USAA Secured VISA®: Should I?

[Anonymous]

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!

[jacetx]

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@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!

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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.

[Anonymous]

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.

[Anonymous]

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@jace8602 wrote:

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@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.

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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.

[jacetx]

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@Anonymous wrote:

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@jace8602 wrote:

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@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.

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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.

[creditguy]

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@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. 

[Anonymous]

^+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.

[UncleB]

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@creditguy wrote:

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@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. 

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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.)

[UncleB]

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@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.

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+100

I couldn't have said it better myself! 

[msbia]

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!