Preferred Cash Rewards Visa Signature Card Review 2019

By: Heather Hanks Nov. 11, 2019

The Preferred Cash Rewards Visa Signature Card offers special benefits for military families. It’s a great card for those who want to earn cash back every time they use it. The Preferred Cash Rewards Visa Signature Card features 1.5% back on every purchase you make. There are no category restrictions and you can redeem your points anytime.

Plus, there is no annual fee, penalty APR, or foreign transaction fees. They also have a zero liability policy. However, APRs range from 13.65% to 27.65%, depending on your credit. There is also a 3% fee on cash advances and balance transfers. If you’re a military member and want to earn cash back on every purchase you make, then check out our Preferred Cash Rewards Visa Signature Card review below.

What is the Preferred Cash Rewards Visa Signature Card?

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The Preferred Cash Rewards Visa Signature Card is brought to you by USAA, which is a financial service company that offers insurance, banking, and retirement options. The company proudly serves military members and their families. It was founded in San Antonio in 1922 when 25 Army officers met and decided to insure each other’s vehicles. The tiny organization has since grown to serve millions of people. It has become one of the best fully integrated financial institutions in America. In addition to their Preferred Cash Rewards Visa Signature Card, USAA offers free checking, auto insurance, and home and renters insurance.

The company is currently headquartered in San Antonio, but they have offices throughout America and the rest of the world. As of 2017, USAA had a net worth of $30.6 billion and that number continues to grow. Their goal is to provide excellent service for their members so they can grow financially strong. They proudly serve families who are active in the U.S. Air Force, Army, Coast Guard, Navy, Marines, National Guard and Reserves. They also serve former military members who have retired or have been honorary discharged. Widowers, widows, and unremarried former spouses of USAA members are also eligible for service.

$0 annual fee

No penalty APR

Over the credit limit: $0

What Does Preferred Cash Rewards Visa Signature Card Offer?

The Preferred Cash Rewards Visa Signature Card offers unlimited 1.5% cash back on all purchases. There are no category restrictions and you can redeem your rewards any time. Other cards may only offer cash back on dining out or grocery store purchases. They may also try to persuade you to use their card at certain locations. The Preferred Cash Rewards Visa Signature Card allows you to spend your money the way you want and get cash back for it. Other cards may also make you wait until the end of the year to cash in your rewards. With the Preferred Cash Rewards Visa Signature Card, you can cash in your money any time you want.

There is also a 3% balance transfer and cash advance fee. Late payments and returned payments are $25 for your first offense within six months and $35 after that.

Here is a breakdown of the basic terms and conditions:

1.5% unlimited cash back on all purchases with no restrictions

$0 annual fee

APRs range from 13.65% to 27.65%

Late payment and return payment: $25 for the first offense within six months and $35 after that

Balance transfer and cash advance fee: 3%

Over the credit limit: $0

No penalty APR

Special military benefits and card features

Zero liability policy (you won’t be held responsible for fraudulent charges)

$0 foreign transaction fees

4% SCRA rate for active duty military members up to one year after they complete their status

Military members can earn a special 4% Service Members Civil Relief Act (SCRA) rate on their existing balance at the time they become active in the military. This means that if you have a balance on your account when you become an active military member, you can get 4% APR on your existing balance. This rate is good for one year after you complete your active duty status. It can be used on credit cards, home or auto loans, personal loans, home equity loans, mortgages, and life insurance policies. To qualify for the SCRA rate, you must be a USAA holder before your active duty. You must also submit your request 180 days before completing active duty and made the charges to your account before your status changes. The Preferred Cash Rewards Visa Signature Card also features a special military card design to honor its members who have served the country.

How Does Preferred Cash Rewards Visa Signature Card Work?

Redeem 1.5% in cash back

The Preferred Cash Rewards Visa Signature Card allows you to redeem 1.5% in cash back anytime you want. There are no category restrictions. You can use your card to each cash back on all eligible purchases that do not include transactions, cash advances, ATM disbursements, money transfers, refunds, tax payments, or any other similar charges. You can have your cash back distributed directly into your bank account or into a USAA checkings or savings account. Use your card to earn back on bill payments, dining out, grocery items, gas, and everyday essentials.

Earn cash back

You’ll earn cash back on everything you buy as long as your account is in good standing. This means that you can’t have outstanding balances and you can’t be in violation of the USAA credit card agreement. You can redeem your cash back in increments of $1.00 only. To redeem your points, you can log into your account and do so anytime. Your account is accessible through the app on your mobile device or desktop any time of day or night. You can also speak with a customer service representative if you questions about redeeming your points.

Othr Preferred Cash Rewards Visa Signature Card Benefits

The Preferred Cash Rewards Visa Signature Card offers special travel and shopping benefits for its customers. If you travel with your card, then you’ll also like that there are no foreign transaction fees outside of the US. USAA has a zero liability policy that does not obligate you to pay fraudulent charges on your account. To ensure that you aren’t held responsible, make sure you report all fraudulent activity as soon as you detect it. The Preferred Cash Rewards Visa Signature Card takes industry-leading security measures to keep your information secure by using features such as biometrics, Quick Logon, computer recognition, and CyberCode text.

