Most consumers are aware of secured credit cards. They are a great tool to help improve credit. Banks take on less risk with secured credit cards because a deposit is required by the cardholder. But not many secured credit cards offer interest in your deposit.
The USAA Secured Card® Platinum Visa® is an excellent credit card to rebuild credit that serves the military. If you, a current spouse or ex-spouse or a parent has military affiliation you can apply for the UUSAA Secured Card® Platinum Visa® and start rebuilding credit today while earning interest on your deposit.
The secured card looks and works just like any other credit card. It’s a real credit card that can be used worldwide – anywhere you see the Visa logo. A real credit card for bad credit can help you rebuild credit and improve your credit score. Prepaid cards do not help rebuild credit.
USAA is a full service bank offering many financial products like a free checking account, auto loans, mutual funds and much more. They are dedicated to the financial well-being of their customers and provide top-rated customer service.
Improve your credit score as you use your secured card. Monthly payments are reported to the three major credit bureaus — Experian, Transunion and Equifax. This card can help you improve or build your credit when you stay within your credit limit and make payments on time.
Choice of Visa or American Express
USAA offers options. You have a choice of the USAA Secured Card® Platinum Visa® or the USAA Secured Cards® American Express®. The USAA Secured Cards® American Express® is the best choice for those who want the concierge service and other exclusive benefits of an American Express card; or, if you like the prestige an American Express logo carries this is the card choice for you.
Earn interest on your investment
Unlike most secured credit cards, your deposit will earn interest in a Certificate of Deposit (CD). The minimum opening deposit is $250. The deposit determines your credit limit up to $5,000. Your CD will earn interest at a variable rate (currently 0.54% Annual Percentage Yield).
Increase your limit at any time
Making additional deposits to your Certificate of Deposit will increase your credit limit up to $5,000.
Rates and fees
The rates are really competitive with unsecured cards. Currently at 9.90% to 19.90% APR (Variable). You get the same rate on purchases, cash and balance transfers. There’s a 3 percent transfer fee.
The annual fee is $35 per year.
The amount you invest in a CD becomes your credit limit.
Foreign transaction fees
1% of each transaction in U.S. dollars.
Chip card technology has added security when used at a chip-enabled terminal and greater acceptance worldwide. You are not liable for unauthorized purchases.
USAA Secured Credit Card Benefits
- Improve your credit score when you make payments on time.
- Your timely monthly payments and account’s good standing will be reported to the three major credit bureaus.
- Once you’ve established or improved your credit enough to get a regular USAA credit card, you can cash in your CD after it reaches term or reinvest into another CD.
- Earn interest on your CD — your deposit is guaranteed to grow. Plus the money is yours to keep as long as you don’t default on your payments.
- Start building your credit — opening a CD lets you get a credit card even if you don’t have a credit history or have bad credit.
- Variable APR Rates from 9.90% to 19.90% APR on purchases, balance transfers and cash advances.
- Only a $35 annual fee, with no application fee.
- Choose the card that’s right for you -With a USAA Secured Credit Card, you’re in control — starting with your choice of Visa® or American Express®. Both have the same great rate — plus exclusive perks and protection.
Additional Benefits for Military
- 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 between 9.90% and 19.90%, will apply. This rate will vary with the market based on the prime rate.
- Special 4% SCRA Rate: When you have a balance on your account at the time you enter active military duty, get 4% APR on that existing balance until one year after you complete active duty.
- Military Campaign Benefit: We’ll rebate all finance charges accrued while you served in a qualified military campaign.
- USAA’s knowledgeable deployment team can help you before, during and after a deployment