Advertiser Disclosure
Bankrate.com is an independent, advertising-supported comparison service. The offers that appear on this site are from companies from which Bankrate.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval, also impact how and where products appear on this site. Bankrate.com does not include the entire universe of available financial or credit offers.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
A decent card for eligible military personnel and family members, but it falls short where other secured cards shine.
Brendan DyerWritten by
Ashley ParksEdited by
/ 11 min
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict,this post may contain references to products from our partners. Here's an explanation for andhow we rate our cards.The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money.
Editorial integrity
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU — the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a stricteditorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
Snapshot
4.3
Bankrate rating
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Rating: 4.3 stars out of 5
Bottom line
USAA, one of the leading banks for military members and their families, offers its secured credit card for members with little to no credit history. This card has no annual fee and gives you a unique chance to earn interest on your security deposit. While it doesn’t have the most perks or rewards, it’s still a convenient option if you want to take the first step in your credit journey.
![USAA® Secured American Express® Card review | Bankrate (3) USAA® Secured American Express® Card review | Bankrate (3)](https://i0.wp.com/cdn.prodstatic.com/shared/images/cards/120x76/usaa-secured-cards-amex-card-062415.png?auto=webp&fit=bounds&width=120&height=76)
USAA® Secured American Express® Card
*The information about the USAA® Secured American Express® Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
*
4.3
Rating: 4.3 stars out of 5
Bankrate score
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bad to Fair(300–670)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Recommended Credit
N/A
Intro offer
Intro offer is not available for this USAA credit card.
$0
Annual fee
25.90% Variable
APR
On This Page
On This Page
- Current offer details
- USAA Secured Amex pros and cons
- Reasons to get this card
- Reasons to skip this card
- USAA Secured Amex vs. other secured cards
- Is this card worth getting?
- How we rated this card
- Frequently asked questions
USAA® Secured American Express® Card overview
The USAA Secured Amex carries a relatively low APR and plenty of perks but doesn’t offer any rewards. It’s available to active military members, qualifying veterans and their family members. Credit-builders and military personnel may consider this card if they’re already members of USAA, but non-members will need to sign up for USAA first.
Although its lack of value stands up poorly to other secured cards, the security deposit you make to open this card earns interest in a certificate of deposit (CD) account with USAA. This feature and the card’s nuanced perks portfolio are the card’s most redeeming aspects.
Rewards
- None
Expert Appraisal: Unimpressive
See our expert analysisRates and fees
- APR: 28.15 percent
- Annual fee: None
- Balance transfer fee: 5 percent of the amount of each transfer
- Cash advance fee: 5 percent of the amount of each cash advance (fee waived when transferring funds electronically to a USAA deposit account).
- Foreign transaction fee: None
- Late payment fee: Up to $35
- Returned payment fee: Up to $35
- Minimum security deposit: $250
Expert Appraisal: Typical
See our expert analysisOther cardholder perks
- Auto rental collision damage waiver
- Travel accident and emergency assistance
- Trip cancellation and interruption coverage
- Baggage delay and reimbursem*nt
- Extended warranty protection on eligible purchases
- Zero liability for unauthorized transactions
- Cell phone protection
Expert Appraisal: Good
See our expert analysis
USAA Secured Amex pros and cons
Pros
You earn interest on your security deposit, which could be a passive stand-in for earning rewards.
The issuer reports activity to the three major credit bureaus, helping you build credit.
Doesn’t charge an annual fee, so it doesn’t add extra costs to building credit.
Cons
Membership is restricted to military members, qualifying veterans and family members.
You won’t have access to your security deposit for as long as your card account is open.
There’s no option to graduate to an unsecured card, something that most secured cards offer.
Why you might want the USAA Secured Amex
Secured cards present the opportunity to build credit for anyone who isn’t eligible for an unsecured card. The USAA Secured Amex meets most of the criteria that the best secured cards do, but goes the extra mile by offering some convenient travel and purchase benefits.
Rates and fees: Relatively low APR and minimal fees
This card’s APR is slightly lower than most secured credit card APRs. It’s a minimal difference but could be enough to sway your decision if you’re particularly wary of interest charges and spiraling into credit card debt. However, if you’re interested in a secured credit card, you likely have a limited or damaged credit history, meaning that you should focus on positive credit habits that can help you build your score. One example of a good credit habit is paying on time and in full to avoid interest altogether. Although you should consider APRs when applying for cards and reviewing your options, you should never think of an APR as something you need to pay unless you’re carrying a balance.
There’s also no annual or foreign transaction fee, and USAA won’t charge a penalty APR if you make a late payment.
Perks: Great for travel and purchase protections
USAA offers plenty of perks and purchase protections for cardholders.
It’s a great card for travel because it provides common insurance perks you’ll often find on premium travel cards, and it will extend eligible manufacturer warranties. Plus, when you pay your phone bill with your USAA credit card, you’ll qualify for up to $500 of reimbursem*nt funds if your cell phone is stolen or damaged.
Secured cards don’t normally offer these benefits, so it could be a solid trade-off since this card doesn’t have rewards.
Earn interest: Your security deposit will accrue interest
This card’s most unique feature is its interest-earning CD account that your security deposit funds. Although USAA doesn’t disclose the interest rate in the card terms, this uncommon offer is worth considering when weighing your options. It might incentivize you to deposit more than the minimum to access a higher line of credit and earn more interest on the CD. Although better banking alternatives, like a high-yield savings account, are available, these accounts sometimes have minimum deposit amounts that could be out of reach.
