topic Re: USAA Secured Cards DO NOT Unsecure in Credit Cards

USAA Secured Cards DO NOT Unsecure

Anonymous — Sat, 24 Aug 2013 17:01:16 GMT

I was just on the phone with USAA asking about the future of my secured Platinum Card I have with them. I've had it for over a year now and was recently hit with an annual fee on it as well.

Seeing as how I have picked up a few unsecured cards and it would be nice to have my money back that I put into it, I wanted to know what the likelihood of getting it unsecured would be.

Answer - It would never unsecure. I will continue on for 2 years (same time as the CD it is tied to takes to reach maturity) and at the end of the 2 year period, I can either choose to continue for another 2 years or close the account.

Basically, if I wanted a different card in the USAA family, I would have to app for it. If I decide to close the card before the 2 years are up, I was told I would lose 180 days of interest which could mean a part of my own money not being returned to me. I have a zero balance now so, no, it has nothing to do with the balance. Its how the CD itself works.

I'm thinking of calling in again because this was not what I was told months ago, but policies could have changed as well.

Either way, just a heads up for anyone considering a USAA secured card.

Re: USAA Secured Cards DO NOT Unsecure

Anonymous — Sat, 24 Aug 2013 23:03:43 GMT

Yeah, that's too bad about your USAA secured c/c...

But all's not lost. First, I get the fact that you were "told" something before and now are being "told" something different. My whole philosophy on that is this: I don't believe a thing I'm "told" by any CSR - whether what I'm "told" benefits me or not, or if it's what I want to hear or not. Take your paperwork out and scour your secured credit card agreement - it WILL address the secured to unsecured issue or it won't. If it doesn't, it was NEVER going to get to unsecured status anyway. In other words, if it ain't in writing somewhere where you can see it with your own eyes, anything you're told should be taken with a grain of salt.

What you should focus on is:

1. Use your secured USAA c/c to your advantage during it's 2 year term. PLAN to close it in 2 years but during that time build up a positive payment and useage history.

2. While that's going on, guess what? You MIGHT find in your USAA offers one day soon an pre-approval for one of their unsecured credit cards. Just because you have a secured card with them doesn't mean at all you won't qualify for one of their other cards sooner or later. Focus on that and make that your goal if you want one of USAA's unsecured cards.

Either way, best of luck and keep your eye on the prize. Resonsible usage and payments today leads to amazing credit opportunies tommorrow...

Re: USAA Secured Cards DO NOT Unsecure

ezdoesit — Sat, 24 Aug 2013 23:08:28 GMT

@Anonymous wrote:
Yeah, that's too bad about your USAA secured c/c...

But all's not lost. First, I get the fact that you were "told" something before and now are being "told" something different. My whole philosophy on that is this: I don't believe a thing I'm "told" by any CSR - whether what I'm "told" benefits me or not, or if it's what I want to hear or not. Take your paperwork out and scour your secured credit card agreement - it WILL address the secured to unsecured issue or it won't. If it doesn't, it was NEVER going to get to unsecured status anyway. In other words, if it ain't in writing somewhere where you can see it with your own eyes, anything you're told should be taken with a grain of salt.

What you should focus on is:

1. Use your secured USAA c/c to your advantage during it's 2 year term. PLAN to close it in 2 years but during that time build up a positive payment and useage history.

2. While that's going on, guess what? You MIGHT find in your USAA offers one day soon an pre-approval for one of their unsecured credit cards. Just because you have a secured card with them doesn't mean at all you won't qualify for one of their other cards sooner or later. Focus on that and make that your goal if you want one of USAA's unsecured cards.

Either way, best of luck and keep your eye on the prize. Resonsible usage and payments today leads to amazing credit opportunies tommorrow...

+1 Well said

Re: USAA Secured Cards DO NOT Unsecure

DaveSignal — Sun, 25 Aug 2013 00:52:49 GMT

I started my rebuild with a USAA secured card. 4 months with this and USAA approved me for a $3k unsecured rewards card. I then closed my secured card after 1 year (before the annual fee). I've been coasting through the credit world ever since. Thank-you USAA.

