topic Re: USAA Secured Master: Should I? in Credit Cards

USAA Secured VISA®: Should I?

Anonymous — Mon, 28 Mar 2016 06:33:24 GMT

So basically I found out I was a member of USAA since 2011; a bank with marvelous benefits. I figured it was the perfect opportunity to apply for a new card. I went for the student rewards ~~master~~ VISA , since those are the types of cards that are easy to get and I am a college student after all. Turns out I got the decision back and with sweaty hands I opened up the email to find the I was APPROVED, ...for a secured card, not the student rewards that I had wanted. But hey, it's something. I already have a capital one secured master 1,300 and a discover it chrome student 1,000 but I couldn't miss out on the opportunity to get another card with this bank.

i don't think this secured ~~master~~ VISA is a rewards card, it comes with a $35 annual fee, and the limit is from $250 to $5000 into a 2 Year cd with 0.36apy.

now, is this a good deal? I mean I'm grateful that I even got this offer since my credit report is showing rather high utilization on both the cards that I already have. I have the means to pay them all, but I feel I need to improve my score and add more cards.

should I take it or leave it? I'm highly considering taking it. I mean the annual fee is only $35 a year and I need this card to build credit. I could start spending using this and using my Capital One one less.

Re: USAA Secured Master: Should I?

Anonymous — Sun, 27 Mar 2016 16:34:23 GMT

Usaa is one of the if not the only, lender that offers an interest bearing account for your secured deposit. They have a mandatory hold time of 1? Year, you'll have to check, but there's one in place.

Edit: yeah it's 2 yr's.

While USAA is amazing in having your deposit earn interest, their card does not graduate like Discover and Bank of America for example. Again, discover and bank of Americ don't offer interest on your secured deposit though.

I have the Classic Amex. Also a rebuilder. It has the option to graduate, is unsecured, but also has the $35 AF, no balance transfers, no cash advance, no manual credit limit increases and no apr reductions. However, it's unsecured, no deposit, and can graduate in 12-18 months. I have recieved a $1000 auto credit limit increase after 6 months.

Ultimately your decision how you want to plan out the beginning of your journey. GL and I have nothing but wonderful things to say about USAA. Customer service is 5 stars.

Re: USAA Secured Master: Should I?

Anonymous — Sun, 27 Mar 2016 17:48:59 GMT

Now wait a minute I didn't even know American Express offered a rebuilder. I mean, I had no idea. If I had the choice I would rather have one of those. I really think this card will benefit me, even with the annual fee of $35. That's really not a lot. Actually all of USAA's cards look good. I noticed they did have those American Express ones.

Re: USAA Secured Master: Should I?

jacetx — Sun, 27 Mar 2016 17:47:58 GMT

@Anonymous wrote:
Now wait a minute I didn't even know American Express offered a rebuilder. I mean, I had no idea. If I had the choice I would rather have one of those. I really think this card will benefit me, even with the annual fee of $35. That's really not a lot. Actually all of USAA's cards look good. I noticed they did have those American Express ones.

American Express does not offer a rebuilder. The Amex secured from USAA uses Amex's network but it is not issued by Centurion Bank.

Re: USAA Secured Master: Should I?

Anonymous — Sun, 27 Mar 2016 17:51:44 GMT

So... basically... well it's a USAA card but somehow they have an agreement with American Express. You know, it still seems like it would be worth it. I have about a month to accept this offer—but it's worth a phone call to see if they could switch that offer to an American Express. I have all Masters as it is, and I wanted something different.

My boyfriend has been telling me I absolutely need an American Express.

Re: USAA Secured Master: Should I?

jbsea — Sun, 27 Mar 2016 17:52:24 GMT

It is a amex from usaa not a amex from amex. But a good card nevertheless. And it will allow you to get a unsecured card from them later so it could be worth it.

Re: USAA Secured Master: Should I?

Anonymous — Sun, 27 Mar 2016 17:57:38 GMT

@jbsea wrote:
It is a amex from usaa not a amex from amex. But a good card nevertheless. And it will allow you to get a unsecured card from them later so it could be worth it.

Yup! I agree! +1

If you want a different network, go for that! I got mine because I wanted to use it at Costco. Still USAA but now I can use it anywhere that accepts Amex. They have VISA too. I like that USAA offers the different networks and you can choose.

If you do Costco, remember they switch to Visa only in June.

Re: USAA Secured Master: Should I?

jacetx — Sun, 27 Mar 2016 17:58:41 GMT

@Anonymous wrote:
So... basically... well it's a USAA card but somehow they have an agreement with American Express. You know, it still seems like it would be worth it. I have about a month to accept this offer—but it's worth a phone call to see if they could switch that offer to an American Express. I have all Masters as it is, and I wanted something different.

My boyfriend has been telling me I absolutely need an American Express.

