USAA Preferred Cash Rewards Visa Signature Card Review 2023

USAA Preferred Cash Rewards Visa Signature Card Review 2023

USAA Preferred Cash Rewards Visa Signature Card Review: A Rewarding Option for Military Members

USAA Preferred Cash Rewards Visa Signature Credit Card

For military members and their families who are looking for a credit card that offers flat-rate rewards on all their purchases, the USAA Preferred Cash Rewards Visa Signature® Credit Card is a fantastic option. With a range of travel perks and an introductory 0% APR offer on purchases, this card caters specifically to the unique needs of military personnel and their loved ones.

USAA, known for its highly rated financial products, including loans and credit cards, received top accolades in J.D. Power’s 2022 U.S. Credit Card Satisfaction Study, surpassing all major card issuers with an impressive score of 860 out of 1,000 points.

While USAA offers several credit cards, the USAA Preferred Cash Rewards Visa Signature® Credit Card stands out for individuals seeking flat-rate cash back rewards. In addition to its rewards program, the card offers various travel protections and a generous introductory 0% APR offer.

Flat-Rate Cash Back with Simplicity

The USAA Preferred Cash Rewards Visa Signature® Credit Card is a straightforward cash-back card that provides a flat rate of 1.5% cash back on every dollar spent. With no need to keep track of bonus categories or spending caps, cardholders can easily understand and maximize their rewards.

However, it is important to note that this card does not offer a welcome bonus. For those seeking an initial rewards boost, other credit cards from different issuers, such as the Wells Fargo Active Cash® Card, may offer more robust rewards rates and additional benefits.

Comprehensive Travel Protections and 0% Intro APR

One of the defining features of the USAA Preferred Cash Rewards Visa Signature® Credit Card is its range of travel benefits and protections. Cardholders can enjoy auto rental coverage, travel accident insurance, trip cancellation and interruption insurance, as well as baggage delay and reimbursement coverage. These perks are automatically included when travel bookings are made using the card.

Furthermore, the card offers an appealing introductory 0% APR for 15 months on purchases (followed by a variable APR of 17.15% – 31.15%). This feature can be advantageous for military members and their families who wish to finance significant purchases over time. However, it’s important to note that the 0% intro APR offer does not apply to balance transfers.

Rewards Comparison and Flexibility

While the USAA Preferred Cash Rewards Visa Signature® Credit Card’s flat rate of 1.5% cash back is decent, it falls short when compared to other cards that offer higher rewards rates or a combination of flat rates and bonus categories.

For instance, the Chase Freedom Unlimited® card provides 1.5% cash back on regular spending and 5% back on travel booked through Chase, 5% back on Lyft rides (through March 31, 2025), and 3% cash back on dining and drugstore purchases. New cardmembers using the Chase Freedom Unlimited® card can also earn an additional 1.5% cash back on their first $20,000 spent within the first year, equivalent to up to $300 cash back.

However, the USAA Preferred Cash Rewards Visa Signature® Credit Card stands out with its versatile rewards program. Cardholders can redeem their cash back for statement credits, electronic transfers to a USAA bank account, merchandise, gift cards, travel, or charitable contributions.

Fees and Costs

With a $0 annual fee, the USAA Preferred Cash Rewards Visa Signature® Credit Card allows cardholders to enjoy its benefits without worrying about additional expenses. The card also does not charge foreign transaction fees or over-limit fees.

Although the card offers a 0% intro APR for 15 months on purchases, it is advisable to avoid the potentially high variable APR of 17.15% – 31.15% to prevent incurring substantial interest charges. It is important to be aware of certain fees associated with the card, such as balance transfer fees, cash advance fees, late payment fees, and returned payment fees.

Comparing Card Options

While the USAA Preferred Cash Rewards Visa Signature® Credit Card offers a good flat-rate cash back program with no annual fee, the Wells Fargo Active Cash® Card provides even more attractive rewards and benefits. With the Wells Fargo Active Cash® Card, new cardholders can earn a $200 cash rewards bonus after spending $500 on purchases within the first three months. Furthermore, the card offers a higher flat rate of 2% cash back on purchases and provides a 0% intro APR on purchases and qualifying balance transfers for 15 months.

For those specifically looking for a USAA credit card that offers an intro APR offer for balance transfers, the USAA Rate Advantage Visa® Platinum Credit Card is a viable option. Although it lacks a rewards program, it provides a 0% intro APR for 15 months on balance transfers and convenience checks posted within 90 days of account opening (followed by a variable APR of 12.15% – 29.15%). This card would be ideal for individuals seeking to consolidate and gradually pay down their debt.

Another card worth considering is the Chase Freedom Unlimited® card, which offers a 0% intro APR on purchases and balance transfers for the first 15 months (followed by a variable APR of 20.24% – 28.99%). In addition to earning 1.5% cash back on regular purchases, cardholders receive higher rewards rates in other categories, such as travel, dining, and drugstore purchases.

Trustworthy Evaluation

In our review of the USAA Preferred Cash Rewards Visa Signature® Credit Card, we have followed a rigorous credit card rating methodology. Our assessment assigns equal weight to five key categories: welcome bonus offer, annual fee, rewards rates, using rewards, and benefits. This approach ensures a fair and comprehensive evaluation of the card and its suitability for military members and their families.