USAA Secured Visa® Platinum Credit Card
USAA Federal Savings Bank| Bright App to get out of Debt
Card Summary
Credit Building:
The USAA Secured Visa® Platinum Credit Card is crafted with a major focus on helping you build or rebuild credit. This card is tailor-made for individuals with limited or damaged credit, providing a chance to improve their creditworthiness.
No Annual Fee:
One of its standout features is the absence of an annual fee. This further emphasizes the use of this card for those who are looking to build their financial health up. No annual fee ensures that there is no additional financial burden on you.
Competitive APR:
The Annual Percentage Rate (APR) on this card is another one of its attractive features. The card offers a competitive interest rate, making it one of the more cost-effective credit cards for cardholders.
Military-Friendly:
USAA is known for its commitment to the military community. Thus, it is no surprise that the card provides special benefits for active-duty military personnel and their families.
Card Summary - Cons
Security Deposit:
The USAA Secured Visa® Platinum Credit Card is a secured credit, so it does require you to have a security deposit to secure your credit line.
Limited Rewards:
While it excels in credit building, the USAA Secured Visa® Platinum Credit Card lacks significant rewards or cashback options. It solely focuses on credit-building opportunities.
Rates and fees
Highlights
- Access to credit education resources helps you make informed financial decisions
- USAA's reputation for excellent customer service ensures a high level of support
- No foreign transaction fees make it suitable for use overseas
Comparative Analysis with Other Cards
Discover it® Secured Credit Card:
The Discover it® Secured Credit Card is highly regarded for its cashback rewards, making it more rewarding for those looking for cashback incentives. Like the USAA card, it also requires a security deposit but stands out with its cashback offerings.
Capital One Platinum Secured Credit Card:
Capital One Platinum Secured Credit Card is known for its credit monitoring tools, and the potential for credit limit increases with responsible use. While it offers no annual fee, its APR may be higher than the USAA card, making it a choice for those looking for credit-building and monitoring.
U.S. Bank Cash+® Secured Visa® Card:
The U.S. Bank Cash+® Secured Visa® Card has a deposit range of $300 to $5,000, offering flexibility. However, the deposit requirement can be relatively high, and it doesn't provide extensive rewards. This card suits individuals seeking a broader deposit range.
Conclusion
The USAA Secured Visa® Platinum Credit Card is a strong contender for those looking to establish or rebuild their credit. It offers a straightforward and cost-effective path to improve your credit score. While it may not be the best option for those seeking rewards, its military-friendly features and lack of annual fees make it a compelling choice for many.
Planning your finances and organizing them is a very important step to credit building. Bright Money can help you with this and many more aspects of your financial wellness. Check out how!
Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.
