Most credit cards offer only 1 point per dollar spent as a reward. But this card offers twice as that. In this USAA Rewards Visa Signature Card, I’ll list all its features and benefits so that you can see if it’s the right one for you.
The USAA Rewards Visa Signature Card is a credit card that gives a welcome bonus of 2,500 points for the first purchase. That translates to $24.75, according to a research report. Its ongoing rewards system makes it attractive. Instead of just 1 point, it gives 2 points for every dollar spent on eligible purchases.
The rewards system being used by this credit card roughly translates to 2% cashback. You are allowed to redeem your rewards for cash, gift cards, a donation to charitable institutions, merchandise, and airline travel.
Read on to learn more about the USAA Rewards Visa Signature Card, its features and benefits, and everything you need to know to determine if it’s the right credit card that will suit your needs.
About the USAA Rewards Visa Signature Card
Welcome Bonus of 2,500 Points
The USAA Rewards Visa Signature Card offers a welcome bonus of 2,500 points for your initial purchase. According to a research report, that is equivalent to $24.75. But that’s only modest compared to its ongoing rewards system.
Earn 2 Points for Every Dollar You Spend
Other credit cards give only 1 point for every dollar that you spend. This credit card doubles that amount. Meaning, you will earn 2 points for every dollar that you spend on eligible purchases with this credit card. That would roughly translate to 2% cashback on all your eligible purchases.
The eligible purchase items that earn 2 points per dollar include gas and dining expenses. Lastly, all other eligible purchases earn 1 point per dollar spent.
Redeem Rewards for Merchandise, Cash Rewards, and More
You can redeem or use your rewards for merchandise, cash rewards, gift cards, a donation to charitable institutions, or airline travel. The actual value of the points you earned will be based on how you choose to redeem them. In other words, earned points have different values depending on how you redeem them.
On average, USAA reward points are worth 0.86 cents. Once you redeem your points for travel, they’re worth 1 cent. For cash back, they are worth 0.92 cents. The biggest value is given for gas and dining expenses. For these categories, the points are worth 2 cents.
No Expiration Reward Points
The reward points that you have earned will never expire. Some reward points can even earn extra money when used in chosen spending categories.
Requirements for Getting USAA Rewards Visa Signature Card
You have to be a member of the USAA to get this credit card. Being a member of the U.S. military will not make you a member of the USAA. You have to apply to become a USAA member. Membership is also open to family members of U.S. military personnel.
The other requirement is that you have a good to excellent credit score. That means your credit score should be between 670 and 850.
USAA Savings Bank Issues This Card
The issuer of this card is USSA Savings Bank with Visa as its card partner. You also need to know that just recently, USAA announced that it would be closing all but four of its offices. This financial services company has been a leader in using technology to provide better services to its clients. They aim to do this without building additional infrastructure.
Benefits of the USAA Rewards Visa Signature Card
An excellent way to determine if the USAA Rewards Visa Signature Card is right for you is to see the potential benefits that you can get from it. Will it benefit your current financial situation?
Here are some of its stated benefits:
1. Welcome Bonus
After your application is approved and right after you make your initial purchase using this credit card, you will receive a welcome bonus of 2,500 points. That is worth around $24.75, according to a research report.
2. Minimal Expense to Maintain
One thing you can say about this card is that it is not costly to maintain. It has no annual fee; there are no minimum interest charges, penalty APR, and foreign transaction fees. You have to pay several fees for using the cards of other brands. There is also a charge for every transaction that you make using your credit cards.
3. Travel Benefits
There are several travel benefits that you will enjoy while using this credit card. Here are some of them.
- Trip Interruption or Cancellation Coverage – use this card to pay for a non-refundable prepaid passenger ticket and you get a maximum of $1,500 coverage per person if your trip is interrupted or cancelled for reasons that are covered.
- Auto Rental Coverage
- Baggage-Delay Reimbursement – use this card to pay for a non-refundable prepaid passenger ticket and you get reimbursed for a maximum of $100 for up to 3 days for essentials such as toiletries and clothing, if your checked baggage is delayed for four hours or more.
- Travel Accident Insurance
- Travel Emergency Assistance
4. Safety and Security
With this card, you enjoy safe and secure spending, including the following:
- No liability for unauthorized transactions and charges
- Secure log-ins to your account
- Safety tips provided by security specialists
- Report lost or stolen credit card through an app or via online
- Create different security alerts on your smart devices and stay informed
- Industry-leading quick Logon, biometrics, computer recognition, and CyberCode text
- Personal Identity Theft Benefit – you will be reimbursed up to $1,000 to cover your expenses related to restoring your identity after the commission of the crime.