Re: USAA Secured Cards DO NOT Unsecure

Anonymous — Sun, 25 Aug 2013 19:37:17 GMT

Thanks for the heads up. That really is for the birds! Citi Bank and Bank of America really do unsecure and return your deposit. Been their and was satisifed. Another point, take a look at the redemptions for cash. There are several different card issuers with way better redemption schedules other than the USAA Rate Advantage, Citi, BoA, Chase and other banks have better cash. Funny how people focus on the earnings and forget to look at the redemption.

Re: USAA Secured Cards DO NOT Unsecure

Anonymous — Sun, 25 Aug 2013 03:31:37 GMT

Unusuallyconfused - I appreciate the words of wisdom. I am 14 months into the 2 year period with the card now. It was my first major credit card for rebuilding. Only one store card is older than it (by a month). I've since added a number of credit cards with decent or really good limits (see signature), so it's definitely been useful to me. I just didn't recall being told the card would never unsecure when I originally had the conversation before opening the card. I had hoped it would graduate into a non-secured card which was what the rep had led me to believe. Now I know that meant that my good history would lead them to potentially offering a different card to apply for. My post was a PSA to others considering a secured USAA card, that's all.

I do plan on closing it next year when the CD matures. Funny enough, I did see an offer to apply for their Rate Advantage card earlier, but since it didn't say I was pre-approved, I am ignoring it. I honestly have my eye on other cards now.

Re: USAA Secured Cards DO NOT Unsecure

Anonymous — Sun, 25 Aug 2013 03:37:37 GMT

DaveSignal - I was told to check back in 6 months and when I did, they said my BK (discharged Jan '09) would not allow for me to get an unsecured card. They had happily offered me another secured card however. It was discouraging so I didn't even try for any other cards until finding this board and another and learning that other credit options were available despite having a BK.

Re: USAA Secured Cards DO NOT Unsecure

myjourney — Sun, 25 Aug 2013 04:02:04 GMT

@Anonymous wrote:
DaveSignal - I was told to check back in 6 months and when I did, they said my BK (discharged Jan '09) would not allow for me to get an unsecured card. They had happily offered me another secured card however. It was discouraging so I didn't even try for any other cards until finding this board and another and learning that other credit options were available despite having a BK.

Sorry you lost money but your rebuild is far past secured cards now so your OK

Re: USAA Secured Cards DO NOT Unsecured

sjt — Mon, 26 Aug 2013 20:29:07 GMT

@ezdoesit wrote:
@Unselfconsciously wrote:
Yeah, that's too bad about your USAA secured c/c...

But all's not lost. First, I get the fact that you were "told" something before and now are being "told" something different. My whole philosophy on that is this: I don't believe a thing I'm "told" by any CSR - whether what I'm "told" benefits me or not, or if it's what I want to hear or not. Take your paperwork out and scour your secured credit card agreement - it WILL address the secured to unsecured issue or it won't. If it doesn't, it was NEVER going to get to unsecured status anyway. In other words, if it ain't in writing somewhere where you can see it with your own eyes, anything you're told should be taken with a grain of salt.

What you should focus on is:

1. Use your secured USAA c/c to your advantage during it's 2 year term. PLAN to close it in 2 years but during that time build up a positive payment and usage history.

2. While that's going on, guess what? You MIGHT find in your USAA offers one day soon an pre-approval for one of their unsecured credit cards. Just because you have a secured card with them doesn't mean at all you won't qualify for one of their other cards sooner or later. Focus on that and make that your goal if you want one of USAA's unsecured cards.

Either way, best of luck and keep your eye on the prize. Responsible usage and payments today leads to amazing credit opportunities tomorrow...
+1 Well said

Also, with USAA and other credit unions when you apply for a unsecured card, your secured card history weighs heavily into their approval process.

Re: USAA Secured Cards DO NOT Unsecure

Anonymous — Mon, 26 Aug 2013 21:39:14 GMT

Basically, USAA sucks all around. NFCU is Way better.

Re: USAA Secured Cards DO NOT Unsecure

DaveSignal — Tue, 27 Aug 2013 14:45:44 GMT

@Anonymous wrote:
Basically, USAA sucks all around. NFCU is Way better.

USAA checking has all free atms. NFCU cost $1 for each withdrawal.

USAA has an awesome website that makes all transactions extremely easy. NFCU's website is way behind the times.

NFCU offers high limit credit cards to people who are rebuilding. USAA does not offer quite so high limits.

