USAA Secured Card Visa Platinum®
Enjoy a fresh start with your new credit card. 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.
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.
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.
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.
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.
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.
$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.