USAA Secured Credit Card

[Anonymous]

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@HindSight_20_20 wrote:

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@Anonymous wrote:

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@HindSight_20_20 wrote:

I got my USAA Secured Card app in the mail around 'June' of last year (been a member for about 3 years now) but just before they're app arrived I found out that NFCU had a secured program with 'NO' annual fee and rewards so.. I just applied there and was approved, used it for about one year and applied for an unsecured card with NFCU and 'wham' got it so needless  to say I've still got the USAA app in my drawer at home. I think I'm good with NFCU until my Ficos are around 700's and I'll grab a USAA card just because they are a great CU to be a member with.

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How much is the annual fee for the USAA secured card?

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Hey 06,

it's $35.00 annually, let me know if you need anyother info, i'm sitting here looking at the entire discolosure chart and app.

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Thank you very much, sir! 

I suppose it reports to the credit bureaus, true?  But does it report as "secured"?  Has USAA given you an indication that after a certain period of time the card will "graduate" into an unsecured card?

That USAA has a product like this is pretty good.  It helps them compete better with NavyFed, but more than that I can think of a lot of people I deal with that could use a decent product like that from USAA.

[HindSight_20_20]

O6

Here you go

- USAA members only, obviously.
- New product,  .
- No credit inquiry
- $35 annual fee
- 18.9% interest rate.
- No rewards at this time.
- CL from $250 - $1500, placed in a CD with a fixed rate of 2.10%.
- Since it is a fixed rate CD, you will NOT have the ability to add funds to increase CL - max it out at whatever CL you want when you open.
- Should have the ability to unsecure, yet he couldn't say if it would be a new account or unsecuring the old account (for those concerned with AAoA).
- Will report on all 3 CRs as a normal CC.

I have an extra app so if you'd like one sent to you so you don't have to wait for USAA just let me know because it can take a while before you actually receive one from them.

[lambkin2]

Hi can you please send my a copy of the app?

YOU CAN PM IT TO ME.

[andibogard]

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@HindSight_20_20 wrote:

O6

Here you go

- USAA members only, obviously.
- New product,  .
- No credit inquiry
- $35 annual fee
- 18.9% interest rate.
- No rewards at this time.
- CL from $250 - $1500, placed in a CD with a fixed rate of 2.10%.
- Since it is a fixed rate CD, you will NOT have the ability to add funds to increase CL - max it out at whatever CL you want when you open.
- Should have the ability to unsecure, yet he couldn't say if it would be a new account or unsecuring the old account (for those concerned with AAoA).
- Will report on all 3 CRs as a normal CC.

I have an extra app so if you'd like one sent to you so you don't have to wait for USAA just let me know because it can take a while before you actually receive one from them.

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Just a FYI, they did a hard inquiry when I got my card. When I saw it, I called and told them I was under the impression that there was no inq needed. After being put on hold, the rep came back and told me I was mistaken and a hard pull is the standard. Not sure of others experiences, just thought i'd put that out there. I was also given some b.s about unsecuring the card being impossible, but I'm not sure i'm buying that.

[Anonymous]

Just another FYI, I faxed in my app on Thursday morning (10/28), and they did a hard inquiry on Friday Eve (10/29).

Terry

[Anonymous]

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@andibogard wrote:

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@HindSight_20_20 wrote:

O6

Here you go

- USAA members only, obviously.
- New product,  .
- No credit inquiry
- $35 annual fee
- 18.9% interest rate.
- No rewards at this time.
- CL from $250 - $1500, placed in a CD with a fixed rate of 2.10%.
- Since it is a fixed rate CD, you will NOT have the ability to add funds to increase CL - max it out at whatever CL you want when you open.
- Should have the ability to unsecure, yet he couldn't say if it would be a new account or unsecuring the old account (for those concerned with AAoA).
- Will report on all 3 CRs as a normal CC.

I have an extra app so if you'd like one sent to you so you don't have to wait for USAA just let me know because it can take a while before you actually receive one from them.

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Just a FYI, they did a hard inquiry when I got my card. When I saw it, I called and told them I was under the impression that there was no inq needed. After being put on hold, the rep came back and told me I was mistaken and a hard pull is the standard. Not sure of others experiences, just thought i'd put that out there. I was also given some b.s about unsecuring the card being impossible, but I'm not sure i'm buying that.

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Many, if not most, issuers do a hard even for a secuired product so, although I wouldn't be really thrilled that they did, I guess I'd be able to live with it. 

The card never unsecuring would be a worry.  Has anybody ever nailed down their policy on that?

