The card that helps you build credit.
The USAA Secured Card Visa Platinum can help you build or improve your credit — when you keep your credit utilization ratio low and make payments on time. If you’d like to increase your credit limit, you can increase your deposit and request a limit increase.
|Product Name||USAA Secured Card Visa Platinum®|
|Balance Transfer Rate (not intro)||11.15% to 21.15% variable|
|APR for Purchases ( Purchase Rate )||11.15% to 21.15% variable|
|Cash Advance Rate||11.15% to 21.15% variable|
|Interest Free Period|
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
|Up to 25 days|
|Returned Payment Fee||$35|
|Foreign Currency Conversion Fee (VISA)|
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
|0% of transaction value|
|Minimum Credit Score||Poor (Below 660)|
|Minimum Age||18 years of age|
|Min credit limit|
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
|Max credit limit|
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
|Returned Payment Fee||$35|
|Over The Credit Line Fee||$0|
|Late Payment Fee||$35|
|Cash Advance Fee||3% of the amount of each cash advance (maximum fee for each convenience check: $200)|
The USAA Secured Card Visa Platinum can help you build credit when you keep your credit utilization ratio low and consistently make on-time payments. To get the secured card, you must open a two-year CD, which earns a .54% variable APY. The annual percentage yield will change periodically throughout the 2-year term. The money deposited into the CD acts as a security deposit and becomes your credit limit — i.e., open a CD with $500 and your credit limit becomes $500, minus the annual fee. A minimum deposit of $250 is required, with a max of up to $5,000.
Expect a 10.90% to 20.90% variable APR, and a $35 annual fee. To be eligible for the card you must be affiliated with the military and qualify for a USAA membership. The card offers special military rates for those on active military duty and deployment. It also includes a variety of security, retail and travel benefits, which is not typical of most secured cards.
- No penalty APR. You won’t be penalized for making late or missed payments.
- Determine your own credit limit. When you apply, you’ll open a two-year certificate of deposit (CD) with $250 to $5,000. The balance of your CD is your credit limit and acts as your security deposit.
- Earn interest. You have the benefit of earning a variable interest on the balance of the CD, currently at 0.54% APR.
- No foreign transaction fees. You won’t pay a foreign transaction fee when you make purchases outside of the US.
- Collision damage waiver coverage. Covers physical damage and theft to most rental vehicles.
- Security. Comes with chip technology and USAA provides assistance should you become the victim of identity theft.
- Extended warranty. Extend your manufacturer’s or store-brand warranties for up to one year.
- Convenience: Get your account balance and transaction history by text message or access your account on their website or by phone.
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- Deployment/PCS Rate. Get 4% APR on all balances for up to 12 months during deployment or PCS. After 12 months, the regular APR, currently from 11.15% to 21.15% variable will apply. This rate will vary with the market, based on the prime rate.
- Special 4% SCRA Rate. You’ll get 4% APR on your existing balance when you enter active duty.
- Military Campaign Benefit. You’ll get a rebate on all finance charges accrued while you served in a qualified military campaign.
What to watch out for
- High APR. The interest you pay on this card can be anywhere from 10.90% to 20.90% variable.
- Members only. You have to be a member of USAA.
What should I know before I apply?
In order to apply for the USAA Secured Card Platinum Visa, you must be a member of the military, a veteran who was honorably discharged or an eligible family member of military personnel. You also must be:
- A US citizen or permanent resident
- At least 18 years old
How to apply for the USAA Secured Card Visa Platinum
Always consider your options and your financial situation before you apply for a credit card.
Required documents & information
- Full name and address
- Marital status
- Birth date
- Contact information
- Proof of employment and income
Steps to apply
Once you’ve gathered your info, here are the steps to follow:
- Head over to the USAA Secured Card Visa Platinum landing page.
- Click the green “Get Started” button.
- If you’re already a member of USAA, you’ll then log in to your account. If you’re new to USAA, click the “Get Started Now” link toward the bottom of the page.
- If you followed the “Get Started Now” link, they’ll take you through some steps to determine if you are eligible for USAA membership.
- If you qualify, sign up for a USAA membership and navigate back to the USAA Secured Card American Express lading page and click the “Get Started” button.
- Once you log in to your USAA account, you can begin the application process.
- Provide the information requested in the online application and learn whether you qualify for the USAA Secured Card Visa Platinum.
I got the card! Now what?
- Avoiding interest. To avoid paying interest on your purchases, pay your entire balance by the due date each month.
- Avoiding fees. There is a transaction fee of 3% on cash advances, but this fee is waived when you transfer funds electronically from your USAA credit card to your USAA Bank deposit account.
- Customer service. You can reach USAA at 800-531-USAA (or 800-531-8722).
- Graduating to a secured card. The USAA Secured Card does not provide a direct path to an unsecured card. However, once you use this card to raise your credit score, you can then go on to apply for an unsecured card.
What customers are saying about the USAA Secured Card Visa Platinum
You won’t find many negative online comments about the USAA Secure Card Visa Platinum, which is fairly unusual in the secured credit card world. And the Better Business Bureau gives USAA an A+. Trustpilot lists some negative reviews abut USAA in general, but those are few and far between when you look at the whole picture.
If you’re affiliated with the military and looking for a card that will help you improve your credit, the USAA Secured Card Visa Platinum® could be an ideal solution — if you use it responsibly and keep your credit utilization ratio low and make your monthly payments on time. Its perks and high customer satisfaction make it a solid choice, but be sure to compare it with other credit cards before choosing this card.