In This Review..
The USAA® Rate Advantage Visa Platinum® Card provides low interest rates and has no annual fee. Customers with exemplary credit can take advantage of the 11.15% – 28.15% Variable, which is one of the lowest threshold in the marketplace. It’s also important to consider this card as a great way to build credit.
The USAA Rate Advantage Credit Card has one main disadvantage – in spite of it provides great rates and terms – there are no points, cash back or miles rewards. Also, there is no sign up bonus for new cardholders.
Rewards Plan
Annual Fee
None
Balance Transfer Fee
3%
Credit Requirements
Good – Excellent
The Catch: Not Available To The General Public
United Services Automobile Association (USAA) serves as a credit union for U.S. military veterans and their families. Military families favor USAA over other institutions because it provides excellent customer service and product features and prices unavailable through banks. The Rate Advantage Visa Platinum Credit Card is another way that USAA says “thank you for your service.”
Any USAA member is immediately eligible to apply, as are their immediate family members. If not already a USAA member, current service members or veterans must open a USAA account before applying. Once the account is open, immediate family members may apply even if the USAA account holder does not.
Students in officer candidate programs like ROTC or OTC are eligible to join USAA and apply for the card. The same applies to adult children of a USAA member who have had an auto or property insurance policy. Widows or widowers of USAA members are also eligible.
Card & Issuer Reputation
- 3.6/5 on
Benefits
Let’s take a closer look at the benefits and drawbacks of the USAA Rate Advantage Visa Platinum Card – and whether or not it’s right for your wallet…
- Low variable APR
The interest rates are tiered according to qualifying factors, allowing customers to get the best available rate for their credit profile. Customers with exemplary credit can take advantage of the 11.15% – 28.15% Variable, which is one of the lowest in the marketplace. It’s also important to consider this card as a great way to build credit.
Those with less than stellar credit scores may not qualify for the lowest rate, but if they qualify for the USAA Rate Advantage Visa Platinum Credit Card, the rate will be far better than most subprime credit cards.
It can also be a great option for young adults. They can build their credit histories without being burdened with high fees and interest rates.
- Enhanced Cardholder Protection
Traveling can lead to all sorts of hassles. Since USAA members tend to travel, this card comes with travel accident insurance and baggage delay insurance. It’s also a wise move to make major purchases with this card.
Your items will be covered under the USAA extended warranty program. The card also comes with identity theft support and zero liability for unauthorized purchases, so you know thieves won’t get their hands on your hard-earned money.
This card also utilizes high-tech security features. Customers can opt for logon options that are as secure as they are efficient. These include biometrics, quick logon, cyber code text, and computer recognition.
- No Annual Fee
A no annual fee card is a boon for those with poorer credit histories or who need to establish credit. Annual fees are often $100+ dollars. Those with good credit should avoid annual fees unless it’s a rewards card.
- No Foreign Transaction Fee
No foreign transaction fees is a great help to service members who travel overseas. Since military members often spend years abroad, this card can provide big savings. It’s also helpful for veterans and their family members who are living or traveling abroad.
- Military affiliate card designs
Active duty personnel, veterans and their families love to show their pride in the American armed forces.
Cardholders can choose between many military affiliate designs that show their patriotism and support for the armed forces. Designs are available to show pride for all of the armed services.
Drawbacks
- No Points, Cash Back or Miles Rewards
The USAA Rate Advantage Credit Card has one main disadvantage – in spite of it provides great rates and terms – there are no points, cash back or miles rewards.
In an era where credit card rewards are substantial, customers should have at least one card that provides the rewards that suit their spending habits.
- Limited Eligibility
To qualify for the card, you must be an active military member, a veteran who was honorably discharged or an eligible military family member.
- No Sign-Up Bonus
The card doesn’t offer a sign-up bonus, a common perk often used to attract customers to a new card. Many cards offer sign-up bonuses as high as $500 once you surpass a certain amount of spending within the first few months.
Other cards can provide sign-up bonuses in forms other than cash, for example the travel-specific Capital One Venture Rewards Card, which offers a sign-up bonus of 75,000 miles once they spend $4,000 on purchases within 3 months from account opening.
- Balance Transfers Fee
The card also boasts a fair balance transfer fee of 3%.
Is the USAA Visa Platinum Card Right for You?
The USAA Rate Advantage Visa Platinum card works great for USAA members and their families who are more interested in low fees and interest rates than rewards.
Rewards cards can be helpful, but they require you to spend a certain amount of money in a certain way to fully benefit. If they don’t fit your spending habits, their other fees and interest rates may work against you.
Active duty personnel are very well served with this card, especially since the special interest rate for deployed personnel can save a bundle and make deployment easier. It’s also a great card for overseas use and has the security needed while on deployment.
With great designs that display military pride, very few fees and one of the lowest interest rates available, the USAA Rate Advantage Visa Platinum is great for USAA members.
Compare The Alternatives
If you're looking for a low interest credit card – the USAA card is definitely a good option, but there are some good alternatives:
|
|
| |
|---|---|---|---|
Capital One Savor card | Chase Freedom Unlimited® card | Citi Simplicity® Card | |
Annual Fee | $0
| $0
| $0
|
Rewards |
1% – 3%
earn unlimited 3% cash back on dining, entertainment, popular streaming services and grocery store purchases (excluding superstores like Walmart® and Target®), 1 percent on all other purchases.
|
1.5% – 5%
5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases
|
None
None
|
Welcome bonus |
$200
$200 cash bonus once you spend $500 on purchases within the first 3 months from account opening
|
Up to $300
additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year)- worth up to $300 cash back
|
None
None
|
Foreign Transaction Fee | None
| 3%
| 3%
|
Purchase APR | 19.24% – 29.24% variable
| 19.49% – 28.24% variable
| 18.74% – 29.49% (Variable)
|
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