The USAA Secured Amex card can help you establish a credit history and provide some small earnings until you can open an unsecured credit card account.
Why you might want a different secured card
Although it offers some great perks and your deposit will accrue interest, some drawbacks are worth noting and could make other options more appealing.
Low value: Lacks a welcome offer and ongoing rewards
The USAA Secured American Express doesn’t offer a welcome bonus or other introductory offers, which is common with secured credit cards.
Some secured cards come with sign-up bonuses, and while a short-term offer shouldn’t be the priority, these bonuses sometimes come without any added costs. However, even cards that lack welcome offers may come with rewards but the USAA Secured Amex doesn’t have ongoing cash back, points or miles.
Security deposit: High minimum deposit requirement
This card requires a minimum security deposit of $250 to get started, which is $50 higher than the $200 requirement on many other cards. Although this may not seem like a substantial difference, some cardholders may struggle to balance everyday expenses and $250 may not be feasible for some people. However, this higher deposit also means you’ll benefit from a higher credit limit when you open your card account, so it’ll provide some flexibility when you take your credit utilization ratio into consideration.
You can find secured cards that require deposits of just $200, with others asking for minimum deposits of $100 or less. If you qualify, the Capital One Platinum Secured Credit Card may offer a $200 credit limit for a deposit as low as $49 ($99 or $200 minimum deposit possible, depending on your credit score). If you’re wary of locking away $250 upfront to access credit, you might want to consider alternatives. That said, other cards’ deposits won’t accrue interest like the USAA Secured Amex’s deposit will.
Membership: Exclusive to USAA members
You won’t qualify for this card unless you’re a USAA member, which means you, a spouse or a parent must be in the military or be a veteran with an Honorable or General Under Honorable Conditions discharge.
To create a USAA account as a military member or qualifying veteran, you need to provide the branch of military service, rank and service dates; spouses and children need to provide the USAA number for the qualifying member’s account in order to be eligible.
If you don’t qualify because you don’t meet the minimum membership requirements for USAA, then it rules this card out. Fortunately, better credit cards are available without membership requirements.
How the USAA Secured Amercian Express card compares to other secured cards
This could be a good card for building credit if you or a loved one in the military need a credit card. You should always shop around for better options, so here are a couple worth considering.
![USAA® Secured American Express® Card review | Bankrate (4) USAA® Secured American Express® Card review | Bankrate (4)](https://i0.wp.com/cdn.prodstatic.com/shared/images/cards/120x76/usaa-secured-cards-amex-card-062415.png?auto=webp&fit=bounds&width=120&height=76)
USAA® Secured American Express® Card
Bankrate Score
Annual fee
$0
Intro offer
N/A
Rewards rate
N/A
Recommended Credit Score
Bad to Fair(300–670)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
![USAA® Secured American Express® Card review | Bankrate (5) USAA® Secured American Express® Card review | Bankrate (5)](https://i0.wp.com/cdn.prodstatic.com/shared/images/cards/120x76/discover-it-secured-card-012518.png?auto=webp&fit=bounds&width=120&height=76)
Annual fee
$0
Intro offer
Cashback Match™
Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match.
Rewards rate
1% - 2%
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Earn unlimited 1% cash back on all other purchases.
Recommended Credit Score
No Credit History
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
![USAA® Secured American Express® Card review | Bankrate (6) USAA® Secured American Express® Card review | Bankrate (6)](https://i0.wp.com/cdn.prodstatic.com/shared/images/cards/120x76/6c5fd010-750b-11ea-9f38-b703a83a49c2.png?auto=webp&fit=bounds&width=120&height=76)
Navy Federal Credit Union nRewards® Secured Card
Bankrate Score
Annual fee
$0
Intro offer
N/A
Rewards rate
1X
1X point per dollar spent.
Recommended Credit Score
Bad to Fair(300–670)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Who is the USAA Secured Amex right for?
The USAA Secured Amex is a niche secured card that may appeal to members of the armed forces without any credit history.
Bankrate’s take — Is the USAA Secured American Express Card worth it?
The USAA Secured American Express card can be a great entry point for members of the armed forces, qualifying veterans and their family members to build or rebuild credit. The card is also available to cadets who, like college students, may have thin credit files that won’t let them qualify for a different credit card.
The card will report to all three major credit bureaus, so with regular on-time payments, anyone using it can improve their credit score. However, its lack of rewards, intro APR periods and high deposit requirements may turn some applicants away.
How we rated this card
50+
Cards rated
500+
Data points analyzed
250+
Fees tracked
40+
Perks evaluated
Our proprietary card rating system takes into account a mix of factors when scoring credit cards for students and people building credit, including each card’s cost, APR, credit-building tools and more.
We analyzed over 50 of the most popular cards designed for students and people with no credit history, bad credit or a fair credit score and scored each based on where its key features stood in relation to others in its category.
Here are some of the key factors that gave this card its score:
Frequently asked questions
Compare the best no credit history credit cards
Brendan Dyer holds a Master of Fine Arts in Journalism from Western Connecticut State University and worked previously as a content editor for Regional News Network, a hyper-local TV news station contracted by Verizon FiOS1 News. As a national service volunteer, Brendan exercised a passion for helping underserved communities and demographics through direct, community service. He constantly seeks to apply his expertise as a journalist to the field of personal finance with the goal of helping people navigate the complexities of the credit card industry.
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
Up next
Read moreNo Credit History