Both USAA and NFCU rewards are not that great when compared to other more popular rewards cards.

I wouldn't say that USAA sucks all around. Or that NFCU is way better. They are both decent. A secured card is for building a positive history in order to get better cards. I am not sure why anyone would think that all secured cards are supposed to automatically unsecure. The goal is to build a history that will allow you to apply for better accounts at multiple different lenders in the future.

Re: USAA Secured Cards DO NOT Unsecure

Anonymous — Tue, 27 Aug 2013 16:51:42 GMT

@DaveSignal wrote:
@Anonymous wrote:
Basically, USAA sucks all around. NFCU is Way better.
USAA checking has all free atms. NFCU cost $1 for each withdrawal. False
USAA has an awesome website that makes all transactions extremely easy. NFCU's website is way behind the times. False

NFCU offers high limit credit cards to people who are rebuilding. USAA does not offer quite so high limits.
Both USAA and NFCU rewards are not that great when compared to other more popular rewards cards.

I wouldn't say that USAA sucks all around. Or that NFCU is way better. They are both decent. A secured card is for building a positive history in order to get better cards. I am not sure why anyone would think that all secured cards are supposed to automatically unsecure. The goal is to build a history that will allow you to apply for better accounts at multiple different lenders in the future.

https://www.navyfederal.org/products-services/checking-savings/checking.php

https://www.navyfederal.org/pdf/ebrochures/2043ep.pdf

NFCU refunds up to $20 per statement period. Whereas USAA only refunds up to $15

NFCU has over 50,000 ATMS that are do not charge anything. If one goes to an off network ATM, NFCU will refund up to $20.

http://infocenter.navyfederal.org/

NFCU has updated their website this month.

Do your research. I shouldn't have to do it for you.

Re: USAA Secured Cards DO NOT Unsecure

DaveSignal — Tue, 27 Aug 2013 18:12:06 GMT

ccnewcc wrote:
DaveSignal wrote:
ccnewcc wrote:
Basically, USAA sucks all around. NFCU is Way better.
USAA checking has all free atms. NFCU cost $1 for each withdrawal. False
USAA has an awesome website that makes all transactions extremely easy. NFCU's website is way behind the times. False

NFCU offers high limit credit cards to people who are rebuilding. USAA does not offer quite so high limits.
Both USAA and NFCU rewards are not that great when compared to other more popular rewards cards.

I wouldn't say that USAA sucks all around. Or that NFCU is way better. They are both decent. A secured card is for building a positive history in order to get better cards. I am not sure why anyone would think that all secured cards are supposed to automatically unsecure. The goal is to build a history that will allow you to apply for better accounts at multiple different lenders in the future.

https://www.navyfederal.org/products-services/checking-savings/checking.php
https://www.navyfederal.org/pdf/ebrochures/2043ep.pdf
NFCU refunds up to $20 per statement period. Whereas USAA only refunds up to $15
NFCU has over 50,000 ATMS that are do not charge anything. If one goes to an off network ATM, NFCU will refund up to $20.

http://infocenter.navyfederal.org/
NFCU has updated their website this month.

Do your research. I shouldn't have to do it for you.

NFCU includes a $1 service charge for any non CO-OP network ATMS. NFCU does NOT refund this service charge. USAA does not charge this fee. USAA wins here.

EDIT: https://nfcuccss-tst.custhelp.com/app/answers/detail/a_id/2560/~/does-navy-federal-waive-atm-fees%3F

the NFCU login page has changed. The actual site after logging in is still old and cumbersome. They have been saying they will change it for awhile now. I don't see anything better. USAA wins here by far.

Next time, it might help to fully complete your own research before assuming that I haven't done mine.

ETA: I am not trying to generate a hostile reaction here, I am just pointing out things and trying to say that both financial institutions are decent and both have some negatives, but neither one is a place of banking that "sucks all around".

Re: USAA Secured Cards DO NOT Unsecure

mt2va — Tue, 27 Aug 2013 18:12:18 GMT

USAA secured cards have never un-secured. Nowhere when you sign up for the card do they promise it will un-secure. But people still chose for whatever reason to take the card out. I have the AmEx and the MC. I just would rather put my money with someone like USAA than say Cap1 or some other less prestigious folks. I figure by the time the CD matures I should be hopefully ready for some un-secured cards and I can just close them out when I get my other cards or continue on for another 2 years if I choose.

