USAA APR Misleading?

[unc0mm0n1]

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@longtime_lurker wrote:

Dat image though

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LOL

[Anonymous]

After reading all the posts (there is much insight in this thread) you may want to pursue NFCU. Been a USAA customer for four years and they have treated me well. I have inquired about reducing my 10.9% to a lower rate on my USAA World Mastercard and USAA AX but they did not do it. However, they have been there for my needs and stood by me. When they awarded the 10.9% APR I had a BK on the CR so I was surprised about the low rate at the time. Since my credit improved and I hit the 800 club my new APRs are the lowest offered and if I carried a balance the best rates are still a lot. Do have one Visa with a fixed 6.9% APR Cash and Purchases CL $10K from a local bank with no fees for BTs so there is my real go to card (had it for seven years).

[efranklin23]

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@Anonymous wrote:

After reading all the posts (there is much insight in this thread) you may want to pursue NFCU. Been a USAA customer for four years and they have treated me well. I have inquired about reducing my 10.9% to a lower rate on my USAA World Mastercard and USAA AX but they did not do it. However, they have been there for my needs and stood by me. When they awarded the 10.9% APR I had a BK on the CR so I was surprised about the low rate at the time. Since my credit improved and I hit the 800 club my new APRs are the lowest offered and if I carried a balance the best rates are still a lot. Do have one Visa with a fixed 6.9% APR Cash and Purchases CL $10K from a local bank with no fees for BTs so there is my real go to card (had it for seven years).

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+1 Recently joined USAA but their service is definitely (so as NFCU). I used each for different things as I have both an Checking, Savings, and CCs with them both. USAA has real top notch ACH transfer control that saves me almost 100/month just making transfers to many accounts. NFCU offers some of the best interest rates for my credit cards and I use it to save up for emergencies. 

[Anonymous]

efranklin23 - Wish I could qualify for NFCU. For reasons beyond me, I am a US Army type that served in Vietnam and I can't get in?! Frustrating. Much of what you wrote about USAA I did not mention but use the same services and love their ACH transfer options. Customer service has been top shelf and their investment services have worked well too!

[mt2va]

My interest rate on both of my USAA CC is lower than what you posted & my credit score/income/etc is much below yours so it's hard to say what goes into their decision.  I've often wondered if it has to do with how you qualified for your USAA membership. 

[barbaralee]

Bear in mind my information is dated, and I am sure things have changed since I was there:

Right before I quit USAA they came out with that APR card. I almost saw no one qualify for the lowest rate that was advertised. Don't get me wrong, some people did get it, but more often than not the APR was 9-10%. Which wasn't that great of a deal, imo. The lowest APR that USAA was offering across the board on their cards was 9.99% at the time. It also took an act of God to  get the APR lowered. It is not something a frontline rep can do and the ERT couldn't do it either without approval from a sup and a damn good reason as to why it should be lowered, and even then it probably was not going to get lowered. I vaguely recall someone telling me that a customer managed to get their interest rate lowered, but I never experienced it. Of course, they could have changed their policy since I was there.

My mother's USAA card is sitting at 6% but that is only because she has had it for a gazillion years.

What it comes down to: OP, in your head you qualified for the low APR, by USAA's standards you did not. That is all there is to it.  I couldn't even tell you what the interest rate on my cards are, nor have I ever applied for a low APR card because I have never had a need since I PIF. So I don't understand what the big deal is if you truly pay your credit cards off in full every month.

[drkaje]

I'm in the minority and feel it's 100% okay to cancel a product or service we're unhappy with.

Banks aren't the only ones allowed to have standards. People with perfect credit earned the right to be considered for a better rate. Not saying it's deserved but why settle for less when you have more options?

I've been very happy with USAA but would definitely love a better rate. I'm inquiry-averse, though. I'd have to feel very alienated before having an HP, LOL! I probably need inquiry desensitization therapy from CA.

I also love that USAA is veteran friendly.

I wish banks would be more open about is their general standards, though. It would save a lot of frustration if something to the effect of We really like to see a year or two of clean credit, or only people with scores around 800 will get this rate were clearly stated. 

[Cdnewmanpac]

1.to op: it is possible to get lower interest rate on the rate advantage. My wife's is at 7.9%. Not saying you should keep the card, just that there are people who get a true low interest rate.

2.not sure why anyone would keep this specific card unless the rate is markedly lower than other cards. That is the whole point of this product. I got a preapproval on their site at 10.99 and passed for that very reason.

3. agree with others that getting a rate reduction from usaa borders on impossible. I was originally approved for the wmc at 15.99%when my eq fico was 644. Current eq fico is 799. I have tried 3 times for a reduction and all have failed at various levels of escalation. Final person I spoke to said my only real option was to close and reapply. I keep it because I use the chip and pin feature once a year or so. 

[drkaje]

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@Cdnewmanpac wrote:

1.to op: it is possible to get lower interest rate on the rate advantage. My wife's is at 7.9%. Not saying you should keep the card, just that there are people who get a true low interest rate.

2.not sure why anyone would keep this specific card unless the rate is markedly lower than other cards. That is the whole point of this product. I got a preapproval on their site at 10.99 and passed for that very reason.

3. agree with others that getting a rate reduction from usaa borders on impossible. I was originally approved for the wmc at 15.99%when my eq fico was 644. Current eq fico is 799. I have tried 3 times for a reduction and all have failed at various levels of escalation. Final person I spoke to said my only real option was to close and reapply. I keep it because I use the chip and pin feature once a year or so. 

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So you got the old "Accounts are automatically reviewed every 6 months..." talk?

[Cdnewmanpac]

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@drkaje wrote:

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@Cdnewmanpac wrote:

1.to op: it is possible to get lower interest rate on the rate advantage. My wife's is at 7.9%. Not saying you should keep the card, just that there are people who get a true low interest rate.

2.not sure why anyone would keep this specific card unless the rate is markedly lower than other cards. That is the whole point of this product. I got a preapproval on their site at 10.99 and passed for that very reason.

3. agree with others that getting a rate reduction from usaa borders on impossible. I was originally approved for the wmc at 15.99%when my eq fico was 644. Current eq fico is 799. I have tried 3 times for a reduction and all have failed at various levels of escalation. Final person I spoke to said my only real option was to close and reapply. I keep it because I use the chip and pin feature once a year or so. 

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So you got the old "Accounts are automatically reviewed every 6 months..." talk?

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Yup.