USAA Secured AmEx

[Anonymous]

Is this card any good? I know USAA is a good bank, and all they're the only bank I've ever had, but is the card itself any good? In the future I'd like to get an AmEx actually distributed by AmEx, would this help with getting "my foot in the door"? Or is that just false hope? Im currently 20, and I have no bills other than gas. So I really would just use it here and there. I've applied for cards with USAA, and all got denied. So I'm also just trying to build with them as well. I would only start out with $250 as I have no need for much more. 

[Anonymous]

No, this card won't get your "foot in the door" with AMEX.  It runs on AMEX's network but all it doesn't actually establish a history with them, it establishes a relationship with USAA.

The secured card is OK.  It's not the best but it isn't the worst either.  It will help you establish a good credit history that will open doors to get different card with different companies (so in 6-12 months assuming you handle the card well you may be able to get in with AMEX and get an unsecured card at USAA should you choose).

[Anonymous]

I have the USAA Secured MasterCard. I started with just the $250 limit. It's not bad. I like it. There's no rewards so I don't really use it unless I go somewhere that doesn't accept AmEx.

Also, I don't know if this was due to just good usage/payment history/etc. or anything to do with it being with USAA Bank, but 4 months after having my card and using it wisely, FNBO approved me for the SavingStar AmEx card with a $1000 limit (4xs the limit of my ONLY card at the time!). 

I hope that once my account ages more, USAA will send me offers for their unsecured card (I've seen others mention this happened with their secured USAA card). There is an "Offers" tab on the My Accounts section that I check regularly, but nothing yet. 

I don't have anything bad to say about my experience with USAA, with the exception that if you make a payment of $100 or more, it will clear on your "bill" but it won't clear your "available credit" for 1 week. I checked the reviews on the USAA secured cards before going with them (I chose USAA because they have the lowest APR for a secured card I've seen) and that was the number one complaint. But I don't care. I don't use the card so often that I need the balance to clear that fast. 

[Anonymous]

Whether or not to get an AmEx depends on where you live. Do you live in a major metro area (aka a big city)? If so, then you'll likely to be able to use the card at a lot of locations,

If you live in a more rural area though, may be best to try for a secured card with someone else and get a Visa or Mastercard.

[Anonymous]

Well my current credit score isn't neccasarily "bad". Currently have a 729 with TU, and 2 other cards with 0 late payments, and both have 0 balance.  Just have to get my Credit util down. I applied for AmEx Green, and Discover It Student. Denied for both, but my score was down at 642 at that time. Idk I just want to build. 

Also I live in a city. I have never seen a place here that doesn't accept AmEx. 

[takeshi74]

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@Anonymous wrote:

Is this card any good?

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Good is always highly subjective.  Define "good" and what you're specifically looking for from the card.  The details are on USAA's site for you to review and assess.

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@Anonymous wrote:

In the future I'd like to get an AmEx actually distributed by AmEx, would this help with getting "my foot in the door"?

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Nope.  Any card not issued by AmEx will not establish AmEx membership.

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@Anonymous wrote:

I've applied for cards with USAA, and all got denied. So I'm also just trying to build with them as well.

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You'll need to build/rebuild your credit in general.  Take the reason(s) for denial and use that as a starting point.

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@Anonymous wrote:

Well my current credit score isn't neccasarily "bad". 

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@Anonymous wrote:

Just have to get my Credit util down

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It's never just about score.  If your utilization is high then be very careful with a $250 limit card.

[NRB525]

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@Anonymous wrote:

Well my current credit score isn't neccasarily "bad". Currently have a 729 with TU, and 2 other cards with 0 late payments, and both have 0 balance.  Just have to get my Credit util down. I applied for AmEx Green, and Discover It Student. Denied for both, but my score was down at 642 at that time. Idk I just want to build. 

Also I live in a city. I have never seen a place here that doesn't accept AmEx. 

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OP you should go for the USAA secured AMEX. It will serve the three purposes you want very nicely:

1) Show payment action directly with USAA for future loans and CC

2) Give AMEX Centurion Bank a credit history to look at

3) Build your credit file for any other CC apps you do, like Discover.

Give it 6 months with the Secured AMEX and all three of the above objectives will be done. You will get a better card from USAA, a charge or revolver from AMEX, and have doors opened for others such as Discover.

If you don't make any late payments and do not go over limit, I'm telling you you are a 100% lock after 6 months for all three to be realized.

Good luck!

[Anomalous]

I was offered the secured AMEX when I was declined for the cash rewards version. The one thing to note is that your deposit to open this account is locked in a 2-yr interest bearing CD. Also, it doesn't indicate that it'll graduate. The next tier cards (Classics) state that your account will be considered for an upgrade. But, having the secured does give you history with USAA.

[msbia]

OP see my sig? That was the USAA secured Amex. I increased the limit to $500 a month after opening, used the card like crazy and in April last year was approved for a USAA unsecured MC with $7k limit. It is definitely worth it and as someone else mentioned, this card does NOT presently unsecure, it is NOT on the Amex Centurion network and the funds are put into a pitiful interest bearing CD. I just closed my card last month and my deposit was immediately sent to my checking account. I love USAA. If you have any other questions let me know!