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USAA Secured Credit Card Review | Two Of The Best Secured Credit Cards

by Tony Phan on December 8, 2013 · 3 comments

in USAA secured credit cards

The USAA secured credit cards are two of the best secured credit cards in the market today.  However, they are targeted for the military, families of the military, and veterans, so take a look at these secured cards for regular consumers here if you don’t qualify.

The combination of a competitive low regular APR (currently 9.90% variable) and a low annual fee (currently $35) make these cards great choices for rebuilding bad credit.  And, they come in two versions for flexibility – an American Express and a MasterCard.

*Before going with a secured credit card meant for poor credit, see if you’re able to get approved for a good rewards credit card for Average credit, like the Barclaycard Rewards MasterCard here.

USAA Secured Platinum American Express Card

USAA Secured Platinum American Express Card

USAA Secured Platinum Card

USAA Secured Platinum MasterCard

I’ll review other features of the USAA secured credit cards and other important information below.

USAA Secured Credit Card Features

  • Earn Interest!

One great feature of these secured credit cards from USAA is that once you are approved, you also get a Certificate of Deposit (CD) account opened that will earn interest for two years.  The credit limit of your secured credit card will be the amount that you deposit towards your CD account (from $250 to $5,000).

Not only will owning this secured credit card help to build your credit, your CD account is guaranteed to earn interest.

A Little About USAA If You’re Curious:

If you have yet to hear of USAA Bank and their credit card products then you’re in for a treat. According to a consumer survey, they ranked highest among all credit card providers for customer experience. That says a lot in this market.

It is probably the history of USAA Bank that takes credit for the customer service. The roots of USAA started in 1922 when 25 army officers offered to insure each other’s vehicles when no else would. These roots are the backbone to the organization’s values of service, loyalty, honesty, and integrity.

The company is now a fully grown institution offering a wide array of financial products to millions of their members. Their growth has remained true through the economic downtimes.

Another great fact about USAA is that they are not a publicly traded company; answering only to their members instead of stockholders.

More General Info On Secured Credit Cards:

Secured credit cards are geared towards individuals who either haven’t established good credit or have fallen into credit trouble in the past. Your credit limit is based on a security deposit that you send to the credit card company, instead of the limit being based on your credit standing (i.e. a $500 security deposit would mean your credit limit is $500). The amount that you deposit is kept in a savings account and will not be used towards paying off your monthly balance. You get the deposit back once your account has been closed.

The main reason consumers opt for a secured credit card is to build or re-establish their credit, as these credit cards report to the credit bureaus.

Apply Here at the USAA Credit Cards page

Although I do believe USAA offers the best secured credit cards for military members, if you don’t qualify as such make sure you take a look at my Secured Credit Card Page to see great alternatives.


About Tony Phan

I work as a full-time optometrist and spend any spare time I have on HappyDoctorBlog. I love to travel, live a healthy lifestyle, and find new ways to earn a living. Through this blog, I'd like to share my experiences. Find Me: Google+, Facebook, Twitter, Pinterest

{ 2 comments… read them below or add one }

jim

Don’t be misled like I was about this USAA secured credit card. I signed up and account and tried for 3 days to signup for a secure card and finally contacted their support and they told me this secure card offer was only available to military members and not the general public. No where when I signed up did they mention that. So basically I entered in all of my personal info including SS and it was for nothing. For this reason I label this a scam. Stay away from USAA and their misleading marketing practices.

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Tony Phan

Sorry you went through that, but thanks for sharing your experience. I will update the review and highlight that these cards are meant for the military.

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