USAA Rate Advantage Visa Platinum Credit Card Review 2023 – DIGIWIZ CENTRAL

USAA Rate Advantage Visa Platinum Credit Card Review 2023

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The USAA Rate Advantage Visa® Platinum Credit Card – Product Name Only could be a good option for USAA members who want the chance to consolidate and pay down high-interest debt. Since its intro 0% APR offer applies to balance transfers as well as convenience checks, this card can also work well for cardmembers who want to access a short-term, interest-free loan. That said, using credit card convenience checks that arrive in the mail will still trigger a cash advance fee, and keep in mind that this card doesn’t earn rewards. 

If you’re a member of the military, a veteran, or an eligible family member of one, you may know all about USAA Bank already. If not, you should know this financial institution offers financial products and insurance solutions for military members, including various loans, retirement accounts, credit cards, and more.

The USAA Rate Advantage Visa® Platinum Credit Card – Product Name Only is one of the card options from USAA that doesn’t offer rewards. Instead, this card offers a truly unique USAA Rate Advantage Visa® Platinum Credit Card – Intro APR, then USAA Rate Advantage Visa® Platinum Credit Card – Regular APR.

That makes the USAA Rate Advantage Visa® Platinum Credit Card – Product Name Only worth considering if you have high interest debt to pay down, or if you need to access some cash in the short-term and pay it down without interest for a while. However, you should know upfront that the 0% intro offer does not apply to purchases.

USAA Rate Advantage Visa Platinum Credit Card Review: Is it the Best Card for You?

If you want a credit card that offers rewards for spending, you’ll need to look elsewhere. The same is true if you want a credit card with a ton of perks, or one that has 0% APR for purchases for a limited time.

The USAA Rate Advantage Visa® Platinum Credit Card – Product Name Only really only has one major benefit, and that’s the fact new cardmembers get USAA Rate Advantage Visa® Platinum Credit Card – Intro APR (followed by USAA Rate Advantage Visa® Platinum Credit Card – Regular APR). Balance transfers and cash advances also need to be posted to your account before December 31, 2023 for the introductory rates to apply.

Note that a balance transfer fee of 3% applies to your account if you use this card for debt consolidation. A cash advance fee also applies to paper credit card convenience checks, even though you do get the intro APR on funds accessed with these checks for 15 months. 

Interestingly, the fine print from USAA says you can get the cash advance fee waived when you transfer cash advance funds electronically to a USAA deposit account.

This is all pretty confusing, and it’s worth noting that there are better balance transfers out there without the confusing fees and fine print. As an example, the BankAmericard® Credit Card – Editorial Name Only comes with no annual fee as well as BankAmericard® Credit Card – Intro APR (followed by BankAmericard® Credit Card – Regular APR).

USAA Rate Advantage Visa Platinum Credit Card Rewards

The USAA Rate Advantage Visa® Platinum Credit Card – Product Name Only doesn’t offer any rewards, which is another one of its downsides. You’ll want to know that some cards with rewards offer better intro APR offers as well.

As an example, the Wells Fargo Active Cash® Card – Product Name Only lets cardmembers earn a flat 2% cash back on purchases with no annual fee. Plus, new cardholders can earn a Wells Fargo Active Cash® Card – Intro Bonus. The card comes with Wells Fargo Active Cash® Card – Intro APR (followed by Wells Fargo Active Cash® Card – Regular APR).

USAA Rate Advantage Visa Platinum Credit Card Benefits and Features

The USAA Rate Advantage Visa® Platinum Credit Card – Product Name Only is light on benefits, but there are a few perks to be aware of.

0% APR Offer

As we mentioned already, the USAA Rate Advantage Visa® Platinum Credit Card – Product Name Only comes with USAA Rate Advantage Visa® Platinum Credit Card – Intro APR (followed by USAA Rate Advantage Visa® Platinum Credit Card – Regular APR). Balance transfers and cash advances also need to post to your account before December 31, 2023 for the introductory rates to apply.

This intro APR does not apply to purchases.

Security and Protection

The card comes with some pretty standard security features, including $0 fraud liability, mobile alerts, and the ability to report a lost or stolen card with the USAA app or your online account management page.

Support and Service

This card comes with 24/7 customer support online from USAA, extended warranties on eligible items that come with a manufacturer’s warranty and the ability to use your card for payments in a mobile wallet.

Travel Insurance Coverage

A few travel benefits apply when you use this card to pay for travel purchases. However, we wouldn’t recommend it since this isn’t a travel rewards credit card and it does not offer notable travel benefits (other than insurance coverage).

Either way, the USAA Rate Advantage Visa® Platinum Credit Card – Product Name Only comes with auto rental coverage, travel accident insurance, trip cancellation and interruption insurance. and baggage delay coverage and reimbursement.

