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Many banks offer secured credit cards to the masses because they know that such cards can help people to establish positive credit profiles. USAA Bank is one of the banks that provides its members with the opportunity to obtain a secured credit card. To qualify to apply for such a card, the applicant has to either be a member of USAA, an active member of the military, or the spouse or child of someone who is a USAA member or currently in the military. Otherwise, the individual cannot move forward with the application.

Types of Secured Cards

usaa-secured-credit-card-reviewUSAA offers two types of cards. Applicants can apply for an American Express version of the card or a Visa version of the card. Both of the cards have a multitude of benefits that come with them. Any person will be overwhelmed with a number of benefits that the cards offer besides the opportunity for the new cardholders to improve their credit scores.

Features and Benefits of the Cards

The American Express card and the Visa card both give the cardholder the benefit of holding a real and true credit card. They are not prepaid debit cards. They are valid cards that the cardholders can use all over the world. Both cards come with car rental collision damages for cardholders who travel. Other benefits that cardholders get are online access, fraud prevention, text alerts and chip technology.

Interest Rates and Fees

american-express-usaa-secured-card-3The American Express option has a minimum deposit amount of $250 and a maximum deposit amount of $5,000. This amount will be equal to the credit line. The card has an annual fee of $35 and an APR of 10.15 to 20.15 percent. The applicant’s credit score determines the APR. The balance transfer fee is 3 percent. There is no penalty APR for late payments.

The criteria for the Visa card is the same as it is with the American Express card. The Visa Platinum card also has a $35 annual fee, an APR that is between 10.15 and 20.15, and a $250 to $5,000 deposit requirement. Features include rental car insurance, exclusion of foreign transaction fees and more. Military employees can also get a special 4 percent APR any time that they are involved in active duty. Those who serve in a qualified military campaign can also receive a finance charge rebate.

The Application Process

american-express-usaa-secured-card-1The application process is secure, short and to the point. It is like all other applications in that it asks crucial questions that reveal the applicant’s financial standings. Approved applications will need a deposit. The company prefers the security deposits in the form of a CD that the applicant buys right away the moment that he or she receives approval. The good news is that the new approved cardholder gets to earn interest on the two-year CD that he or she buys to secure the account.

Both options are amazing options for military members and relatives of such people. They can help an unfortunate person get back on track. Member reviews of both cards are above 4.0 points.