Don't get the card just because someone told you to and it is an American Express. Like someone mentioned before the card does not graduate, has no rewards, has an annual fee, and you already have a secured one. Try to work with the two you have, build some history, and apply for an unsecured card later on with better benefits.

Re: USAA Secured Master: Should I?

Anonymous — Sun, 27 Mar 2016 18:04:22 GMT

I already have unsecured cards.

the fact that USAA is offering me secured cards is trivial at this point in time since I'm working with relatively low limits. Having an American Express just adds variety to my wallet. I have 3 MasterCards and a discover.

Eventually i'd like to have some mastercards, a discover, an American Express and a visa.

I wish I had applied for the American Express secured beforehand. I like variety, and also, most people wouldn't care about this but this amex card actually has a different design than USAA's debit cards have.

but what's the point of USAA offering an American Express and a master version of the same card? That, I don't get.

Re: USAA Secured Master: Should I?

UncleB — Sun, 27 Mar 2016 19:03:39 GMT

Just a side note... later this year, USAA will be changing their MasterCard products over to Visa.

I think some of the affinity cards might (?) stay MasterCard since they are still advertised on the site, but most all MasterCards (including debit cards) will be changing over to Visa in the coming months.

https://www.usaa.com/inet/pages/bk_CC_conversion_landing_mkt?adID=VURL_VISA

Just mentioning this in case it's important.

Re: USAA Secured Master: Should I?

Anonymous — Sun, 27 Mar 2016 19:23:11 GMT

I need a visa in my wallet. So I will gladly accept those when they get delivered, cause you know that's bringing us zero foreign transaction fees, which is a must-have. And this American Express is a must-have and I'm going to fight for it.

But you get to decide. Amex has the perks and Master has the wider acceptance.

I'm gonna give them a call and accept. Everyone is impressed by an American Express and you know what, the rates are good. I'm all in!

Re: USAA Secured Master: Should I?

jacetx — Sun, 27 Mar 2016 19:55:10 GMT

@Anonymous wrote:
I need a visa in my wallet. So I will gladly accept those when they get delivered, cause you know that's bringing us zero foreign transaction fees, which is a must-have. And this American Express is a must-have and I'm going to fight for it.

But you get to decide. Amex has the perks and Master has the wider acceptance.

I'm gonna give them a call and accept. Everyone is impressed by an American Express and you know what, the rates are good. I'm all in!

I'm confused, what Amex perks are your referring to? USAA secured cards have no rewards at all. Their secured Amex and Visa are exactly the same.

Re: USAA Secured Master: Should I?

Anonymous — Sun, 27 Mar 2016 20:10:45 GMT

I got offered the USAA secured last month and didn't accept it only because it doesn't graduate to unsecured. I got the Discover IT secured and it does graduate in 12-18 months and I'd rather do that. I figure I'll try again next summer for a USAA CC when my reports were clean and my scores are better.

Re: USAA Secured Master: Should I?

Anonymous — Mon, 28 Mar 2016 06:26:52 GMT

@jace8602 wrote:
@Anonymous wrote:
I need a visa in my wallet. So I will gladly accept those when they get delivered, cause you know that's bringing us zero foreign transaction fees, which is a must-have. And this American Express is a must-have and I'm going to fight for it.

But you get to decide. Amex has the perks and Master has the wider acceptance.

I'm gonna give them a call and accept. Everyone is impressed by an American Express and you know what, the rates are good. I'm all in!
I'm confused, what Amex perks are your referring to? USAA secured cards have no rewards at all. Their secured Amex and Visa are exactly the same.

Under very close inspection, the two cards have key differences. The American Express version is going to get you 31 day rental car insurance, while the VISA (no longer MasterCard) is getting you 10 day coverage. The Amex gets you concierge service, which is a personal assistant, and it even has travel assistance.

Perks indeed.

Re: USAA Secured Master: Should I?

jacetx — Mon, 28 Mar 2016 14:18:28 GMT

@Anonymous wrote:
@jace8602 wrote:
@Anonymous wrote:
I need a visa in my wallet. So I will gladly accept those when they get delivered, cause you know that's bringing us zero foreign transaction fees, which is a must-have. And this American Express is a must-have and I'm going to fight for it.

But you get to decide. Amex has the perks and Master has the wider acceptance.

I'm gonna give them a call and accept. Everyone is impressed by an American Express and you know what, the rates are good. I'm all in!
I'm confused, what Amex perks are your referring to? USAA secured cards have no rewards at all. Their secured Amex and Visa are exactly the same.
Under very close inspection, the two cards have key differences. The American Express version is going to get you 31 day rental car insurance, while the VISA (no longer MasterCard) is getting you 10 day coverage. The Amex gets you concierge service, which is a personal assistant, and it even has travel assistance.

Perks indeed.

If it works for you great. I'm just saying it is a secured card, I know you get your money back, but it looks like you prepaid for those perks you are talking about. And realistically, how many times are you going to use them? Regardless, enjoy your card.

