Dont Bother with their Credit Cards - RIP if you do

I just want to say one thing about USAA and their credit cards.  USAA will offer a great introductory offer on all purchases and balance transfers when you get your card, however, don't expect to get any good rates or credit offers going forward.  Once the 12-18 months is up, your just a number.  I have been with USAA and had this card for 5-10 years.  Its been so long I dont even remember.  I have a good credit score, I know this because i received a low 2.29% interest rate on a new vehicle loan through them.  The credit card they wont tell you this up front, but I will recite word for word what one of the reps told me about my 23% interest rate on future balance transfers:

 

"APR on credit card are established at the time of opening unfortunately APR do not drop unless the prime numbers changes and you can open a new redit card but can not guarantee you will have a APR lower than what you have"

 

Perhaps there are a 100 people out there, members of USAA, that still have a good interest rate. I'm sure one or two of you will comment on this thread saying how great your interest on your USAA card is and how much you love USAA, but my gut feeling is 95% of you will be in the same boat with a 20%+ interest rate that will never go down.  Let it be known that my card is $0 balance so its not like they got me where they want me with 10k in credit card debt.  I even said to them that I would not use the card again as long as the interest rate is that high.  Maybe if enough people complain, they'll see that they need to stop raking over the military and veterans of this nation.  I am now going to go and vomit.

 

Thanks

DM

 

 

Please sign-in to reply

7 REPLIES

Don't bother with these credit cards, PERIOD! Angry Adam is right. No perks come out of having them but a high interest rate and dept that you'll never pay off once you start racking up charges. I'm a Veteran and I'm tired of these ridiculous rates. The directors and other "higher ups" are not on there jobs keeping us vets and our families taken care of. Sad but true..

I do regret to hear you feel this way @pearl Master Jay as we never want our members to feel this way. I was able to locate your profile and will engage the appropriate area for review. If additional information is needed they may reach out to you. Thank you for your time today. -Emily

I don't think the high APR is standard. I have excellent credit and my APR hasn't been more than 10% for over 10 years.

Adam, I'd also be careful about how they report to the credit agencies. They sometimes do that and can't even tell you why they did it. They make you fill out paperwork to investigate it and then come back with the generic--no help/information response. That means a lower credit rating and headaches trying to find out why they did it. That's what finally made me decide to get rid of mine after 25+yrs. Also, I could never rely on their cards while I was traveling overseas--even after I notified them what countries I was going to be visiting. Thank goodness for the cards I had from another financial institution.

 

To USAA Rep: No need to address my comment.

Yes and speaking of credit cards - USAA please implement a better system of managing fraud or suspected fraud. Perhaps you should look at the systems that Citi and Fidelity have in place and learn from them.  

It's just crazy. I've had to get a new card 3 out of the last 5 months.

I keep my card Blocked, so the fraudulent charges never get paid. I do receive a great deal of pleasure out of seeing a declined charge of $375 for an indoor water park and a declined $125 for Wing Stop in the space of two hours. If someone paid for that, it sure wasn't me or USAA.

Block / Unblock is very conveniently done through the app. This for debit cards, also.

I have to give USAA one thing: They allow the Block function as many times as you want. I might do it 6 or 7 times a day. Try that at NFCU and they will shut you down after about the third "Freeze", as they call it. You then have to call them so they can tell you that this is not what that function is for.

I guess all this may be beside your point. You are certainly correct -- the fraud is out of control.

As for interest rates -- of course they're too high. I wouldn't think of keeping a USAA credit card if I thought I couldn't pay it every month.

It's a terrible thing to say, but I figure that those who do actually carry a balance over are the reason I don't have to pay to use an ATM.

@Angry Adam, thank you for taking the time to share your feedback with us regarding the interest rate on your credit card account. We try to be flexible with our members and offer the best rates possible. We currently do not offer the option to adjust the rate on an existing account. You would have the option to submit an application for a new account to see if you qualify for an account with a lower APR. Your concerns about your account are important to us and I will share your feedback about your disappointment with the appropriate team. We continually look for ways to improve our products and services for our members. Thank you. - Rhonda