Finally! I've had a USAA Amex Secured card for over 8 years, increases to CLI or graduations have always been a polite "we don't offer that". Not that it will happen (thought I can't see why my profile wouldn't qualify me for it), but it's nice to see that there is a path to graduating out of the Secured card without having to reapply!
Changes to Your Secured Credit Card
Effective August 1, 2024, we’re adding a USAA Secured Credit Card upgrade process that’ll include the following:
- Periodically, we’ll review your credit history and other factors to see if you qualify for an automatic upgrade or
conversion to an unsecured credit card. - If eligible, you’ll be notified that your account has been upgraded.
- Your account will remain open and your existing credit history won’t be affected.
I received an email from USAA this evening. Here is the body of the email:
"June 26, 2024
Dear Mr. (iowe),
We’re committed to keeping you informed about important changes to your account. We’re writing to advise you
of changes to your USAA Secured Credit Card and the associated Secured Certificate of Deposit, also known as
Secured CD. Please read this notice carefully and keep this letter for your records as it describes the changes
being made.
Changes to Your Secured Credit Card
Effective August 1, 2024, we’re adding a USAA Secured Credit Card upgrade process that’ll include the following:
Periodically, we’ll review your credit history and other factors to see if you qualify for an automatic
upgrade or conversion to an unsecured credit card.
If eligible, you’ll be notified that your account has been upgraded.
Your account will remain open and your existing credit history won’t be affected.
Changes to Your Secured CD
You should’ve received a separate notice detailing changes to the Depository Agreement and Disclosures that
governs your Secured CD. For your convenience, this is a reminder that if your USAA Secured Credit Card is
upgraded, your Secured CD will be set to close on the maturity date. You can request to close your Secured CD
earlier than the maturity date and we’ll return the funds to you.
Thank you for your membership and making us your provider of choice. We appreciate the opportunity to serve
your financial needs."
so it seems USAA will FINALLY start reviewing their secured card accounts for possible graduation. It's my oldest revolver. I've answered survey after survey over the last 12 years with gripes about them not allowing secured cards to ever graduate. My card has had a $250 limit since the beginning. I almost closed the account a couple of times but decided to wait it out.
It's finally happening, and I'm happy for all of us USAA members that are in the same situation with a sock drawered useless secured card.
Beat me to the post by 3 minutes. Lol
@ptatohed wrote:Wait, you've let them hold your money for free for 8 years?
For free? Wasn't interest paid?
Technically no, the CD that the card is secured with gains interest.
Has anyone been upgraded as part of this program announcement last August? Just wondering....