Card Review & Application
USAA Secured Platinum Mastercard®
- Worldwide acceptance and exclusive MasterCard benefits
- Low 10.15% 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
- Keep track of your credit for free with CreditCheck Monitoring
Introductory APR: | N/A* |
Introductory Period: | N/A |
APR on Purchases: | See Terms (variable)* |
Annual Fee: | See Terms* |
Card Issuer: | USAA Bank |
Card Network: | Mastercard® |
Card Category: | Consumer (Secured) |
Card Type: | - Card for Bad Credit - Guaranteed Approval - Low Interest Rate - Military |
Credit Needed: | Bad Credit OK* |
The USAA Secured Platinum MasterCard Secured card gives cardholders the spending power of MasterCard with a variety of other benefits. However, this is a card that is open to USAA insured members or their immediate family, such as children and spouses. What cardholders receive are perks that are typically found with unsecured credit cards. In this case, cardholders establish their credit limits based on how much money they deposit into the 2-year Variable CD that is attached to the card.
The 2-year Variable CD has a number of functions. The first is that it helps you establish your credit limit. There is a minimum deposit amount and a maximum deposit amount. However much you deposit will determine your credit limit and you can deposit additional money at any time in order to establish an even higher credit limit. All you have to do is ask for that increase in order to receive it. The more you deposit, the more your money will gain in interest. Once the two years is up on the CD, you can cash it out without penalty.
In addition to the CD, the interest rate on purchases, balance transfers, and cash advances is low. You can avoid paying the interest rate on purchases if you pay off the entire balance by the due date. You do have a 25 day grace period between the closing of the statement and your due date. The balance transfer and cash advance APR is charged anyway. There are also fees associated with balance transfers and cash advances. The fee for each is a percentage of each transaction. There is also a fee for foreign transactions that is a percentage of each transaction. The card can be sued anywhere in the world where MasterCard is accepted.
Other fees include the late fee and the returned payment fee. There is no over-the-limit fee since USAA doesn�t permit the account to go over its limit. These fees are unique in that the first time a payment is late in a six month period, the fee is less than it would be otherwise. The second time it is late and every time after that, the payment increases. It should be noted that there is no penalty APR. There is, however, a small annual fee.
In addition to the competitive costs, there are a number of benefits that cardholders are afforded. In addition to the CD, cardholders are given travel benefits, such as rental car insurance, and travel accident insurance that can cover you anywhere in the world. These are two benefits that can give you peace of mind and save you money. You also have peace of mind if a qualifying event causes a trip to be cancelled or interrupted.
Other benefits include extended warranty protection that covers retail purchases that are made with the card and purchase assurance coverage that guards card purchases against damage or theft. If you are making a high dollar purchase, this coverage can be useful. Although there is a limit to the dollar amount, you can recover a great deal of the value of an expensive item so that you do not experience total loss. Just using one of these retail benefits can contribute to the card�s ability to pay for itself.
Lastly, there is security with this card in that you have fraud protection in case your card is lost or stolen and used to make unauthorized purchases. If your card is lost or stolen, you simply report it as soon as possible. In order to make sure you report unauthorized transactions as soon as possible, you can monitor your account online. Through online account management, you can check transactions to ensure that everything is in check with your usage. You can also check your balance, available credit, and other details related to your account. This is also a good opportunity to check out changes in the terms of the card so you are always up-to-date on the benefits and any restrictions regarding those benefits. Online account management is a good way to ensure you effectively manage your account.
The review prepared by CreditCardsCo™. Opinions expressed therein are solely those of the reviewer.
Other Benefits: | - Auto Rental Insurance from MasterRental - Worldwide Automatic Travel Accident Insurance - Extended Warranty Protection for retail purchases - Purchase Assurance Coverage for damage or theft of purchases *See terms and conditions of the card for additional travel and retail benefits |
Credit Reporting: | Yes |
Online Account Access: | Yes |
100% Guarantee Approval: | Yes |
Introductory APR: | N/A* |
Introductory Period: | N/A* |
APR on Purchases: | See Terms (variable)* |
Annual Fee: | See Terms* |
Grace Period: | 25 days* |
Late Payment Fee: | Up to $35* |
Over Limit Fee: | $0.00 |
Balance Transfer: | See Terms |
Opening Minimum: | $25.00 |
Application Fee: | $0.00 |
Additional Fees | Foreign Transaction: 1% of each transaction in U.S. dollars Returned Payment: Up to $35.00 |
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* The information provided for USAA Secured Platinum Mastercard® is believed to be accurate at the time of evaluation (Sep 17, 2021). We strongly advise visitors to review the terms and conditions to verify accuracy of the information and fees posted prior to applying for the product.