USAA Rate Advantage Visa Platinum Credit Card Review
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Card Summary
Pros
- No annual fee or foreign transaction fees
- If you have good credit, you’ll get the lowest interest rate USAA offers
- Military personnel receive a 4% APR on their balance for up to 12 months when they are deployed or undergoing a permanent change of station
- Receive extended warranties on some U.S. store brands
- Industry-leading security measures – biometrics, Quick Logon, computer recognition, and CyberCode text
Cons
- No cash back or other rewards with this card
- The APR may be high for those deemed less creditworthy — you may find better options elsewhere
- No introductory APR
Recommended Credit Score
Good to Excellent
USAA Rate Advantage Visa Platinum Card: Good for Military Members
If you don’t use the rewards you’ve racked up on other credit cards and you resent having to pay a higher interest rate for a perk you don’t use, you may want to consider the USAA Rate Advantage Visa Platinum credit card. It’s a good low-interest-rate option for those who don’t care about rewards and who have a great credit score — especially for military personnel.
This review will look at the ins and outs of the USAA credit card and whether it will be a good fit for you.
In this review:
- Benefits of the USAA Rate Advantage Visa Platinum Credit Card
- Downsides of the USAA Rate Advantage Visa Platinum Credit Card
- How it Compares to Similar Cards
Benefits of the USAA Rate Advantage Visa Platinum Credit Card
This credit card offers little in the way of reward points or cash back, but for those active in the military and their eligible family members, it may be a good deal. It’s especially a viable option for those who carry a
If you pay off your balance every month, a rewards card or cash back card would probably be a better bet.
Reduced APR for Military Members
Due to the Servicemembers Civil Relief Act (SCRA), cardholders who carry a balance when they enter active military duty will be given a special 4% APR on that balance until one year after their active duty has ended. Any new charges will be subject to the regular variable APR.
Travel Perks
Another perk of this card is travel accident and baggage delay insurance, which is great for those who travel frequently — as military members often do.
Low Fees
Despite its lack of rewards, this card doesn’t charge an annual fee. Another handy thing about this card is that you won’t be charged a penalty APR if you make a late payment or get carried away with your spending and go over your limit. That can be a huge money saver for those who make these kinds of mistakes with their credit cards.
Balance transfer fees carry a competitive transaction fee of up to 3%, with a $200 maximum per balance transfer.
Downsides of the USAA Rate Advantage Visa Platinum Credit Card
The biggest drawback to this card is you won’t earn any sign-up bonus or rewards, such as travel points or cash back. When it comes to perks, it’s a pretty bare-bones card. If you’re not the type to fuss with using or redeeming rewards, this won’t matter to you.
Aside from those who are military members, there are better cards out there.
How it Compares to Similar Cards
There are many no annual fee credit cards that offer far more in terms of rewards.
Bank of America’s Cash Rewards card, for instance, carries no annual fee and offers a $200 cash rewards bonus after you spend a minimum of $500 in purchases in the first 90 days of being a cardholder. You’ll also get 1% back on all purchases, 2% at grocery stores, and 3% for gas.
If you’d rather have travel perks, Bank of America’s Travel Rewards card also doesn’t have an annual fee. You’ll earn 25,000 bonus points if you spend at least $1,000 on your card in the first 90 days. You’ll also get 1.5 points for every dollar you spend. Your points never expire and you won’t face blackout dates.
Bottom Line
If you’re in the military, you might want to check out this low-rate card. If you’re not, even if you have good credit and qualify for the lowest APR, you still might want to keep your options open with a cash back or travel card. Don’t lock into this card without fully comparing it to the best credit cards.
