Secured USAA. AMEX vs Visa?

Anonymous · ‎02-24-2016

I see USAA offers two secured cards for rebuilding. I understand that Visa is accepted more places but I also understand AMEX tends to be a buisness I one day want to be doing buisness with at some point. Is this AMEX card going to establish any sort of customer relationship with AMEX or is it only piggy backing on that network? If given the choice, which should I choose? I also plan on getting a Captial One Secured too, so not TOO consurned with the reduced locations its accepted. Just using it to keep 1-9% utility on it anyway for credit growth as I have learned in the last few weeks from this community. Thoughts?

myjourney · ‎02-24-2016

Sorry to say USAA Amex will not establish a history with Amex centurion bank

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

Anonymous · ‎02-24-2016

OK, so there is no real reason to go with it over the Visa and its just a preference. Guess it would be more wise to just go with the Visa then for flexibility. Thanks much

Kevin86475391 · ‎02-24-2016

@tomwc5b wrote:
I see USAA offers two secured cards for rebuilding. I understand that Visa is accepted more places but I also understand AMEX tends to be a buisness I one day want to be doing buisness with at some point. Is this AMEX card going to establish any sort of customer relationship with AMEX or is it only piggy backing on that network? If given the choice, which should I choose? I also plan on getting a Captial One Secured too, so not TOO consurned with the reduced locations its accepted. Just using it to keep 1-9% utility on it anyway for credit growth as I have learned in the last few weeks from this community. Thoughts?

I don't have any direct experience with secured cards, much less these two per se, but I don't think this card will do much to establish a relationship with Amex. Even if it does a little bit - which again, I don't think it will - I don't think that'll necessarily make that much of a difference in eventually getting approved with them for a regular Amex card. I wouldn't let this influence your decision.

Good luck with your rebuilding though and with finding a card that best fits your needs!

myjourney · ‎02-24-2016

@tomwc5b wrote:
OK, so there is no real reason to go with it over the Visa and its just a preference. Guess it would be more wise to just go with the Visa then for flexibility. Thanks much

Probably a good choice as some locations/countries may accept Visa more than Amex YMMV

USAA just uses Amex network

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

Anonymous · ‎02-25-2016

Remember the USAA secured account is a 2 year CD......

As long as you're aware no problem......

I'm cool with USAA (I've got 2 Visas and an AmEx all unsecured) but I'm not a huge fan of the

2 year lock (g/f has a secured AmEx with them).....as long as you're ok with that no problem.

It's just that Discover has a secured card that graduates AND does build a relationship directly

WITH Discover, so as an option IMO that's a higher rung on the ladder to me.

Plus you mentioned getting Cap-1 as a 2nd builder card...they are pretty good about approving

for an unsecured soon after getting the secured and once you have that they do SP CLI's...

That is a great combo (Discover is generally SP as well) so having 2 vendors that will SP and help you grow

w/o addition HP's is more ideal

USAA IMO is better for phase 2 building vs a starting point given choices...I'd open an account with USAA

that way an 'offer' might pop up as your building is going on elsewhere.....

Again, nothing wrong with USAA (I'm a happy client) but as a 1st step in rebuilding using secured cards with limited

funds to have locked away and considering the graduation and SP CLI's elsewhere there are better choices but open

the relationship and wait for an offer based upon your 'work' elsewhere...

msbia · ‎02-25-2016

@Anonymous wrote:

Remember the USAA secured account is a 2 year CD......
As long as you're aware no problem......

I'm cool with USAA (I've got 2 Visas and an AmEx all unsecured) but I'm not a huge fan of the
2 year lock (g/f has a secured AmEx with them).....as long as you're ok with that no problem.

It's just that Discover has a secured card that graduates AND does build a relationship directly
WITH Discover, so as an option IMO that's a higher rung on the ladder to me.

Plus you mentioned getting Cap-1 as a 2nd builder card...they are pretty good about approving
for an unsecured soon after getting the secured and once you have that they do SP CLI's...

That is a great combo (Discover is generally SP as well) so having 2 vendors that will SP and help you grow
w/o addition HP's is more ideal

USAA IMO is better for phase 2 building vs a starting point given choices...I'd open an account with USAA
that way an 'offer' might pop up as your building is going on elsewhere.....