Re: USAA Secured Master: Should I?

creditguy — Mon, 28 Mar 2016 15:05:47 GMT

@Anonymous wrote:
I need a visa in my wallet. So I will gladly accept those when they get delivered, cause you know that's bringing us zero foreign transaction fees, which is a must-have. And this American Express is a must-have and I'm going to fight for it.

But you get to decide. Amex has the perks and Master has the wider acceptance.

I'm gonna give them a call and accept. Everyone is impressed by an American Express and you know what, the rates are good. I'm all in!

Amex has perks but not a secured USAA Amex, I had one a few years back and it was a straightforward secured card with no benefits except help building credit. You want Perks? Get a non secured card or a Centurion bank issued Amex. And sorry to say not everyone is impressed by an Amex, especially ones issued by USAA, get a card that benefits you, not because of the perceived impression of others.

Re: USAA Secured Master: Should I?

Anonymous — Mon, 28 Mar 2016 15:17:56 GMT

^+1.

Different places accept different Networks, biggest example is Costco. You currently need an AmEx to shop there so you Get USAA Amex. The card is still branded as USAA, it is USAA bank, just AmEx's network.

I call Poster CapTool an old Rockstar, because he had an Amex in the 1980's, a time when having AmEx was a status symbol. It's not now IMO, just a network and a Bank (like Discover). Amex the Bank, Centurion, is not USAA, but while it's no longer a status symbol IMO, it is a good bank for people who travel. That's another topic for another post.

Choose wisely, plan ahead, and do feel lucky you have USAA as an option, in that of itself it's a great lender IMO.

Re: USAA Secured Master: Should I?

UncleB — Mon, 28 Mar 2016 16:48:20 GMT

@creditguy wrote:
@Anonymous wrote:
I need a visa in my wallet. So I will gladly accept those when they get delivered, cause you know that's bringing us zero foreign transaction fees, which is a must-have. And this American Express is a must-have and I'm going to fight for it.

But you get to decide. Amex has the perks and Master has the wider acceptance.

I'm gonna give them a call and accept. Everyone is impressed by an American Express and you know what, the rates are good. I'm all in!
Amex has perks but not a secured USAA Amex, I had one a few years back and it was a straightforward secured card with no benefits except help building credit. You want Perks? Get a non secured card or a Centurion bank issued Amex. And sorry to say not everyone is impressed by an Amex, especially ones issued by USAA, get a card that benefits you, not because of the perceived impression of others.

Actually, the USAA secured cards might have changed since you had yours... they now do seem to have some of the same benefits as the unsecured products. Specifically, the differences that motoleo mention regarding the rental coverage are on the website:

https://www.usaa.com/inet/pages/bank_cc_secured_card_platinum_visa

https://www.usaa.com/inet/pages/bank_cc_secured_card_american_express

When it comes down to it, we all just need to get the card that appeals to us for whatever reason, be it the benefits or just how dang shiny it is. As long as we're clear on what the card offers, and we're pleased (or at least satisfied) with the benefits and perks, it's all good.

(Side note: this is why I try to avoid speaking in absolutes on here... things just change too quickly to keep up with, and what might have been "absolutely certain" only yesterday might be completely different today.)

Re: USAA Secured Master: Should I?

UncleB — Mon, 28 Mar 2016 16:50:44 GMT

@Anonymous wrote:
^+1.

Different places accept different Networks, biggest example is Costco. You currently need an AmEx to shop there so you Get USAA Amex. The card is still branded as USAA, it is USAA bank, just AmEx's network.

I call Poster CapTool an old Rockstar, because he had an Amex in the 1980's, a time when having AmEx was a status symbol. It's not now IMO, just a network and a Bank (like Discover). Amex the Bank, Centurion, is not USAA, but while it's no longer a status symbol IMO, it is a good bank for people who travel. That's another topic for another post.

Choose wisely, plan ahead, and do feel lucky you have USAA as an option, in that of itself it's a great lender IMO.

+100

I couldn't have said it better myself!

Re: USAA Secured Master: Should I?

msbia — Mon, 28 Mar 2016 16:57:50 GMT

Wonderful response UncleB, I could not agree with you more! OP when I got my USAA secured Amex in January 2014 I felt the same as you did; I was excited to have an "Amex" despite knowing it wasn't on the Centurion network. I loved the "feel" of having that blue/white symbol on my card lol. Three months after having it, USAA approved me for an unsecured card with a $7k limit, and despite the stories, I closed my secured Amex in January 2015 and they happily refunded my deposit and closed the CD.

Today I have my USAA Amex unsecured with a $29k limit, and I love it as much as my Centurion Amex BCP, Hilton and Business SimplyCash (all obtainable because USAA gave me a chance with a $500 secured Amex).

Good luck to you my dear!