Review: USAA Secured credit card – October 2017

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

USAA is a reputable financial resource for people of the US Armed Forces and their families. If you have poor or no credit, USAA Secured credit card gives you the opportunity to build your credit with a trustworthy financial group.

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

Product NameUSAA Secured Credit Card
Balance Transfer Rate (not intro)10.90% to 20.90% variable
APR for Purchases ( Purchase Rate )10.90% to 20.90% variable
Annual fee$35
Cash Advance Rate10.90% to 20.90% variable
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 (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 Interest$0
Minimum Credit ScorePoor (Below 660)
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
Returned Payment Fee$35
Over The Credit Line Fee$0
Late Payment Fee$35
Cash Advance Fee3% of the amount of each cash advance (maximum fee for each convenience check: $200)

Pros

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

Cons

  • To apply you need US military affiliation

The basics

This card allows you to 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. The CD earns interest at a variable rate — currently a 0.54% APY.

The perks

  • No foreign transaction fees. Use your USAA Secured credit card internationally without paying transaction fees.
  • Collision insurance. Get protection for rental vehicles, including for damage and theft.
  • Extended warranties. Any purchase you make with your USAA card come with an extended warranty.
  • Identity theft assistance. USAA will help you out if your identity is ever stolen.

The USAA Secured credit card vs. Discover it Secured

Rates last updated October 23rd, 2017
Unfortunately, none of the credit cards match that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Name Product Product Description Annual fee Min credit limit APR for Purchases ( Purchase Rate )
USAA Secured Credit Card
Declare your independence with a different kind of credit card.
$35
$250
10.90% to 20.90% variable
Discover it® Secured Credit Card
2% Cashback at restaurants or gas stations on up to $1,000 in combined purchases each quarter. Plus 1% cash back on all other credit card purchases.
$0
$200
23.99% variable

Compare up to 4 providers

You’ll also like…

  • Rebates. Finance charges that are accrued while you’re serving in a military operation can earn rebates.
  • Special deployment rate. A 4% APR is available for up to 12 months during deployment or PCS.
  • Servicemembers Civil Relief Act. USAA extends a special 4% SCRA rate to any account balance you when you enter active duty military service.

What should I know before I apply?

Eligibility criteria

In order to apply for the USAA Secured credit card, 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

Always consider your options and your financial situation before you apply for a credit card.

Required documents & information

  • Full name and address
  • Marital status
  • Birthdate
  • Contact information
  • Proof of employment and income

The USAA Secured credit card vs. Capital One Secured

Rates last updated October 23rd, 2017
Unfortunately, none of the credit cards match that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Name Product Product Description Annual fee Min credit limit APR for Purchases ( Purchase Rate )
USAA Secured Credit Card
Declare your independence with a different kind of credit card.
$35
$250
10.90% to 20.90% variable
Capital One Secured MasterCard
Take control and build your credit with responsible use.
$0
$200
24.99% variable

Compare up to 4 providers

Bottom line

USAA Secured Credit Card is a great benefit for those in the military who need to improve their credit. Check out other options offered by USAA.

Compare your options to find the right credit card for your situation.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and our Privacy Policy.