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USAA® Secured American Express® Card
Editor’s Take
John Kiernan, Credit Card Editor
Nov 7, 2018
USAA® Secured American Express® Card Review
- Definitely not the priciest card for bad credit. With no monthly fees or one-time charges for “application processing,” the USAA Secured Credit Card is far cheaper than most unsecured credit cards for bad credit (which are notoriously expensive). But with a $35 annual fee, the USAA Secured Card can’t compete with the best secured credit cards – some of which don’t charge an annual fee – as far as low-cost credit building is concerned.
- Refundable security deposit earns interest. The USAA Secured American Express Credit Card requires a minimum deposit of $250 and allows you to put down as much as $5,000. That gives you a lot of control over your credit limit, which can be helpful to credit improvement. Plus, this deposit is unique in that it will be placed in an interest-bearing certificate of deposit. So at least it won’t be just sitting around losing pace with inflation, as would be the case with many other secured cards.
- Rates aren’t bad, but still best avoided. Carrying a balance on a secured card is never a good idea because it means you’ll have to pay interest on what amounts to a loan you’ve given yourself. Your deposit acts as your credit limit, after all. But it’s still nice to know that if you do slip up, the USAA Secured Credit Card won’t penalize you too badly. Your rate could be anywhere from below the market average for cards that require excellent credit for approval to a bit above the average among secured cards.
- Not your only option, even from USAA. There are two USAA Secured Credit Cards: the USAA Secured American Express Card and the USAA Secured Platinum Visa Card. Their core terms are exactly the same, so either would be a fine choice. The only things that really set them apart are the Amex’s superior extended warranty program and the fact that the Visa will be accepted at more merchant locations.
- Standard USAA benefits & requirements. As is the case with all USAA credit cards, you must be a member of the military (current, retired or honorably separated) or an immediate relative of someone who is to qualify for either the USAA Secured Amex or the USAA Secured Visa. Current members of the military are also eligible for special benefits such as interest rates as low as 4% during or after deployment.
Nov 7, 2018
USAA® Secured American Express® Card's Key APRs & Fees
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ONE-TIME FEES
None
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ANNUAL FEE
$35
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MONTHLY FEE
None
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REGULAR RATE
11.90% - 21.90% (V)
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GRACE PERIOD
25 days
USAA® Secured American Express® Card's Highlights
- Best for members rebuilding or establishing credit
- It's not a debit or prepaid card
- Determine your own credit limit ($250 to $5,000) with a security deposit
- USAA membership is available to active and former military and their eligible family members
- Special Benefits for Military: Get 4% APR on all balances for up to 12 months during deployment or PCS. After 12 months, the regular APR 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.
- Security: Chip card technology has added security when used at a chip-enabled terminal and greater acceptance worldwide.You are not liable for unauthorized purchases. Get account balances and transaction history by sending a text message.Access your account on usaa.com or from a mobile device.
USAA® Secured American Express® Card's Additional Info
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MAX LATE FEE
$35
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MAX OVERLIMIT FEE
None
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MAX PENALTY APR
None
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FOREIGN TRANSACTION
FEE
0%
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SMART CHIP
Yes, chip-and-PIN
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CASH ADVANCE APR
11.90% - 21.90% (V)
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CASH ADVANCE FEE
3% (max $200)
at USAA Bank's secure site
Related Credit Card Categories
USAA® Secured American Express® Card is related to the following categories:
Customer Questions and Answers
Don't see what you're looking for? Submit your question about USAA® Secured American Express® Card to our community.
Can l apply and be approved with fair credit if my step father was retired military? Reply
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Do I need to be a USAA member in order to apply for the Secured AMEX card? I am not associated with the military in any way. Reply 1
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my credit score is 574 trying hard to rebuild but seems like I cant even get card to try is this to low Reply
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Upvotes
Does the USAA secured credit card report to credit bureaus? Reply
Joan Brown
Mar 20, 2018 · @joan_brown_1
They report to all three. Most issuers do, to be honest, even though some take their sweet time updating balances.
