topic Re: USAA Rate Advantage Mastercard -- new product ? in Credit Cards

USAA Rate Advantage Mastercard -- new product ?

Anonymous — Sun, 26 Jun 2011 02:35:27 GMT

This appears to be a new credit card product from USAA. I searched and couldn't find any previous discussion here about it.

It appears that the key feature is the potentially attainable low APR of 6.9%; military service member cardholders receive additional special benefits.

This card does not have any rewards; also, it appears to be a platinum mastercard and not a world mastercard.

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

Re: USAA Rate Advantage Mastercard -- new product ?

unlucky_hove — Sun, 26 Jun 2011 02:42:27 GMT

I noticed it yesterday after they changed the website design....I was wondering if it was new, or if i just overlooked it

Re: USAA Rate Advantage Mastercard -- new product ?

Anonymous — Sun, 26 Jun 2011 02:51:45 GMT

@Anonymous wrote:
This appears to be a new credit card product from USAA. I searched and couldn't find any previous discussion here about it.

It appears that the key feature is the potentially attainable low APR of 6.9%; military service member cardholders receive additional special benefits.

This card does not have any rewards; also, it appears to be a platinum mastercard and not a world mastercard.

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

Seems like a new product. Although the benefits for active duty military are not new, what seems new is the possible 6.9% no-frills APR.

Re: USAA Rate Advantage Mastercard -- new product ?

barbaralee — Sun, 26 Jun 2011 04:16:57 GMT

Brand spanking new.

Re: USAA Rate Advantage Mastercard -- new product ?

Anonymous — Sun, 26 Jun 2011 04:25:53 GMT

@barbaralee wrote:
Brand spanking new.

When USAA first came out with the World MasterCard they automatically upgraded my platinum by virtue of having a CL of over $5k. What happens when someone has a Rate Advantage MasterCard and their limit increases to more than $5? Can a Rate Advantage MasterCard also be a World MasterCard?

Re: USAA Rate Advantage Mastercard -- new product ?

barbaralee — Sun, 26 Jun 2011 13:14:48 GMT

I've checked our procedural manual about it a few times to get more information about the card itself. So far they haven't updated it yet to give the specifics. As far as I know it is what it is: a no frills card for those who carry balances. I don't believe it will be eligible for upgrading to the world, from the notes that we heard about it there was no mention. That is a good question, though, I'll check our manual again tomorrow, and if I don't find anything I'll ask ERT, though they may not know anymore than me.

Re: USAA Rate Advantage Mastercard -- new product ?

Anonymous — Sun, 26 Jun 2011 13:52:10 GMT

@barbaralee wrote:
I've checked our procedural manual about it a few times to get more information about the card itself. So far they haven't updated it yet to give the specifics. As far as I know it is what it is: a no frills card for those who carry balances. I don't believe it will be eligible for upgrading to the world, from the notes that we heard about it there was no mention. That is a good question, though, I'll check our manual again tomorrow, and if I don't find anything I'll ask ERT, though they may not know anymore than me.

It would be good to know. I, for one, would not be changing to get a lower APR as the APR is irrelevant for me since I always PIF. But it might be useful to keep the data in mind to use in the future when I hear about those who carry balances and have a higher APR.

Re: USAA Rate Advantage Mastercard -- new product ?

RockinRay — Sun, 26 Jun 2011 16:34:41 GMT

I agree with 06 on this one. A nice low rate card like this would be great to balance transfer to from a higher rate card.

People could use it as a "catch all" to consolidate. Heck, I do not think you can get a personal loan with USAA for less than 12%.

So, this would be quite nice...

Ray

Re: USAA Rate Advantage Mastercard -- new product ?

Ron1 — Sun, 26 Jun 2011 21:03:52 GMT

I didn't see any difference from other MC except low rates and no rewards. It must be tough to get approved. I do not plan to carry balance and no need to get the card.

Ron.

Re: USAA Rate Advantage Mastercard -- new product ?

Anonymous — Mon, 27 Jun 2011 00:01:52 GMT

@Ron1 wrote:
I didn't see any difference from other MC except low rates and no rewards. It must be tough to get approved. I do not plan to carry balance and no need to get the card.

Ron.

You are right in that the main differences are no rewards and lower APR.

Re: USAA Rate Advantage Mastercard -- new product ?

Anonymous — Mon, 27 Jun 2011 06:13:46 GMT

@Ron1 wrote:
I didn't see any difference from other MC except low rates and no rewards. It must be tough to get approved. [...]

That's a good point. Because the lowest APR for this is lower than the lowest APR for the USAA Amex and USAA (Platinum/World) Mastercard, I wonder if the approval criteria for this Rate Advantage card are higher than that for the other USAA credit cards.

Re: USAA Rate Advantage Mastercard -- new product ?

JRomulus — Wed, 21 Mar 2012 01:37:10 GMT

I just applied for both, got them and for me anyway, there is exactly 1% difference in apr between them, (the cost of their rewards program more or less.)

My scores and Utilization got me the World MC at 13.9 (with a 0% Bal Transfer option) and the Rate Advantage at 12.9, the latter being my lowest, which is nice. Identical 5 figure lines for both cards.

I'm sure the 6.9% rate is a teaser rate for a select few, but I will see if it can get the aprs lowered over time.

Great company, I have yet to find anything wrong with USAA during the past year. Saved $1100 on all my insurance, checking with a universal no-fee ATM card and now 2 nice cards.