USAA Rate Advantage Visa Platinum® Card Review
By: Heather Hanks Dec. 19, 2019
The USAA Rate Advantage Visa Platinum card caters to military members and their families. It features the company’s lowest interest rates. They range from 8.40% to 25.40%, depending on your credit score and other financial information. You’ll also enjoy no annual fee, foreign transaction fee, or penalty APR.
Other notable features include a zero liability policy, military affiliate card designs, and industry-leading security features. You can manage your account online. You’ll get added protection when you travel, including baggage delay and travel accident insurance. To find out more information, check out our USAA Rate Advantage Visa Platinum Card review below.
What is the USAA Rate Advantage Visa Platinum Card?
The USAA Rate Advantage Visa Platinum card is one of several low-rate cards offered by USAA. The company state that this card features their lowest interest rate yet. You’ll need to be a USAA member to qualify for the card. USAA is a company that proudly serves the military and their family members. It was founded in 1922 after 25 Army officers met in San Antonio and insured each other's cars. The small organization grew into one of the only fully integrated financial services in the United States.
According to the website, the company currently had 12.8 million members and 52.1 million products. As a USAA member, you’ll get access to banking, insurance, and investing opportunities designed just for military members. This includes free checking, home loan options, insurance coverage, and help with your portfolio. You’ll also get access to financial tools and advice. Creating a membership is free. However, additional services, such as the USAA Rate Advantage Visa Platinum Card, cost extra.
To join, you’ll need to fall into one of the following categories:
What Does It Offer?
The USAA Rate Advantage Visa Platinum card offers the lowest interest rates among all USAA cards. Interest rates range from 8.40% to 25.40%. This number depends on several factors, including your credit score and history. Your APR will also depend on the prime rate and the state you live in. There is also no penalty APR, annual fee, or foreign transaction fee. This is how USAA allows you to save money.
Here is a breakdown of the rates and fees associated with the USAA Rate Advantage Visa Platinum card:
Annual fee: $0
Penalty APR: 0%
Minimum interest charge: $0
Over your credit limit fee: $0
Late payments and returned payments: up to $35
Balance transfers and cash advances: 3% of the amount of each (your cash advance fee is waived when you transfer funds electronically to your USAA account)
APR: 8.40% to 25.40% (depending on your creditworthiness and the prime rate)
You can manage your account entirely online using the mobile app. This allows you to transfer funds, view your bill, make payments, and check your balance all from your phone. Your mobile wallet allows you to connect your credit card. Then you can shop in-store or make-in app purchases. You can also manage your account with tools. These allow you to set travel notifications, transfer funds, and contact customer service. You can also set up alerts when payments are due so you never miss one. We recommend making each payment on time to help boost your credit.
Other Benefits
In addition to low interest rates and no hidden fees, the USAA Rate Advantage Visa Platinum card offers several benefits. These benefits are focused on providing the best service for those who serve our country. They offer a zero liability policy that ensures you won’t be held responsible for fraudulent charges. There is also a special 4% RCRA rate. This allows you to enjoy 4% APR on your current balance when you enter active military duty. This offer is good until several months after you return from active duty. Here is a complete list of benefits you’ll get with the USAA Rate Advantage Visa Platinum card.
SCRA Benefits
Perhaps the biggest break for active military members is the Servicemembers Civil Relief Act (SCRA) interest rate benefits. This offer applies to any debt that you have incurred before you enter active duty. It does not apply to debt that you incur during or after active duty. Initially, the SCRA rate was 5% on credit card and other loan debt. However, this rate was lowered to 4%. To qualify, you must be a USAA member before active duty. You must also submit an application 180 days before you complete active duty. The charges must be applied before active duty.
You can use it on the following:
The primary reason why members are declined is because they acquire debt during or after their active duty. Remember that this offer only applies to debt you have before entering active duty. You might also be denied if you submit your request too late or your benefits were previously applied to the same account. Government contract employees might also be denied.
Security Features
USSA makes sure your account and personal information is secure. All of your information can be managed online through the mobile app. Security features include biometrics, cyber code text, computer recognition, and quick logon.
There is a zero liability policy that guarantees you won’t be responsible if your account is compromised. Be sure to notify USAA of any unauthorized charges to have them removed. USAA also protects you if your identity is stolen, and they offer extended warranties on your purchases. Here are some key security features:
Shopping Benefits
Your purchases are covered on the USAA Rate Advantage Visa Platinum card. The extended warranty protection feature extends your US manufacturer’s warranty for up to one additional year. Your USAA Rate Adtangeave Visa Platinum card also comes with 24/7 concierge service. You can use this service to get advice on gifts or restaurants, buy concert tickets, or help plan a future trip. This service also helps you with exchange rates, vaccination requirements, and business or specialty services.
Travel Benefits
You’ll be protected when you travel with your USAA Rate Advantage Visa Platinum card. The following is a list of travel benefits that come with your card. Keep in mind that most of these offers are only good if you use your card to pay for them. Your travel benefits will not apply to purchases made on other cards.
USAA Rate Advantage Visa Platinum Card: Pros and Cons
Is the USAA Rate Advantage Visa Platinum card right for you? For starters, you have to be a USAA member. If you’re not, you can sign up for free. However, you need to be a military member or a family member of one. The USAA Rate Advantage Visa Platinum card has the lowest rates of all USAA cards. APRs are lower than average and start at 8.40% You’ll need to have good credit to qualify. There are also no annual fees, penalty APRs, or foreign transaction fees. Active duty military members can take advantage of the 4% SCRA rate. Other rates and terms, such as your credit limit, will depend on your financial history.
USAA Rate Advantage Pros
USAA Rate Advantage Cons
How To Apply
We recommend having good credit before you apply. This ensures you’ll get the lowest rates and most favorable terms. To get started, USAA will ask you to log into your account. If you don’t have one, then you can sign up for free. To join USAA, you’ll be asked to determine if you are eligible by answering a few questions. You’ll need to provide the following information:
After you provide this information, you’ll be asked to set up an account by creating an online username and password. We noticed that USAA does not list their length terms or credit limits on the website. Your rates and terms will likely be determined by several factors. USAA may look at your credit score, credit history, bank information, and annual income.
They may also look at your spending habits and employment status to determine your creditworthiness. The prime rate will also influence your APR. There does not appear to be a pre-quality option to see your options. You may not be provided with this information until after you apply.
The above review on the USAA Rate Advantage Visa Platinum card is based solely on the opinion of Creditnervana. The USAA Rate Advantage Visa Platinum card features low rates and no hidden fees. You’ll like that APRs start at 8.40% and there are no annual fees. There are also no penalty APRs or foreign transaction fees. This card is an excellent choice for anyone in the military. Active duty members can enjoy a special 4% APR on their current balance. This offer applies to debt that you’ve acquired before your status changes.
Other benefits include shopping and travel coverage, including built-in rental car insurance, extended warranty, and 24/7 concierge service. USAA offers a zero liability policy and other security features to protect your information. They do not list their credit term lengths or limits on their website. This information is likely based on your credit information and financial income. It’s also influenced by the prime rate. To apply, you’ll need to be a USAA member. Only military members and their families can apply. For more information, visit the USAA Rate Advantage Visa Platinum website and apply. Doing so may impact your credit score.
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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