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Upvotes
Does USAA Secured American Express report to the credit bureau as secured? Reply
Michael Bojart
Mar 19, 2018 · @bojart_michael
No, it reports exactly the same as a regular credit card.
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Do you offer unsecured cards? What score should you have for it? I just paid off all of my bills. Reply
0
Upvotes
Can you pay the USAA security deposit with a savings account? Reply 2
Roger Finlist
Mar 2, 2018 · @finlist_roger
Yeah, it is one of the accepted payment methods.
Once you get approved, they'll open a Deposit Account for you.
2
Upvotes
USAA® Secured American Express® Card Reviews
Share your insights and review the USAA® Secured American Express® Card.
Dec 12, 2015
One of the great things about this card is that the security deposit you provide is invested into a CD account for you. As long as you're making your payments on time, you'll be getting a great return on this account, in addition to improving your credit. With a low annual fee, I highly recommend this card for those eligible for it.
Comment
Apr 16, 2015
first of all let me say that they have a really a low annual fee. My wife and I have had no issues using this card at all. The customer service is nice from what we have had to deal with thus far. If you have USAA at all you will understand how good they are. Everything they have to offer is well worth it!
Mar 23, 2015
I got this card a few years ago from USAA as one of their selected offers. I've been a USAA customer for 29 years now, so it only made sense that I accept any product they offer. They've never treated me wrong. The annual fee is pretty small compared to some other cards I've had in the past, and their customer service is absolutely top notch. No over-limit fees. no monthly transaction fees. And best of all, the initial $250 deposit goes into an interest-bearing CD. I can't say enough about this card, and I will continue to be a USAA customer for years to come.… read more
Mar 16, 2015
First let me say this card is amazing!! The cash advance fee is only 3% and there is no over-limit fee which is great. What also makes this card amazing there is no one time fee and their is no monthly fee. I had this card for about two years no and I love it. Have the annual fee at $35 is great because other companies charge a much high price for quality that is not that great.… read more
Mar 06, 2015
You can get this card as long as you have $250 or more to put into a Certificate of Deposit. You can add more to the CD in order to up your credit limit. This is a great card with good benefits that will help you qualify for an unsecured credit card in the future. The card has an annual fee of $35 and USAA offers benefits such as credit monitoring for card holders.
Feb 03, 2014
I really love the USAA Secured Credit Card. Both I and my husband have one. You pay upfront and then use your money during the following month. Very easy, very transparent. Besides it allows me to built my credit history without taking the traditional credit card. The annual fee is $35 and is very decent compared to other credit cards.
Nov 26, 2013
USAA Secured CC is a great way to rebuild credit. They have a great customer support staff and seamlessly integrate with all other USAA accounts. The APR and annual fees are perfectly reasonable and the card came in the mail in a very short period of time. I would highly recommend most USAA products to anyone that has or is interested in a USAA account. USAA has been the best bank I've ever banked with and they will have my business for a long time to come. Thank you USAA for an awesome service, and for keeping service members priorities at the forefront.… read more
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Last updated on: November 7th, 2018 at 15:39
Related Credit Card Categories
USAA® Secured American Express® Card is related to the following categories:
WalletHub is an independent comparison service.
We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. When you click "Apply Now" you will be directed to the offering institution's website. In addition, keep in mind that actual rates and other information may vary for a number of reasons including the applicant's' creditworthiness and differences between an individual's situation and the criteria/assumptions used to generate the information displayed. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.
Ad Disclosure: Offers originating from paying advertisers are noted as “Sponsored” at the top of this page. Advertising may impact how and where offers appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Irrespective of whether an offering institution is a paid advertiser, the presence of offer information on WalletHub does not constitute a referral or endorsement of the institution by us or vice versa. Furthermore, offers have not been reviewed or approved by the offering institution. Information is displayed first and foremost to help consumers make better decisions.
Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by the issuer. In addition, it is not issuer’s responsibility to ensure all posts and/or questions are answered.
Offer last updated: Nov 7th, 2018 at 15:39 ET