Overview: 4% APR on all balances up to a year during deployment or PCS; Determine your own credit limit; Earn variable interest on the balance of your CD; No foreign transaction fees; Extended warranty on U.S. brands and manufacturers up to a year
Full Card Review
Here is a secured card option for veterans or active military duty members. The USAA Secured Card Visa Platinum® has an annual fee, but also comes with a low interest rate, which is key for anyone who carries a balance. It also charges the same interest rate for cash advances that it does for purchases, which is a rare bonus.
The secured cards are good choices for people who have low or damaged credit. In addition to having an actual credit card, you will have the opportunity to rebuild your credit over time. Once it's back to a higher score, the USAA offers unsecured options that you can upgrade to.
This card works a little differently than other credit cards you may have applied for. To get started, you will make a security deposit between $250 and $5,000. That money will be placed in a two-year CD where it will earn a percentage rate of 0.54%. The amount of your security deposit will be the credit line on your card.
A common theme with security cards is that they lack benefits you would get with an unsecured card. But the USAA Secured Card Visa Platinum® comes with a range of impressive benefits for its holders. Travel accident insurance, extended warranties on U.S. brands and manufacturers, collision damage waiver insurance and military-specific benefits are included.
Members on deployment and PCS receive a 4% APR on balances for up to a year, the Servicemembers Civil Relief Act 4% rate on balances during active duty, and rebates on finance charges accrued during qualified campaigns.
Another perk: Visa is accepted globally, so you will have access to your card nearly everywhere.
Ultimately, if you're a service member working on rebuilding credit, this is going to be one of the best secured options available to you.
Rewards and Benefits
- Variable APR rate; low 4% rate for the first 12 months of active duty
- 4% SCRA rate for up to one year after active duty completion
- No penalty APR
- Rebate on all finance charges accrued while serving in a military campaign
- No foreign transaction fees
- Extended warranty up to a year for U.S. store brand and manufacturer purchases
Requirements, Costs & Fees
- Credit Needed: Poor
- Purchase APR:
- 10.90%-20.90% Variable
- 4% for first 12 months of active duty
- Balance Transfer APR:
- 10.90%-20.90% Variable
- APR for Cash Advances: 10.90%-20.90% Variable
- Penalty APR: None
- Annual Fee: $35
- Balance Transfer Fee: 3% of each transfer (maximum fee per transfer $200)
- Cash Advance Fee: 3% of each cash advance (maximum fee per convenience check $200)
- Foreign Transaction Fee: None
- Late Payment Fee: Late Payment Fee is $25 for the first time late within prior 6 billing periods, $35 after that
- Returned Payment: Returned Payment Fee is $25 for the first time late within prior 6 billing periods, $35 after that
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