Members of the military community who have good credit or better and want simple, yet valuable everyday rewards should consider the USAA Preferred Cash Rewards Credit Card. The USAA Preferred Cash Rewards Credit Card has a $0 annual fee and gives 1.5% cash back on purchases – nearly 30% more than the average cash back credit card. For a limited-time, you can also get 3% cash back in your first year on the first $15,000 in purchases. It also has no foreign transaction fees, which can help whether you travel for military business or pleasure.

The USAA Preferred Cash Rewards Visa provides a number of secondary benefits, too. They include rental car insurance and extended warranties. That is not to say USAA’s Preferred Visa Card is perfect. It does have some shortcomings. For example, the card has a very high APR.

Below, you can learn more about this card's strengths and weaknesses from our summary of the key things you should know before deciding about applying for the USAA Preferred Cash Rewards Credit Card.
 

USAA Preferred Cash Rewards Visa Signature Review Highlights:  

• Above-average rewards. The USAA Preferred Cash Rewards Visa Signature Credit Card offers 1.5% cash back on purchases, which compares favorably to the 1.17% you’d get from the average cash rewards card. But it doesn’t quite measure up to the market’s best cash back credit cards which have a higher ongoing earning rate. For a limited-time, you can also get 3% in your first year on the first $15,000 in purchases.
• No annual fee. The Preferred Cash Rewards Credit Card is $26.75 per year cheaper than the average credit card, thanks to its lack of an annual fee. That’s definitely preferable to having to pay a fee. But it’s worth noting that “no annual fee” is standard among cash back credit cards for people with good or excellent credit. 
• No foreign transaction fees. With no international surcharge, the USAA Preferred Cash Rewards Visa will save you 1.58% relative to the average credit card on every purchase processed abroad. And having a no-foreign-fee Visa will save you up to 9% on currency conversion compared to exchanging cash at a local bank or airport kiosk.
• Potential for an extremely high APR. The USAA Preferred Cash Rewards Visa charges interest at an annual rate that could be a bit below the market average for cards that require excellent credit. But it could also be higher than the market average for cards that require good credit. So there’s a small chance you’ll be assigned a slightly below-average APR. But you’re more likely to drastically overpay if you carry a balance from month to month with this card.
• Good-to-excellent credit required. In addition to a military affiliation, you must have good-to-excellent credit to qualify for the USAA Preferred Cash Rewards Visa Signature Credit Card. So make sure to check your latest credit score for free on WalletHub and compare this offer to the best credit cards for people with good and excellent credit before you apply.
• Secondary benefits. USAA Preferred Cash Rewards Visa cardholders enjoy perks such as rental car insurance and extended warranties on eligible purchases. USAA’s rental car insurance policy ranks third overall among major consumer credit cards. For full coverage details, you can refer to the Guide to Benefits provided after account opening, or call the number on the back of your card for assistance.
  Their extended warranty policy ranks in the middle of the pack. Check your latest credit score for free on WalletHub and compare this offer to the best credit cards for people with good and excellent credit before you apply.

If you’re still not sure whether the USAA Preferred Cash Rewards Visa Signature Credit Card is right for you, check out WalletHub’s review of the best USAA credit cards for different types of users.