USAA Rate Advantage Visa Platinum Credit Card Fees and Costs

The USAA Rate Advantage Visa® Platinum Credit Card – Product Name Only doesn’t charge an annual fee, nor does it charge any foreign transaction fees. You can also get the cash advance fee waived if you automatically transfer funds accessed this way to a USAA bank account.

That said, there are some other fees to be aware of:

Balance transfer fee: You’ll pay a balance transfer fee if you use this card to consolidate debt from other cards. Cash advance fee: A cash advance fee applies if you use this card’s paper convenience checks or you access cash at an ATM.Late payment fee: A late payment fee can apply if you pay your credit card bill after the payment due date.Returned payment fee: A returned payment fee can apply if your payment is returned for non-sufficient funds or any other reason.

USAA Rate Advantage Visa Platinum Credit Card vs. BankAmericard Credit Card 

If you want to save as much money as possible on interest while consolidating high interest debt from other cards, you’ll want the longest intro APR offer you can find. In the meantime, you might also want an intro offer that applies to purchases in case you want to pay down new spending without interest as well.

Either way, the BankAmericard® Credit Card – Product Name Only is worth checking out since it comes with no annual fee and BankAmericard® Credit Card – Intro APR (followed by BankAmericard® Credit Card – Regular APR). Note a balance transfer fee also applies if you use this card to consolidate debt.

Read our BankAmericard review.

USAA Rate Advantage Visa Platinum Card vs. USAA Preferred Cash Rewards Visa Signature Card

If you want a USAA credit card but you want to earn rewards on spending, you’ll have to give up the intro APR offer for balance transfers. If you’re okay with that, the USAA Preferred Cash Rewards Visa Signature® Credit Card – Product Name Only can be a good option since it offers a flat 1.5% cash back on all spending with no annual fee. 

Not only that, but this card comes with USAA Preferred Cash Rewards Visa Signature® Credit Card – Intro APR (followed by USAA Preferred Cash Rewards Visa Signature® Credit Card – Regular APR). That makes this card a solid choice if you want to earn rewards for spending and then pay down purchases interest-free for a limited time.

Read our USAA Preferred Cash Rewards card review.

USAA Rate Advantage Visa Platinum Credit Card vs. Wells Fargo Active Cash Card

The Wells Fargo Active Cash® Card – Product Name Only is also worth checking out if you want an intro APR for balance transfers. After all, new cardholders automatically get Wells Fargo Active Cash® Card – Intro APR (followed by Wells Fargo Active Cash® Card – Regular APR).

This card also comes with the benefit of an exceptional rewards rate. In fact, members earn 2% cash rewards on purchases and Wells Fargo Active Cash® Card – Intro Bonus. There’s no annual fee for this card, either.

Read our Wells Fargo Active Cash card review.

USAA Rate Advantage Visa Platinum Card Frequently Asked Questions

Is the USAA Rate Advantage Visa Platinum Credit Card a good balance transfer card?

The USAA Rate Advantage Visa® Platinum Credit Card – Product Name Only does have an intro APR offer for balance transfers, but there are better cards out there. We suggest looking at the best balance transfer credit cards that offer 0% APR for balance transfers (and potentially even purchases) for up to 21 months.

Does the USAA Rate Advantage Visa Platinum Credit Card charge foreign transaction fees?

The USAA Rate Advantage Visa® Platinum Credit Card – Product Name Only does not charge foreign transaction fees.

Do you earn rewards with the USAA Rate Advantage Visa Platinum Credit Card?

The USAA Rate Advantage Visa® Platinum Credit Card – Product Name Only does not offer any rewards, so you’ll want to look elsewhere if you want to earn cash back or other types of rewards. For example, you can consider cash-back credit cards and general rewards credit cards.

Does the USAA Rate Advantage Visa Platinum Credit Card charge any fees for a cash advance?

The USAA Rate Advantage Visa® Platinum Credit Card – Product Name Only charges a fee for cash advances. However, this fee can be waived if you utilize a cash advance online and have the money automatically transferred to a USAA bank account.

Do you have to be military to get the USAA Rate Advantage Visa Platinum Credit Card?

You have to meet certain requirements to join USAA and qualify for its financial products. These include being a member of the military, a veteran, a precommissioned officer, or a spouse or child of someone who qualifies. 

Why You Should Trust Us: How We Reviewed the USAA Rate Advantage Visa Platinum Card

When evaluating a credit card, we use our credit card rating methodology to assign it a star rating and compare it to other cards. The main factors we look at are the card’s welcome bonus, annual fee, rewards rates, options for using rewards, and other benefits and features. Each of these accounts for 20% of the card’s total rating.

Read the original article on Business Insider
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