Credit Cards

Credit Cards

Hargett's avatarHargettVisitor

Does anyone else have USSA credit card and is never able to actually use the limit on the card?

Re: Credit Cards

shinyface's avatarshinyfaceNew Member

Hi I'm really interested to hear more about this.  Getting ready to apply for a secured card in order to build a credit history.  No debt, but no credit either. I believe I read that while the interest rate is an incredibly low 9.9%, you are obligated to maintain your security deposit in a USAA sanctioned 2 year CD account.  No access to the funds for 2 years, without some sort of surrender penalty or early termination fee, but what's the interest rate on MY money?  Or is there an interest rate at all since interest is at historic lows.

 

So my understanding is, I won't be able to use the full account value.  In an emergency, assuming I have a zero balance on the card, it sounds like I can't pay to a zero balance, then close the account and get my initial deposit back... unless 2 years has passed.  It sounds like applying for this card might create an additional burden if I were to find myself in some sort of emergency dilemma.  I'd better keep saving

Re: Credit Cards

Hargett's avatarHargettVisitor

I'm in the same situation. I'm trying to start building credit. Secure cards are iffy only because the amount you put down is the amount your card will be worth. Putting money in a CD is iffy because there is no 100% guarantee you'll get the full amount you put in. I looked at USAA, PNC, Fifth Third, and Key Bank and they all told me that as well. So I applied for a student card credit card and it's a Masters Card and so far it works great for the most part. I'm just confused because I have a 1k spending limit and my card got declined for a $950 payment to my school and I have a $0 due balance.
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