won't exceed a certain dollar amount. The penalty fees include a late payment fee, a returned payment fee, and there is no over-the-credit limit fee. When a late payment is made, the first late payment within 6 billing periods is less than subsequent late payments. The same applies to returned payments.
Furthermore, there are benefits that are provided with this card, although it is a secured card. These benefits include emergency assistance, concierge service, and roadside assistance. There is a collision damage waiver that pays for physical damage and theft regarding most rental vehicles with an MSRP of $50 or less when the card is used to pay for the entire car rental transaction. You are also subject to American Express's Zero liability coverage if the card is lost or stolen and used fraudulently. If you are traveling with the card and you use it to pay for travel, then you can get travel accident insurance of up to $1 million.
This is a card that can be used worldwide anywhere where American Express is accepted. You get the spending power of American Express along with some of the same benefits of an unsecured card. For instance, the travel coverage can help save a great deal of money. If you pay for your plane, train, or bus tickets with your card and your trip is cancelled or it is interrupted because of a qualifying event, then you will receive financial protection for the losses experienced because of that cancellation or interruption. It is important to review the list of restrictions so you know when you can make a claim and how. This makes the card a good travel companion.
Lastly, you can maintain your account online. This means you have the capability to register for an online account and check your balance, make a payment, view transactions, and see how much credit you have available. You can also view statements and keep track of the terms and conditions related to the card. Since there are certain aspects of the account that can change over time, it is important to keep track so you can ensure you properly take advantage of everything available to you.
The review prepared by CreditCardsCo™. Opinions expressed therein are solely those of the reviewer.
|Other Benefits:||- Emergency assistance|
- Roadside assistance and concierge service.
- Collision damage waiver coverage
- Zero liability coverage if your card is lost or stolen.
- Travel accident insurance up to $1 million.
*See terms and conditions of the card for additional travel and retail benefits
|Comments:||* - Credit Needed: No Score, Poor - below 660 & Fair 660-699|
|Online Account Access:||Yes|
|100% Guarantee Approval:||Yes|
|APR on Purchases:||10.40% to 20.40% (variable)*|
|Grace Period:||25 days*|
|Min Credit Line:||$250|
|Max Credit Line:||$5,000|
|Late Payment Fee:||Up to $35*|
|Balance Transfer:||See Terms|
|Opening Minimum:||See Terms|
|Application Fee:||See Terms|
|ATM Fee:||See Terms|
You may also be interested in:
† The information provided for USAA Secured Cards® American Express® credit card is believed to be accurate at the time of evaluation (Dec 30, 2016). We strongly advise visitors to review the terms and conditions to verify accuracy of the information posted prior to applying for the product.