Re: USAA Secured Cards DO NOT Unsecure

chasmith — Tue, 27 Aug 2013 18:20:48 GMT

I belong to both USAA and NFCU, and recommend both to those who are eligible. I don't deal with true banks any more, I have USAA (which is member owned just a different "Texas Insurance Buying Coop" structure), NFCU and a third CU I'm eligible to through my work.

USAA is somewhat better for remote banking (IMHO), has a better setup for ACH transfers, and offers excellent insurance and investment options (NFCU offers discounts with other companies). My direct deposits post a day earlier on USAA than NFCU. USAA will not extend credit to me because of prior BK - I had credit with them before BK, they didn't lose anything in BK, they are conservative. I used their secured card for two years but once I obtained adequate unsecured credit I dropped it a year ago.

NFCU has been very good for credit cards, auto and installment loans. My credit rebuild wouldn't have been nearly as successful without them.

Re: USAA Secured Cards DO NOT Unsecure

Anonymous — Tue, 27 Aug 2013 18:37:16 GMT

@DaveSignal wrote:
ccnewcc wrote:
DaveSignal wrote:
ccnewcc wrote:
Basically, USAA sucks all around. NFCU is Way better.
USAA checking has all free atms. NFCU cost $1 for each withdrawal. False
USAA has an awesome website that makes all transactions extremely easy. NFCU's website is way behind the times. False

NFCU offers high limit credit cards to people who are rebuilding. USAA does not offer quite so high limits.
Both USAA and NFCU rewards are not that great when compared to other more popular rewards cards.

I wouldn't say that USAA sucks all around. Or that NFCU is way better. They are both decent. A secured card is for building a positive history in order to get better cards. I am not sure why anyone would think that all secured cards are supposed to automatically unsecure. The goal is to build a history that will allow you to apply for better accounts at multiple different lenders in the future.

https://www.navyfederal.org/products-services/checking-savings/checking.php
https://www.navyfederal.org/pdf/ebrochures/2043ep.pdf
NFCU refunds up to $20 per statement period. Whereas USAA only refunds up to $15
NFCU has over 50,000 ATMS that are do not charge anything. If one goes to an off network ATM, NFCU will refund up to $20.

http://infocenter.navyfederal.org/
NFCU has updated their website this month.

Do your research. I shouldn't have to do it for you.

NFCU includes a $1 service charge for any non CO-OP network ATMS. NFCU does NOT refund this service charge. USAA does not charge this fee. USAA wins here.
EDIT: https://nfcuccss-tst.custhelp.com/app/answers/detail/a_id/2560/~/does-navy-federal-waive-atm-fees%3F

the NFCU login page has changed. The actual site after logging in is still old and cumbersome. They have been saying they will change it for awhile now. I don't see anything better. USAA wins here by far.

Next time, it might help to fully complete your own research before assuming that I haven't done mine.

ETA: I am not trying to generate a hostile reaction here, I am just pointing out things and trying to say that both financial institutions are decent and both have some negatives, but neither one is a place of banking that "sucks all around".

This is hardly a deal breaker. With over 50,000 network ATMs worldwide, I am sure a NFCU member can find an ATM without incurring a dollar fee. And even on your link you provided, NFCU even recommends to do a free POS cash back withdraw as free alternative. But my guess is, if someone is badly in need of cash fast and they are not around any one of those 50,000 plus ATMs, the least of their concern is a dollar convenience fee.

NFCU has over 4 million members to transfer over to the new site. Just because your online account hasn’t been transferred over doesn’t mean it is not in the works. 4 million is a lot and will take time to transfer everyone over. As they have even mentioned.

I have both USAA and NFCU. I will keep both. But imo, NFCU is better.

Re: USAA Secured Cards DO NOT Unsecure

Anonymous — Tue, 27 Aug 2013 20:18:18 GMT

Definitely didn't intend for this to turn into a USAA vs NFCU debate, but I have to state that DaveSignal and chasmith both stated the differences and virtues of both best. I love them both for different reasons.

I will not fault USAA for their business model with credit cards. There are other companies that are just as strict or stricter. I've already decided to simply close the card when the 2 year period is up in June since I do have unsecured credit cards now and I expect their limits (at least on the NFCU cards) to be even higher by the time June rolls around.