5. Convenient Customer Service
The USAA Rewards Visa Signature Card is ably supported by excellent customer service. If you have a need related to this credit card, you can expect to receive the following customer services:
- 24/7 access
- Concierge services to help with shopping, event tickets, and reservations
- Help in taking advantage of extended warranty protection on U.S. manufacturer’s warranties
- Add the credit card to your mobile for fast checkouts and payments
Again, what does the USAA Rewards Visa Signature Card offer? With the USAA Rewards Visa Signature Card, you will get 2,500 welcome bonus points, which is around $24.75 for your first purchase. Also, this credit card offers an attractive rewards system wherein you get two points for every dollar you spend on eligible purchases.
Fees and Charges of the USAA Rewards Visa Signature Card
Although the fees and charges of the USAA Rewards Visa Signature Card are lower compared to other credit card brands, you are still required to pay certain fees and charges for using it:
- Annual Fee – Zero
- Balance Transfer Fee – 3% of the amount of the balance transfer
- Foreign Transaction Fee – Zero
- Cash Advance Fee – 3% of the cash advance amount. This fee is waived when you transfer funds electronically to another USAA deposit account.
- Returned Payment Fee – maximum of $35
- Late Payment Fee – maximum of $35
- Over the Credit Limit Fee – Zero
- APR – 9.90% to 25.90% according to your creditworthiness plus some other factors. It will vary depending on the Prime Rate prevailing in the market
- Penalty APR – None
- Minimum Interest Charge – None
To avoid paying interest on your purchases, you should pay the entire remaining balance every due date of each month. The due date is at least 25 days after the close of every billing cycle.
The fee for late payment is $25 initially if you are late in paying within the prior six billing cycles. After that, it will be the regular $35. That is also true for the returned payment fee. Initially, it is $25 and $35 after that. The fees will never exceed the amount of the minimum payment due to your current bill.
How to Earn Rewards with the USAA Rewards Visa Signature Card
You will earn reward points whenever you make eligible purchases with this credit card. The specific points that you can earn for the eligible purchases are the following:
- Gas – 2 points
- Dining – 2 points
- Other eligible purchases – 1 point
Eligible dining purchases should be made with merchants who are primarily selling food to their customers. These merchants include restaurants and fast food joints. Groceries and supermarkets are not eligible since they are primarily selling foods that are not yet cooked.
As for your gas purchases, you’ll earn rewards when you buy them from gas stations that sell gas to car owners and individual customers as their main business. Truckstop transactions and fleet operators are not eligible.
How to Redeem Rewards with the USAA Rewards Visa Signature Card
You can easily redeem your reward points earned from using this credit card because the process is straightforward. Follow these steps:
- Use your USAA Rewards Visa Signature Card for your everyday expenses.
- Keep tabs on your USAA credit card expenses. Normally, the points that you have earned will be posted within 48 hours of your spending. You can find your total reward points on your mobile app or on the USAA website.
- Redeem your points by logging onto your account at USAA.com and visiting the Rewards Service Center. Or you can call 800-980-8722 to redeem them.
- Choose from different redemption options. Be aware that each option has its particular redemption value. You can redeem all your earned points at one time, or you can choose to redeem just a portion of the total. Be sure that your account is active.
- If you choose to close your account, you still have 90 days from the date you closed your account to redeem all your earned rewards.
Requirements in Applying for a USAA Rewards Visa Signature Card
You need to satisfy certain requirements before USAA approves your credit card application. Here are those requirements:
- You must be a member of a military family
- Your credit score should be between 670 and 850.
- At least 18 years old
- A U.S. citizen or a permanent U.S. resident
- Authorize USAA to conduct an investigation to confirm your identity
- You authorize USAA to obtain and use consumer credit reports related to your application.
Pros and Cons of the USAA Rewards Visa Signature Card
To complete my review of the USAA Rewards Visa Signature Card, I will discuss its pros and cons. You need to weigh them to ensure that you are making the right decision:
- No annual fee
- Fees are minimal
- Several options for reward redemption
- Customer service of USAA has a good reputation
- Requiring an applicant to be a member of a military family is restrictive
- Welcome bonus is small compared to other credit cards
- Rewards value is somewhat unclear
Conclusion: USAA Rewards Visa Signature Card
The USAA Rewards Visa Signature Card is a credit card that offers a 2,500 points welcome bonus. While that may be modest, it still translates to $24.75. It is their ongoing rewards system that makes this credit card attractive.
Most credit cards only give one reward point for every dollar spent. The USAA Rewards Visa Signature Card gives two reward points for each dollar that you spend on eligible purchases. Roughly, that translates to 2% cashback. These are some of the reasons why this card is worth your consideration.