USAA Secured Credit Card

[Anonymous]

just received my usaa secured card, has anyone credit score went up since using this card?

[Anonymous]

Did your USAA secured card go unsecured??

[echoguy32]

Hi guys
I received the USAA secured card back in June of 2010 when the available limit was max was $1500. I knew that wasnt enough of a CL to make a huge impact. So in addition I opened up a $2500 CD loan. They reported at the same time. One as Secured Card and the other as Installment. In April I called and inquired about the status of the card going unsecured. The CSR stated that even though the payment history was excellent there was no way the card would go unsecured since it was attached to the CD. I wasnt upset because over the past 8 years they have been great.

After hearing this I became a member of NFCU and was approved for their Cashrewards Visa for 10K and did a refi in the same month. IMO having a relationship with both and allowing them to compete for your business is definitely in anyone's interest who is qualified for membership. I plan to call USAA back once all my scores are over 660 and app for USAA unsecured card. Yes, they all report to each bureau.

USAA and NFCU are truly second to none. Hope this helps anyone who needs more than the $1500 secured card.

[Cotton_Britches]

How do you apply for the USAA secured card?

[rsant101]

Good job,

I am also a member of both USAA and NFCU.  I have a secured Amex through USAA.  I am opening up a secured through NFCU.  I am rebuilding after a bankruptcy this year.  Are there any other strategies I should employ to fully rebuild my credit lines?  I have been approved for a CAP ONE auto loan but I don't think I will use the loan. 

RS

[Anonymous]

This is the offer I just got from USAA.  word for word..... Notice the last line......look at the part I put in BOLD print below....

---

   You areapproved for a USAA Secured Platinum MasterCard®.

• This is a real credit card — not a prepaid or debit card — that can help you establish or rebuild your credit.
• The card's credit limit is determined by the amount of money you put into a certificate of deposit (CD), up to $5,000.
• You'll earn interest on your CD, so you're saving for the future while building good credit.

USAA Secured Platinum MasterCard®

How does a secured credit card work?

It's a credit card that helps you build your credit. Just open a CD by depositing the amount of money you'd like to establish as your credit limit on your Secured Credit Card. Deposit as little as $250 or up to $5,000. When you use your credit card without going over your limit and make your payments on time, this helps to improve or build your credit score since your payment history will be reported monthly to the major consumer reporting agencies. If you've established or improved your credit enough to get a regular USAA credit card, you can then cash in your CD after it reaches maturity, renew it or reinvest in another CD.

Why do I have to open a CD?

Your CD is a security deposit. By opening a USAA two-year variable rate CD, USAA can approve and issue you a USAA Secured Card — even if you've had past credit problems. This protects you and USAA if you are unable to make your payments.

What is the advantage of a CD?

It's a safe and easy way to save money. Your CD will earn interest at a variable rate which will change periodically throughout your two-year term. You can make additional deposits to your CD at any time — in case you want to build up your savings.

Card Details

• Credit limit: Between $250 and $5,000 — based on your initial deposit in your USAA 2-Year Variable Rate CD.
• Interest Rate: 9.9% APR ( variable rate)
• Annual fee: $35. There's no application fee.
• Required security deposit: USAA 2-Year Variable Rate CD (1.15% APY)
• Benefits: Travel and retail

View Rates, Fees and Other Cost Information

[NikJ4]

I am irritated with USAA. I have two conflicting emails from them regarding their Secured card program. I do see they have it now available online where you can automatically apply. I have sent them a nasty gram to address their inconsistent information. Will update when I hear what dumb response I get.....

[lpayton]

I also was pre-approved for the USAA secured mastercard, but didn't do it because I haven't had any extra money to cough up to put in the CD. (Been spending every extra dollar I have toward paying off old collections, that along with my regular budget has left me pretty tight.)

Also, my best friend is a spouse of an active duty Airman, and they have the USAA checking account, and she RAVES about them.  I think I may go from Wells Fargo to the USAA checking soon.

[chasmith]

rsant101,  here's what I did with NFCU:

Deposit $1K into a savings account to secure a $1K installment loan.

Deposited the $1K loan proceeds into savings to secure a VISA.

Two good credit lines, adding to credit mix, for one deposit.

[Student_Loans_Kill]

Just so people have the correct information. You CAN increase limits on the secured card by additional deposits. So if someone could do the math and figure out the optimal limit and balance that would be awesome