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The USAA Secured Platinum American Express Card Gives Control

June 15, 2014 by CreditCardsCo™

Many secured credit card holders want a credit card that gives them control over their account. USAA members and their immediate family can enjoy that with the USAA Secured Platinum American Express Card. The rates are low, the annual fee is low, and there are many benefits to take advantage of.

The USAA Secured Platinum American Express Card is a unique card in that the deposit is made into a 2-Year Variable Rate Certificate of Deposit (CD). This gives the cardholder a variety of benefits, such as being able to save money while also having it available to use as credit. There is a minimum deposit needed to open the account. Once it is, then you can start saving and charging at a low APR and with a low annual fee.

What the CD does is protect you and the bank if something happens that you are unable to make your payments. You have the power of an American Express credit card in your hands, but you are protected. In the meantime, you are able to save for your future. The CD earns interest at a variable rate. The rate does change periodically throughout the two-year term. Plus, the variable rate CD allows cardholders to make additional deposits at any time. All the USAA needs is for you to request a credit limit increase so you can make that deposit and increase your spending power.

Application Process

The application process starts with you specifying whether or not you are a USAA member. You then specify your military affiliation. This determines whether or not the product can be provided to you. If you served in the military, currently serve, have a parent or spouse who has insurance with the USAA, or your spouse honorably served in the U.S. military, you qualify to apply.

One you specify your affiliation, you can then enter your basic contact information that will then lead you to the application. Once you are at the application, you will provide the requested information and then you will submit it for a fast decision. Once that decision is made, it may take a couple of weeks for you to receive your card. You will have to make your deposit so that you can use your card just like any credit card when you receive it.

Special Card Benefits

There are a number of card benefits that cardholders are afforded. The first is the travel coverage. This coverage helps protect against trip cancellation and trip interruption. Perhaps you were in an accident or you became sick and couldn't follow through with the trip. Then again, maybe you became sick after departure and that resulted in you not being able to move forward with the trip, resulting in interruption. In order to take advantage of this coverage, the entire cost of the passenger fare must have been charged to the card. It is important to review the list of events that are and are not covered.

The second benefit is the Collision Damage Waiver Coverage, which is designed to provide some protection on cars that are rented for thirty-one consecutive days or less. The rental has to be paid for with the USAA American Express Card in order to be eligible for benefits. As for the coverage, you have to decline the Collision Damage Waiver that is offered by the car rental company. If damage or theft occurs, the waiver will pay for damages on a secondary basis. The covered damages include theft of the vehicle and physical damage, loss of use by the rental company for the time that the vehicle is not in service, reasonable towing charges, and more. The qualifying events are always subject to change.

The third benefit is Concierge Service. The concierge service will make dinner reservations for you, purchase event tickets, arrange your vacation for you, or even coordinate business arrangements anywhere in the world. The Concierge Service can even find those very hard-to-find items. The costs of goods and services are charged to the USAA card.

The fourth benefit is roadside assistance. If you are on the road and you are broken down, you can get gas, be towed, get your tire changed, or receive lockout assistance. That way you don't have to worry about being without assistance when you are traveling on the road. Lastly is Purchase Assurance Coverage. If an item that you purchased with your USAA American Express Card is stolen or damaged within 150 days of the purchase date, you may be able to receive coverage. The original purchase does not have to be registered in order to receive the benefit. There are some limitations that apply, such as coverage being limited to the actual cost of the item. However, there is a maximum claim amount for a single claim and for a year.

Rates And Fees

The rates and fees are rather simple. You have a small annual fee and a competitive APR that is based on the Prime Rate. You also have the opportunity to avoid paying interest as long as you pay off the entire balance within the 25-day grace period leading up to the due date. From there, you have an APR for balance transfers and cash advances, as well as fees associated with those transactions. For balance transfers, cash advances, and foreign transactions, the fee is a small percentage of the transaction. As far as the penalty fees, the only two are the late payment fee and the returned payment fee. There is no over-the-credit limit fee because the card spending cannot exceed the credit limit that you establish through your deposits into the CD.

Final Thought

The USAA Secured Platinum American Express Card is a secured credit card gives you the flexibility you want and need. With the 2-Year variable Rate CD, you also get a savings option that allows you to save money toward your future while having the opportunity to receive benefits that are much like those of an unsecured card.

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