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Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Anyone know anything about Secured AMEX by USAA??

I read about this AMEX, thought it might be a good deal. You can get a secured limit up to 5k, you open a CD with them.  I currently only have one CC in my wallet, which is a Discover Card with a $4200 limit.  I've had other cards in the past, but I get mad about the credit limit... $500 or $700... Who can do anything with that????

 

Background.  I use a credit card for travel for work. I do a monthly reimbursement. A card with a low limit is worthless to me, which is why I closed these two when they refused to increase my CL:

Chase Freedom: $500 limit

Citi Platinum: $800 limit

 

I've held onto my Discover, as they give me regular CLI's and they don't charge me late fees for paying too early... Which had happened with Dillards GEMB card. Made me so mad, I closed that one too! 

 

If anyone has feedback regarding the USAA Secured AMEX, would love to hear it!


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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MyFICO Fitness Goal: 800s Club!



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Posts: 3,091
Registered: ‎08-09-2008
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Re: Anyone know anything about Secured AMEX by USAA??

Hi Webhopper!

 

I don't have personal experience with any of USAA's secured products, but these appear to be amongst the best secured cards available. Your 2 year CD earns interest, unlike a lot of secured products. And, you get to choose between the Amex & and MC. And, best of all, you get the rock solid USAA service-- very hard to beat. One drawback may be that their secured cards may not be available to all banking customers. Are you a USAA member? Have you tried apping for an unsecured card?

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Registered: ‎08-30-2011
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Re: Anyone know anything about Secured AMEX by USAA??

Also I heard that the USAA secured cards do not graduate AFAIK.  Might want to look into that if that concerns you.

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Re: Anyone know anything about Secured AMEX by USAA??


flowfaster wrote:

Also I heard that the USAA secured cards do not graduate AFAIK.  Might want to look into that if that concerns you.


+1 - this is true. They do not graduate. USAA will ask you to complete a new application when your CD term is up.

Ray

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Posts: 7,225
Registered: ‎09-16-2011
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Re: Anyone know anything about Secured AMEX by USAA??

Well, I bit the bullet and called USAA... I was told by the representative that they have a civilian membership!!  Civilians are eligible for everything except the insurance products.  My DBF is a former US Marine, so I was asking the rep about if we would be able to open a joint account.  As far as the card not graduating... etc. That would be fine. I would probably qualify for an unsecured line on my own, my credit is good, however I don't think I would qualify for the 5k CL that I want. Also, DBF has poor credit, and if this were a joint account, he could benefit from the rebuilding, etc. I don't mind my 5k being tied up in the CD for 2 yrs as a no risk sort of investment. It would be a great way to diversify my investment holding.   Currently I have over 50k invested in equities which carry more risk.  

 

So, since I'm closing on a house this week, I'm going to wait 30 days after closing, and then I"ll work with DBF to get this secured card in both our names.

 

FYI, I know joint accounts are a bad idea if you're not married, and I've heard horror stories of people being stuck with other people's debt, but DBF is very responsible, and he has helped so much with buying this house.  He's spent over 1k of his own money towards things like the appriasals, and inspections, and paying down my credit card debt so that I could get the house...   House will be in my name only.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Posts: 7,225
Registered: ‎09-16-2011
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Re: Anyone know anything about Secured AMEX by USAA??

On the unsecured card,  Not sure if they would approve me for the 5k limit that I want.   A low limit card is useless to me because of how I use the card. I use it for travel for work, and a $500 limit card doesn't get me very far!!

 

Do you know the odds of getting approved for a 5k limit unsecured card? I don't have perfect credit, but my last late payment was almost 6 yrs ago.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Posts: 541
Registered: ‎12-02-2011
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Re: Anyone know anything about Secured AMEX by USAA??


webhopper wrote:

 

I've held onto my Discover, as they give me regular CLI's and they don't charge me late fees for paying too early... Which had happened with Dillards GEMB card. Made me so mad, I closed that one too! 

 


Errr....how exactly did this happen :smileyindifferent:

 

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Posts: 6,596
Registered: ‎04-07-2008
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Re: Anyone know anything about Secured AMEX by USAA??


webhopper wrote:

Well, I bit the bullet and called USAA... I was told by the representative that they have a civilian membership!!  Civilians are eligible for everything except the insurance products.  My DBF is a former US Marine, so I was asking the rep about if we would be able to open a joint account.  As far as the card not graduating... etc. That would be fine. I would probably qualify for an unsecured line on my own, my credit is good, however I don't think I would qualify for the 5k CL that I want. Also, DBF has poor credit, and if this were a joint account, he could benefit from the rebuilding, etc. I don't mind my 5k being tied up in the CD for 2 yrs as a no risk sort of investment. It would be a great way to diversify my investment holding.   Currently I have over 50k invested in equities which carry more risk.  

 

So, since I'm closing on a house this week, I'm going to wait 30 days after closing, and then I"ll work with DBF to get this secured card in both our names.

 

FYI, I know joint accounts are a bad idea if you're not married, and I've heard horror stories of people being stuck with other people's debt, but DBF is very responsible, and he has helped so much with buying this house.  He's spent over 1k of his own money towards things like the appriasals, and inspections, and paying down my credit card debt so that I could get the house...   House will be in my name only.


Hello, pardon my ignorance but what is DBF?




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Posts: 7,225
Registered: ‎09-16-2011
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Re: Anyone know anything about Secured AMEX by USAA??

With Dillards,  The payment of $25 was due on 12/13.  I made the payment on 12/1 of $150.  Since their billing cycle doesn't start until 12/3 they charged me a late fee since I didn't make another payment until 12/15, which was another $75.  They wouldn't reverse the late fee, so I told the CSR to close my account immediately since I wasn't willing to pay an extra fee for paying early.

 

I only had this problem once with Discover Card... I pay before billing cycle starts and the payment was credited towards the wrong billing cycle, even though I'd already made a payment in that previous billing cycle. Discover has always more than willing to review my prior payments and reverse a late fee that was charge inappropriately. I guess I'm just used to better customer service than what Dillards GEMB was willing to give.   Maybe since I've been a Discover card holder since 1999... who knows!!


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Registered: ‎09-16-2011
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Re: Anyone know anything about Secured AMEX by USAA??

DBF =  Dear Boyfriend LOL

 

We will get married this year, don't have a date yet, as we will be getting married at the new house, and we want to wait to make plans after we actually have the house and get all settled in.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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