[HindSight_20_20]

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@Anonymous wrote:

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@andibogard wrote:

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@HindSight_20_20 wrote:

O6

Here you go

- USAA members only, obviously.
- New product,  .
- No credit inquiry
- $35 annual fee
- 18.9% interest rate.
- No rewards at this time.
- CL from $250 - $1500, placed in a CD with a fixed rate of 2.10%.
- Since it is a fixed rate CD, you will NOT have the ability to add funds to increase CL - max it out at whatever CL you want when you open.
- Should have the ability to unsecure, yet he couldn't say if it would be a new account or unsecuring the old account (for those concerned with AAoA).
- Will report on all 3 CRs as a normal CC.

I have an extra app so if you'd like one sent to you so you don't have to wait for USAA just let me know because it can take a while before you actually receive one from them.

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Just a FYI, they did a hard inquiry when I got my card. When I saw it, I called and told them I was under the impression that there was no inq needed. After being put on hold, the rep came back and told me I was mistaken and a hard pull is the standard. Not sure of others experiences, just thought I'd put that out there. I was also given some b.s about unsecuring the card being impossible, but I'm not sure I'm buying that.

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Many, if not most, issuers do a hard even for a secured product so, although I wouldn't be really thrilled that they did, I guess I'd be able to live with it. 

The card never unsecuring would be a worry.  Has anybody ever nailed down their policy on that?

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I spoke with the rep and you are correct, they will do a hard pull now (at the beginning of the pilot they were not) but since then they have gotten a greater number of apps so hard pulls are a fact.  They also said that after two years your CD would be released at your request and the card would then go unsecured, as to the amount, that can vary based upon usage, history etc.

Hope that helps.

[Anonymous]

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@HindSight_20_20 wrote:

---

@Anonymous wrote:

---

@andibogard wrote:

---

@HindSight_20_20 wrote:

O6

Here you go

- USAA members only, obviously.
- New product,  .
- No credit inquiry
- $35 annual fee
- 18.9% interest rate.
- No rewards at this time.
- CL from $250 - $1500, placed in a CD with a fixed rate of 2.10%.
- Since it is a fixed rate CD, you will NOT have the ability to add funds to increase CL - max it out at whatever CL you want when you open.
- Should have the ability to unsecure, yet he couldn't say if it would be a new account or unsecuring the old account (for those concerned with AAoA).
- Will report on all 3 CRs as a normal CC.

I have an extra app so if you'd like one sent to you so you don't have to wait for USAA just let me know because it can take a while before you actually receive one from them.

---

Just a FYI, they did a hard inquiry when I got my card. When I saw it, I called and told them I was under the impression that there was no inq needed. After being put on hold, the rep came back and told me I was mistaken and a hard pull is the standard. Not sure of others experiences, just thought I'd put that out there. I was also given some b.s about unsecuring the card being impossible, but I'm not sure I'm buying that.

---

Many, if not most, issuers do a hard even for a secured product so, although I wouldn't be really thrilled that they did, I guess I'd be able to live with it. 

The card never unsecuring would be a worry.  Has anybody ever nailed down their policy on that?

---

I spoke with the rep and you are correct, they will do a hard pull now (at the beginning of the pilot they were not) but since then they have gotten a greater number of apps so hard pulls are a fact.  They also said that after two years your CD would be released at your request and the card would then go unsecured, as to the amount, that can vary based upon usage, history etc.

Hope that helps.

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Great information!

[Anonymous]

I just got my secured card in the mail about a week ago.  I went the route of applying for an unsecured card and being turned down.  After they turned me down, they offered me the secured card instead.  Navy Fed approved me that same day for a 3k limit nRewards Visa (just a comparison).  I still took the USAA card as well though, because I have heard so much about them being this "great bank" and I would like to establish a history with them.

I have been reading a lot about peoples' secured cards graduating to unsecured cards.....but have yet to see anyone post theses bennies about USAA's card.  Has this happened for anyone yet?

For anyone who is wondering, yes I am a full USAA member and have not heard anything about partial memberships being accepted as of yet.

[Anonymous]

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@Anonymous wrote:

I just got my secured card in the mail about a week ago.  I went the route of applying for an unsecured card and being turned down.  After they turned me down, they offered me the secured card instead.  Navy Fed approved me that same day for a 3k limit nRewards Visa (just a comparison).  I still took the USAA card as well though, because I have heard so much about them being this "great bank" and I would like to establish a history with them.

I have been reading a lot about peoples' secured cards graduating to unsecured cards.....but have yet to see anyone post theses bennies about USAA's card.  Has this happened for anyone yet?

For anyone who is wondering, yes I am a full USAA member and have not heard anything about partial memberships being accepted as of yet.

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Since their secured card program is relatively new, probably nobody has had their secured card long enough to be eligible for an upgrade to unsecured.