The USAA Cash Rewards Visa is a special credit card that is available to people who have military connections. People who have been on active duty that meet other qualifying criteria are eligible for this product. Consumers who have certain family members that have served in the military can also apply for this card. People love the USAA Cash Rewards Visa because it has competitive annual percentage rates and a multitude of benefits that cater to the needs of the military community.
How Someone can use a USAA Cash Rewards Visa
Since the USAA Cash Rewards Visa carries the Visa logo, cardholders can use it for a wide range of purposes. Any merchant that accepts Visa cards will take this product for payment on goods and services. One of things one can do with this card is use to rent automobiles and hotel rooms. A cardholder can also go to hundreds of restaurant establishments and pay for food and beverages. Additionally, a person can travel internationally as Visa cards are accepted by millions of locations.
A person who owns a USAA Cash Rewards Visa can use it at physical store locations as well as online sites. Carriers can also pay most of their utility bills and schedule monthly payments for membership and subscriptions. Consumers who are trying to consolidate bills may also transfer the balances of other cards and credit lines to this card. With the possibility of receiving such a low APR, one can save money by performing a balance transfer. Finally, persons who run out of cash can use the USAA Cash Rewards Visa to stop in at many of the thousands of ATMs to withdraw cash.
Qualifying for the USAA Cash Rewards Visa
A person who desires to obtain a USAA Cash Rewards Visa must meet a set of minimum qualifications set forth by the issuing company. First, the individual must be at least 18 years of age to qualify for this card. Minors have no legal right to own a credit card, because it requires the signature on a contract. Secondly, the person applying for the card must be a United States citizen or a permanent resident of the United States of America.
Thirdly, the individual applying for the card must have some relationship with the military. He or he must be currently serving the military, in the process of enlisting into the military, a former military staff member, or be the child or spouse of a person who was in the military. Those who do not meet those criteria will not qualify for the USAA Cash Rewards Visa. However, USAA has partners that offer products to people who do not qualify.
Lastly, an applicant’s credit score determines his or her eligibility for the card. USAA requires a good or excellent credit score. Those who fit into the high approval rate bracket have a credit score value of 720 points or more. To maintain a good or excellent credit score, the consumer will want to keep utilization of existing credit lines below 50 percent. Additionally, that person will want to avoid late payments and multiple credit inquiries. Every late payment a person makes reduces his or her credit score, thus reducing the chances of gaining approval for this card. The goal for obtaining one of these cards is for the debtor to appear stable and budget wise to the lender.
Applying for the USAA Cash Rewards Visa
The application process for the USAA Cash Rewards Visa is very simple. One can visit the website and apply online for an instant decision. The first part of the application consists of the qualifying questions. The first page will ask the applicant if he or she is a member of USAA. If the person answers no to the question, then that person will have to answer a series of additional questions about military affiliation. If the applicant is not related to anyone who has served in the military, and he or she has not served in the military, the application will cease to progress.
Those who get past the initial part of the application will move on to the next section. One section will ask the application for personal information such as phone number, address, birth date and social security number. The credit card company needs this information to verify the person’s identity. The bank will also use the credit report to determine the applicant’s level of creditworthiness.
The credit card application will also have a section in which the applicant will answer financial questions. Here, the individual will state the amount of money that he or she earns every year. The person will have the ability to enter his or her main employer income and any additional income that may help that person to gain approval. The application may also ask for that person’s housing status and monthly rent or mortgage amount. The bank uses this information to determine the consumer’s ability to pay the credit card bill. This information may also aid in determining an approved customer’s initial credit line.
The final parts of the credit card application will display the terms and conditions of the card. This section will explain the various qualifications, fees, annual percentage rates, finance charges and the like. It will also explain what happens to a consumer if he or she does not make a payment. A credit card applicant must read this section thoroughly to understand what the lender is expecting from him or her. The application will ask the consumer to consent to the terms and conditions. When a person consents to the terms and conditions set forth in a credit card agreement, he or she is signing a legally binding contract.
Usually, when the applicant clicks the “submit” button, the computer system will conduct a quick check of a person’s credit history and conduct the necessary calculations for approval. If the person gains approval at that time, the issuing bank will mail the credit card, and the consumer will receive it within seven to 10 business days.
Features and Benefits of the USAA Cash Rewards Visa
Military personnel love applying for the USAA Cash Rewards Visa because of the vast amount of features and benefits it offers. Some of the most amazing benefits of the card are as follows:
Flexible Rewards
A USAA Cash Rewards Visa cardholder can choose to receive either cash rewards or points rewards. A cardholders who opt to use points rewards will receive an immediate 2,500 points upon making his or her first purchase. After the initial point disbursement, a consumer can earn one point for every dollar he or she spends. The USAA Cash Rewards Visa is different from other cards in this class, because the cardholder can continue to earn points with no cap. Additionally, the points will never have an expiration date. One more extra benefit to choosing the point program is that the cardholder can shop for goods at MemberShop and earn additional points for additional purchases.
Those who opt to choose cash rewards will enjoy earning an endless amount of cash back. Each purchase entitles the cardholder to earn 1.25 percent on each purchase. The credit card company has not set any categories, so every purchase is fair game for earnings. Additionally, there is no limit on the amount that one cardholder can earn. The card company releases cash rewards disbursements every January, and recipients can use the funds to shop at MemberShop to earn additional cash back.
No Annual Fee
Unlike most credit card companies, USAA does not attach an annual fee to the member cards. The company believes in giving back to the military community. It appreciates that such personnel are using its products. Therefore, all members are free of the extra headache that annual fees bring.
No Penalty APR
Most credit card companies punish their cardholders with penalty APRs if they make a mistake and miss a payment or go over their limits. USAA does not believe in punishing good customers. The APR will be the same as always unless there is a change in the market.
Low APR
A consumer can obtain a USAA Cash Rewards Visa card with an annual percentage rate that is as low as 9.90 percent. The bank determines the person’s APR during the application process. Elite members can enjoy some of the lowest rates in the market.
Additional Benefits
In addition to all the other great benefits, cardholders can also enjoy Visa auto rental collision damage, travel and emergency services, a warranty manager service, and worldwide automatic travel accident insurance. No matter where a cardholder decides to go with this premium card, he or she will always be protected in the case of an emergency.
Fees and APRs for the USAA Cash Rewards Visa
Although the USAA Cash Rewards Visa card does not have an annual fee or a penalty APR, a cardholder will have to pay other fees. The company will assess a $35 fee for late payments and returned payments. The only exception to these fees occur when the cardholder has made timely payments for at least six consecutive months before the occurrence. In such a case, the credit card company will only charge that person $25. No charge will be assessed for the cardholder going over his or her credit limit.
The annual percentage rate for each cardholder will be between 9.90 percent and 25.90 percent, as per determined by the bank based on credit score. Balance transfers and cash advances will have a 3 percent charge attached to them, but the bank will charge no more than $200 per transaction. Foreign transactions will be charged 1 percent.
Disputes and Account Closure
Any cardholder can dispute a charge that he or she believes is fraudulent. The company will investigate the occurrence and decide on whether or not to credit the cardholder. Those who would like to cancel their accounts can call the same number. Account closers are advised to pay the remaining balances within 90 days of closing the account. To initiate an investigation or request account closure, the cardholder may call the number on the back of the card or log in to account management online.
Apply Today for an Amazing Card
Military personnel and family members can enjoy the feature packed USAA Cash Rewards Visa cards by stopping by and completing an application today. The personal can gain approval in as few as five minutes.
