The USAA is one of the largest financial service providers around. They’ve been in business since the early 1920’s and have a reputation for excellent, ethical customer service. You may be interested in these cards (both the MasterCard and American Express versions) because you are involved in the US Armed Forces and/or because you are trying to build or rebuild your poor credit. The USAA secured credit cards are a great option for both, as you’ll see below.
USAA Secured Platinum Credit Cards Short Review
There’s a reason why the USAA offers their secured card as both MasterCard and American Express. MasterCard is accepted more places, but AmEx offers you more in the ways of perks and rewards. The choice is yours, but it’s kind of a win-win.
The USAA is a bank, an insurer, a broker, and a lot more. They focus on Armed Forces members and their families, but they don’t limit themselves to these customers. Their credit cards and many other services are for all who apply. Unfortunately, this is only the case for their unsecured cards. The secured variety is only available to military personnel.
If this is you, you will have to put some money into a 2-year CD (Certificate of Deposit). This will provide backing for any credit you take out. Think of it as interest-earning collateral. The interest won’t be much, but you’ll have a firm foundation of good credit behavior to report to the Credit Agencies, and you’ll see a lift in your credit score.
USAA Secured Platinum Credit Cards Long Review
The rates are some of the best you’ll find. Again, they are not quite as low as the unsecured cards, but very low indeed. Remember, this is supposed to help your credit, not put you in worse trouble than you are starting with. There is an excellent low/no-rate introductory offer for balance transfers. There is a moderate annual fee for this card. Part of the investment you’ll be making to raise your credit score. The only other money you’ll pay it goes straight into your CD. The amount you pay into the CD determines your credit limit. Simple right?
If you are willing to invest some money for 2 years, you’ll see a small return on interest, but a big return for your credit score! Users of USAA Secured Credit Cards report amazing customer service and an overall educational experience. If you have little credit history, or if your credit history is very bad, a secured credit card like this is a sure-fire way to turn things around for the better. The USAA has a great reputation for providing honorable and helpful services in this area. If you are in the US Military, this card couldn’t be a lot better. For general customers, the benefits are basically the same. Whether you choose American Express or MasterCard, a USAA secured Credit Card can be a great addition to your wallet. It will benefit you for a long time to come.
USAA Secured Platinum Credit Card Reviewed by Modest Money on .