USAA Secured Card American Express®
If you want the prestige of carrying an American Express card but have bad credit, you may qualify for a Secured American Express Card.
For anyone who ever asked “Does American Express have a Secured Card?” — the answer is Yes! USAA Bank offers a secured American Express Card.
It’s a real credit card – not a prepaid or debit card, that helps you build or improve your credit scores. When you apply — you’ll also open a USAA Bank 2-year Certificate of Deposit that will earn interest. The Certificate of Deposit will be your collateral for the secured American Express credit card.
You can open the American Express secured credit card with as little as a $250-minimum initial deposit. The money you put in upfront, from $250 to $5,000, is the card’s credit limit. Earn interest on the CD — your deposit is guaranteed to grow. Plus the money is yours to keep as long as you don’t default on your payments. As you use your card you could improve your credit with on-time payments and staying within your credit limit. Monthly payments are reported to the 3 major credit bureaus.
Details on the CD
Your CD will earn interest at a variable rate (currently 0.54% Annual Percentage Yield) which will change periodically throughout your two-year term. The variable rate CD allows you to make additional deposits to your CD at any time — when you make additional deposits you can request a credit limit increase on your secured credit card.
Enjoy no foreign transaction fees when you travel outside of the United States. You also get a collision damage waiver coverage that pays for physical damage and theft to most rental vehicles. That means you don’t have to purchase insurance when you rent a car, unless you prefer too. The card comes with identity theft resolutions services that provides assistance should you become the victim of identity theft. Plus you get an extended warranty on purchases which extends your manufacturers or U.S. store brand warranties for up to one year.
Who can apply
The only drawback is you have to be affiliated with the military in order to qualify. That means military members or their spouses (ex-spouses included), veterans or their spouses (ex-spouses included) or if you are planning on joining the U.S. military (includes signing an enlistment contract or participating in a commissioning program) you may be eligible. One other way to qualify is that your parent currently has or had a USAA account. Check your eligibility.
Summary of the Secured American Express Card
- USAA Eligibility Requirement: Today, USAA membership is only open to U.S. military service members, veterans who have received an discharge type of Honorable, and their eligible family members.
- Earn 1.5% cash back on every purchase.
- Cash rebates are credited to your account annually, and there’s no limit on the amount you can earn.
- Special rates are available for military members during deployment or PCS. See terms for additional information.
- No annual fee and no minimum finance charge.
- Chip technology has added security when used at a chip-enabled terminal and greater acceptance worldwide.