The following is a list of all the benefits you get as a Preferred Cash Rewards Visa Signature Card holder:

Auto rental collision damage waiver

This feature includes built-in auto rental coverage. It covers you from physical damage, theft, and loss-of-charges from towing when you charge your rental car to your Preferred Cash Rewards Visa Signature card. To cash in on this offer, you’ll need to decline the collision waiver provided by the rental agency. You’ll also need to make sure your name is on the rental car as the primary driver. You will earn 31 days of protection across the world using this feature.

Travel and emergency assistance

This option covers you if you become sick or injured while traveling anywhere in the world. You can get help 24/7 no matter where you are. A customer service representative will direct you to medical and legal referrals, travel planning, and prescription assistance. You’ll also have help if you need emergency transportation, translations, or assistance with relaying messages to friends and family back home. You can also use this service to locate lost luggage or speak to an attorney regarding replacing travel documents.

Trip cancellation and interruption

You’ll be covered for up to $1,500 per person when you use your Preferred Cash Rewards Visa Signature Card to book your trip. This coverage is good for non-refundable prepaid passenger fare if your trip is canceled or interrupted. You’ll be reimbursed for your troubles as long as your trip is interrupted due to a covered reason, such as an illness that affects you or a family member. It can also be due to a change in military orders.

Travel accident insurance

You’ll be covered for loss of life or limb when you use your Preferred Cash Rewards Visa Signature Card to pay for your ticket. This includes trips that you take by plane, boat, ferry, bus or train. You’ll get up to $500,000, depending on the loss and its circumstances. This covers you if you suffer from loss of hearing, speech, sign, limb or life. You’ll be covered on your trip as well as in between terminals and while you’re at the airport. You’re also covered immediately before your after you depart for or arrive at your destination.

Baggage delay reimbursement

This feature covers you for up to $100 per day for three days if your baggage is delayed. You can use this money to buy the essentials you need until your baggage arrives, such as clothing, device chargers, and toiletries. You must have used your card to pay for your trip to be eligible for this feature.

Extended warranty protection

This coverage allows you to extend the manufacturer's warranty on US items purchased with your card for up to one additional year. This policy is good for extending your items of three years or less. However, your items must be registered to qualify for this coverage.

Concierge services

As a Preferred Cash Rewards Visa Signature Card holder, you’ll have 24/7 access to concierge services whenever you need help with your account. You can use this service to arrange travel accommodations or buy concert tickets. Use it to book reservations at hotels, restaurants or entertainment events every day of the year. You can also find out about local activities in your area if you're traveling or learn more about exchange rates. They also offer business and specialty services.

Identity theft resolution services

This area of customer service offers you a wide range of benefits of you have been the victim of identity theft. You’ll have help notifying the three credit bureaus, replacing your card, and disputing inaccurate information. You can utilize this service until your case is resolved.

Personal identity theft

You’ll be covered for up to $1,000 in expenses if your identity has been stolen. This can help you pay for legal troubles, postage, and the cost of credit reports.

Preferred Cash Rewards Visa Signature Card: Pros and Cons

The Preferred Cash Rewards Visa Signature Card is a great choice if you’re a military member, especially if you’re about to enter active duty and carry a balance on your account. This card caters to the military-minded by offering special benefits and card designs to support your military lifestyle. We like that the mobile app is easy to use and you can redeem your points anytime. We also like that you can earn cash back on virtually anything you buy. The travel and shopping benefits are also a great touch, and you'll enjoy that there is no annual fee. However, the APR fees are higher than average and this card is only an option if you meet military requirements.

Visa Signature Card PROS

  • Travel and shopping insurance offered, including emergency assistance, rental car theft or damage, and extended warranty on US product purchases
  • You can earn 1.5% cash back on anything you buy with no category restrictions
  • Redeem your points anytime you want
  • Money back can be distributed directly into your bank account
  • No annual fee, penalty APR or foreign transaction fees outside the US
  • Identity theft protection and coverage is included
  • Zero liability policy, which means you won’t be held responsible for fraudulent charges
  • Military benefits, including a 4% SCRA rate for active-duty members who carry a balance
  • 24/7 concierge service offered
  • Military card designs available
  • Caters to military members, their family and those who are retired or have been honorary discharged

Visa Signature Card CONS

  • APR fees start at 13.95%, which is on the higher end. However, the card makes up for it by waiving your annual fee. They also don’t charge you a penalty APR if you miss a payment. You’ll be hit with a $25 fee for late or returned payments within the first six months, and then the fee increases to $35. There is also a 3% cash advance and balance transfer fee to be aware of.
  • You must be a military family to qualify.

How to Apply Preferred Cash Rewards Visa Signature Card

To apply for the Preferred Cash Rewards Visa Signature card, you'll need to visit the website and become a USAA member if you're not already one. Joining is free and can be done right from your phone.

Here's how to apply:

  • Establish your membership by entering your social security number and your military information.
  • Create your online username and password so you can log into your account anytime.
  • Get information about the card you want.

The website for the card does not list credit limits. You'll want to inquire about this before you apply if you need a certain amount. This number is likely determined by your credit score and other financial information. You'll want to have all of your information nearby when you apply. This can speed up the approval process. You may need additional documentation to show your military status. If you're a family member of a military member, then you may be asked for individual or other documents. There is no pre-qualification process. Once you apply, USAA will likely make a hard inquiry on your credit. This may impact your score, even if you're approved.

Disclaimer

CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.

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