Again, nothing wrong with USAA (I'm a happy client) but as a 1st step in rebuilding using secured cards with limited
funds to have locked away and considering the graduation and SP CLI's elsewhere there are better choices but open
the relationship and wait for an offer based upon your 'work' elsewhere...

Just a note about the USAA secured card and 2 year "lock"; this same card, Amex version, was my very first rebuilder card, obtained in Janaury 2014 with $250, then increased to $500 two weeks later. I diligently worked on my reports and in April of 2014 USAA approved me for an unsecured MC with a $7k limit. A few weeks later they also approved an unsecured Amex with $4,500 limit. In January 2015 I called and requested cancellation of my secured card; I told the rep I had outgrown it. They happily and quickly cancelled my secured card and deposited the $500 into my checking account. No problems, issues or questions. I will always be grateful to USAA for giving me a credit start. I cancelled my then $21k MC last week and increased the limit on my Amex to $29k. Another note, the Discover secured was my second card, it graduated at 11 months. Both products are exceptional rebuilders IMO.

Just wanted to share the other side of the coin.

Personal Credit? Check. Business Credit? Check.
Mission Accomplished.
Thanks MyFico!

Anonymous · ‎02-25-2016

Good to know, they will let you out of the 2 year CD but again it must be at their discretion because

a 2 yr CD is legally ...well a 2 yr CD

And as I said they are a great place to do business with, however for the most part CLI's are HP's

which 'can' be a drag on a person in build mode.

Whereas, with SP's a builder can 'request' and check back 'pretty' please a lot more often w/o fear

of hurting the very credit, their trying to build.....

Thanks, for the data point though

msbia · ‎02-25-2016

^ Nope there is no "at their discretion" involved. I didn't have to escalate or anything, it was a frontline CSR that closed the card for me.

As for CLI they are ALWAYS a hard pull, usually on EQ for their unsecured products, and you can add money to the secured at any time. Discover secured

just added the option to add money to the secured account mid-year 2015. The BEST secured product IMO is BOA...they unsecured me at 7 months, I had

the 99/500 product, and they CLI me upon request to $5k once unsecured. You cannot beat that! I love Discover's unsecured sp CLI but if you're dealing with a low

limit they usually give you between 300-500 per request. USAA for a hp usually makes it worth it; my last one, two weeks ago netted $11k. YMMV.

USAA is definitely a relationship bank. The stronger your relationship, the better they treat you.

Personal Credit? Check. Business Credit? Check.
Mission Accomplished.
Thanks MyFico!

Anonymous · ‎02-26-2016

Ok, so 2 yr CD doesn't mean 2 yr CD and it's 100% NOT "at their discretion" ...

I'm so sorry 2 year CD normally means there is a 2 year CD involved but hey maybe

the words 2 year CD means something different in San Antonio....

Somehow it's MY fault that if it weren't their intention to mean 2 year CD, they for 'some' reason

say and go so far... as to open a 2 year CD.... when no law requires them to and I know of no other company

that says 'hey open a 2 year CD'

But again they OBVIOUSLY don't EVER mean an actual 2 year CD because 'you' say so...

still I wonder WHY they even open the CD when they offer savings accounts and I don't know

1year CD's they 'could' open, instead ...

I 'wonder' whose discretion it is.... if NOT theirs then?

Just because one doesn't have to 'escalate or anything' doesn't mean one did NOT open a binding 2 year

Certificate of deposit...

Which by definition is a TIMED financial product.... hence the 'time' listed in the name....

as in 3 month vs 3 year.

They are DIFFERENT than savings accounts BECAUSE of the specific FIXED 'time' agreement between the

depositee and depositor...

You are welcome to inform me if the TIME aspect of time listed on these products don't mean the time listed...

It's been awhile since I worked directly in a CU but in the past the FDIC and the NCUA insured CD's as CD's

maybe things have changed and now ALL the times listed are suggestions.....

My question would be WHY even say 2 years in the 1st place, if again it isn't up to "at their discretion" to change

whether it's going to be 2 years....why not just say 'savings account' just saying?