Review of the USAA Cashback Rewards Plus American Express® Card and the Preferred Cash Rewards Visa Signature®
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This is a review of the two top-level cash back cards from USAA: the USAA Cashback Rewards Plus American Express® and the USAA Preferred Cash Rewards Visa Signature®.
These cards are only available to members of the military, active or honorably discharged, as well as certain members of their family. Click here for details on USAA eligibility.
USAA provides many different types of credit cards, and these two are some of the most rewarding. These cards are very similar in most of their terms and benefits (which include special military benefits), but they differ in how they provide cash back.
Read on to learn what they offer and how they can help you save money.
USAA Cashback Rewards Plus American Express® Card
For People with
Excellent Credit
- Annual Fee: $0
- Interest Rate: 14.15%–28.15% Variable
Quick Card Facts
- Earn 5% cash back on your first $3,000 in gas and military base purchases annually on these categories combined
- Earn 2% on your first $3,000 on supermarket purchases per year
- Unlimited 1% cash back on all other purchases
- USAA membership is available to active and former military and their eligible family members
- Special Benefits for Military: Deployment/PCS rate: Get 4% APR on all balances for up to 12 months during deployment or PCS.
- After 12 months, the variable Regular APR, currently between 14.15% to 28.15% will apply. This rate will vary with the market based on the prime rate.
USAA Preferred Cash Rewards Visa Signature®
For People with
Good Credit
- Annual Fee: $0
- Interest Rate: 14.15%–28.15% Variable
Quick Card Facts
- Earn 1.5% cash back on every purchase with no limits or category restrictions
- Pay no annual fee, no penalty APR and no foreign transaction fees
- USAA membership is available to active and former military and their eligible family members
- Special Benefits for Military: Deployment/PCS rate: Get 4% APR on all balances for up to 12 months during deployment or PCS.
- After 12 months, the variable Regular APR, currently between 14.15% to 28.15% will apply. This rate will vary with the market based on the prime rate.
The Rewards
Cashback Rewards Plus American Express
This card provides:
- 5% cash back on gasoline and military base purchases, which include commissaries, exchanges, and shops on base (for the first $3,000 in purchases every year; then 1% cash back)
- 2% cash back on groceries (for the first $3,000 in purchases every year; then 1% cash back)
- 1% cash back on all other purchases
Preferred Cash Rewards Visa Signature
A little bit different, this card provides:
- 1.5% cash back on every purchase you make
The Verdict
As you can see, these cards are going to reward you in very different ways.
If you’re going to be spending a lot on gas and on the base, the Amex card is your obvious choice. If you’re not sure what you’ll be buying, or if you already have a credit card for gas, the Visa might be for you because 1.5% cash back on general purchases is almost as good as it gets.
In many cases, the Amex card will probably be more suitable for active members of the military, while the Visa will probably be better for family members.
The Benefits
These cards share the same fairly comprehensive set of benefits. For the most part they are the exact same, but some of the benefits will be serviced by American Express for its card, and Visa for the other. Check your Guide to Benefits to learn the specific details for your card.
Perks
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Concierge Service
Call to get personal help with all sorts of tasks, like travel planning, making restaurant reservations, finding hard-to-find items, and finding convenient services nearby, wherever you may happen to be.
Military Benefits
You may or may not qualify for some of these benefits; click here to learn more and see if you qualify.
-
Servicemembers Civil Relief Act (SCRA)
The SCRA provides help to active-duty service members, and includes benefits like protection for life insurance policies and reduced interest rates on debts incurred before beginning active duty. USAA will provide an interest rate of 4% for pre-existing USAA credit card debt and loans, and a rate of 6% for other debts like credit cards, mortgages, auto loans, and others.
-
Deployment Discount
Members of the military who are deployed or deploying can have the interest rate on their USAA card reduced to 4% for current balances, new purchases, and cash advances.
-
Permanent Change of Station (PCS)
Active-duty members with permanent change of station can have the interest rate on their USAA card reduced to 4% for current balances, new purchases, and cash advances.
-
Qualifying Campaign Level
Members who receive a qualifying campaign medal can receive a rebate for all of the interest incurred during their campaign. The qualifying campaign medals include the Global War on Terrorism Expeditionary Medal, the Iraq Campaign Medal, and the Afghanistan Campaign Medal.
Shopping Protections
-
Price Protection
If you find an item you bought being advertised for a lower price within 120 days of the purchase, you could be reimbursed for the price difference (up to $250 per claim, up to 4 claims per year).
