american-express-secured

USAA Secured Card American Express®


Get the prestige of carrying the American Express logo. It is super easy to qualify for this secured credit card but you, a spouse or parent must be affiliated with the military. Currently serving, retired or honorably discharged veteran.

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Advertiser Disclosure

Easy qualifying even with bad credit.

Reports monthly to the 3 major credit bureaus.

Certificate of Deposit (CD) that earns interest acts as your deposit.

Card Details

Credit Needed

There is no minimum credit score required, even poor credit can apply. The minimum credit limit is $250.00 and the maximum credit limit is $5,000.00. Your limit is determined by the security deposit which is FDIC-insured.

Benefits

The secured card is guaranteed by your USAA 2-Year Variable Rate CD. Your deposit lets USAA approve and issue you a USAA Secured Credit Card — even if you’ve had past credit problems. This protects you and USAA if you are unable to make your payments. Get a low 9.90% APR on purchases, balance transfers and cash advances.

Earn Interest on Deposit

Your CD will earn interest at a variable rate (currently 0.54% APY) which will change periodically throughout your two-year term. Plus, the variable rate CD allows you to make additional deposits to your CD at any time — in case you want to build up your savings. When you make additional deposits you can request a credit limit increase on your secured card.

Reports to Major Credit Bureaus

Your payments are reported to all three major credit bureaus, Experian, Equifax and Transunion.

Pros

As you use your card, you’ll improve your credit when you make payments on time. Your timely monthly payments and account’s good standing will be reported to the three major credit bureaus. Once you’ve established or improved your credit enough to get a regular USAA credit card, you can cash in your CD after it reaches term or reinvest into another CD.

Cons

Eligibility limited to military members (current, retired or veteran) and their family members.

Additional Cardholder Benefits

Besides credit cards USAA offers free checking accounts, investment products, insurance products along with auto, mortgage and personal loans and much more. They make it convenient by offering customers mobile banking and access to deposits immediately.

Zero Liability

$0 liability for unauthorized charges means you will not be liable for unauthorized charges on your account.

Tips to Manage New Credit

When improving your credit score make sure you keep your account balances low. Maintaining a low credit utilization ratio by using no more than 30% of your available credit limit can help improve credit scores.

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    Summary of Key Benefits:
  • It’s a real credit card – not a prepaid or debit card, that helps you build or improve your credit score.
  • When you apply – you’ll also be opening a USAA 2-year Certificate of Deposit (CD), an interest-earning deposit account that has a two-year term and a $250-minimum initial deposit.
  • Your CD is a security deposit – the money you put in upfront, from $250 to $5,000, is the card’s credit limit.
  • Earn interest on your CD – your deposit is guaranteed to grow. Plus the money is yours to keep as long as you don’t default on your payments.
  • Start building your credit – opening a CD lets you get a credit card even if you don’t have a credit history or have bad credit.
The editorial content on this page (including, but not limited to, Pros and Cons) is not provided by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. The credit card offers that appear on this site are from credit card companies from which this site may receive compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers.

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