USAA Secured Credit Card review

Information verified correct on April 29th, 2017

With guaranteed approval for those who open a $250 two-year certificate of deposit, you can spend and save.

USAA offers many products to the full scope of military families: active duty, cadets, midshipmen and extended family. The USAA Secured Credit Card allows those with poor or no credit the opportunity to obtain a card from a leader in the financial services industry.

And if the security of a USAA Bank Secured Credit Card isn’t rewarding enough, this one requires the purchase of a two-year certificate of deposit. That means while you use this credit card, you’re also earning interest and increasing your investment. And that money is yours to keep as long as you keep up with payments.

Product NameUSAA Secured Credit Card
Balance Transfer Rate (not intro)3% of the total transfer amount
APR for Purchases ( Purchase Rate )10.40% to 20.40%
Annual fee$35 p.a.
Cash Advance Rate3% of the total advance amount
Card TypeVisa
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 (AMEX)
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
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 Age18 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.
$250
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.
$5,000
Annual fee$35 p.a.
Returned Payment Fee$35
Late Payment FeeUp to $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
Foreign Currency Conversion Fee (AMEX)
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

Pros

  • No foreign transaction fees
  • Collision insurance
  • Extended warranties
  • Identity theft assistance
  • Worldwide travel assistance

Cons

  • To apply you need US military affiliation

Benefits of the USAA Secured Credit Card

This card allows you can build stronger credit while earning money on a certificate of deposit (CD). You can purchase a CD in amounts from $250 to $5,000, and that amount becomes your credit limit for the card. The CD earns interest at a variable rate — currently a 0.54% annual percentage yield — that changes throughout your two-year term.

Other excellent features of the USAA Secured Card include:

  • No foreign transaction fees when card is used outside the United States.
  • Collision insurance for rental vehicles, including for damage and theft.
  • Extended warranties on products purchased with card.
  • Identity theft assistance if your identity is ever stolen.
  • Worldwide travel assistance, including in emergencies.
  • Emergency roadside service.
  • Chip-enabled security.

Special benefits for military members

In addition to offering experts that can help military members before, during and after deployment, USAA also:

  • Rebates any finance charges accrued while the cardholder is serving in a qualified military operation.
  • Offers a special deployment rate of 4% APR is available for up to 12 months during deployment or PCS.
  • Extends a special 4% SCRA rate applies to any account balance you have on entering active duty military service.
Rates last updated April 29th, 2017
APR for Purchases ( Purchase Rate ) Annual fee
USAA Secured Credit Card
Declare your independence with a different kind of credit card.
10.40% to 20.40% $35 p.a. More info

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  • If the provider quotes a different rate to the one above please let us know

Details

  • Card type. Visa or American Express.
  • Variable purchase APR. From 10.40% to 20.40%.
  • Annual fee. $35 p.a.
  • Balance transfer and cash advance APR. From 10.40% to 20.40%.
  • Balance transfer fee. 3% p.a. of the total transfer amount
  • Cash advance fee. 3% p.a. of the total advance amount
  • Late payment fee. Up to $35
  • Returned payment fee. Up to $35
  • Foreign transaction fee. 0%

How to apply for USAA Secured Credit Card

To apply, visit the USAA website and navigate to the secured credit card page. Before applying, make sure that you meet USAA’s eligibility requirements. The card is available to:

  • Those with current US military affiliation, including the National Guard and Reserves.
  • Any military personnel with an honorable discharge.
  • Those in the process of joining the US military.
  • Spouses and parents of those who have served in the US military.

You must also be a US citizen with a valid Social Security number.

Bottom line

The positively reviewed USAA Secured Credit Card is typical of excellent products in the USAA family, which also offers health, home and auto insurance, along with mortgage, personal and auto loans. Compare your options to find the right credit card for your situation.

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