-
Extended Warranty
Doubles the manufacturer’s original warranty, up to a maximum of 2 years for most items.
Travel Protections
-
Travel Assistance Services
Available when traveling 100 miles or more from home, provides help like information on travel requirements, locating documents or lost items, or arranging emergency money transfers.
-
Worldwide Automatic Travel Accident, Baggage Delay and Trip Cancellation/Interruption Insurance
Provides insurance in case of a tragic accident, funds to reimburse purchases if your bags are delayed, and reimbursement if your trip is interrupted for eligible reasons.
-
Rental Car Insurance
Provides coverage against damage and theft of rental vehicles, as long as the rental company’s own insurance is declined.
Security Benefits
-
Identity Theft Resolution Services
If you become a victim of identity theft, this service provides help with contacting the credit bureaus, getting a new credit card, and going through the proper legal proceedings.
-
Identity Fraud Expense Reimbursement
You won’t be held liable for unauthorized charges as a result of identity fraud.
The Costs & Fees
| Card | Annual Fee | Regular APR | Regular Balance Transfer APR | Cash Advance APR |
|---|---|---|---|---|
| Cashback Rewards Plus Amex | $0 | 14.15%–28.15% Variable | 14.15%–28.15% Variable | 14.15%–28.15% Variable |
| Preferred Cash Rewards Visa Signature | $0 | 14.15%–28.15% Variable | 14.15%–28.15% Variable | 14.15%–28.15% Variable |
| Card | Balance Transfer Fee | Cash Advance Fee | Foreign Transaction Fee |
|---|---|---|---|
| Cashback Rewards Plus Amex | 3% | 3% | None |
| Preferred Cash Rewards Visa Signature | 3%, $200 maximum | 3%, $200 maximum | None |
| Card | Penalty APR | Late Fee | Returned Payment Fee |
|---|---|---|---|
| Cashback Rewards Plus Amex | None | Up to $35 | Up to $35 |
| Preferred Cash Rewards Visa Signature | None | Up to $35 | Up to $35 |
The Bottom Line
If you’re eligible, the USAA Cashback Rewards Plus American Express and the USAA Preferred Cash Rewards Visa Signature can provide much better interest rates than you’ll be able to find elsewhere.
So, if you like the cash back deals then one of these cards might be the right one for you, especially if you’re an active member of the military. The 4% interest rate is far lower than anything you could expect to get from a regular credit card, and the fact that USAA will lower your other debts to a 6% rate could save you a whole lot of money.
Just be sure to fully understand the benefits that come with this card so you get the most out of it. You may need to manually enroll or activate some benefits, so don’t assume that they will happen automatically.
Want to apply for or learn more about one of these cards? Just click the card’s name below.
USAA Cashback Rewards Plus American Express® Card
For People with
Excellent Credit
- Annual Fee: $0
- Interest Rate: 14.15%–28.15% Variable
Quick Card Facts
- Earn 5% cash back on your first $3,000 in gas and military base purchases annually on these categories combined
- Earn 2% on your first $3,000 on supermarket purchases per year
- Unlimited 1% cash back on all other purchases
- USAA membership is available to active and former military and their eligible family members
- Special Benefits for Military: Deployment/PCS rate: Get 4% APR on all balances for up to 12 months during deployment or PCS.
- After 12 months, the variable Regular APR, currently between 14.15% to 28.15% will apply. This rate will vary with the market based on the prime rate.
USAA Preferred Cash Rewards Visa Signature®
For People with
Good Credit
- Annual Fee: $0
- Interest Rate: 14.15%–28.15% Variable
Quick Card Facts
- Earn 1.5% cash back on every purchase with no limits or category restrictions
- Pay no annual fee, no penalty APR and no foreign transaction fees
- USAA membership is available to active and former military and their eligible family members
- Special Benefits for Military: Deployment/PCS rate: Get 4% APR on all balances for up to 12 months during deployment or PCS.
- After 12 months, the variable Regular APR, currently between 14.15% to 28.15% will apply. This rate will vary with the market based on the prime rate.
There are also USAA cards that offer fewer rewards but will probably be easier to get. Check out our review: The USAA Rewards Credit Cards
How do you like your USAA Cash Rewards credit card? Does it ease your financial burden while on duty? Tell us about the American Express card or the Visa Signature card, we’d love to hear from you!
The responses below are not provided or commissioned by bank advertisers. Responses have not been reviewed, approved or otherwise endorsed by bank advertisers. It is not the bank advertisers' responsibility to ensure all posts and/or questions are answered.
