USAA 2.5% Cash Back Credit Card

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Soon2BXProgrammer
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Re: USAA 2.5% Cash Back Credit Card

Post by Soon2BXProgrammer » Tue Oct 31, 2017 7:20 am

now available in fewer states than before:

Previously the following states were eligible:

AL, AR, AZ, CO, CT, FL, GA, HI, ID, IL, IN, KS, LA, MD, MI, MN, MT, ND, NM, NV, NY, OR, PA, RI, SC, TN, TX and WA

Currently the following states are eligible:

AL, AR, AZ, CO, GA, ID, IN, KS, LA, MI, MT, NM, NY, OR, PA, SC, TN, TX and WA

That means the following states were eligible and are no longer eligible:

CT, FL, HI, IL, MD, MN, ND, NV, and RI
https://www.doctorofcredit.com/usaa-lim ... ss-states/

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sunny_socal
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Re: USAA 2.5% Cash Back Credit Card

Post by sunny_socal » Tue Oct 31, 2017 7:35 am

Looks to me like they're shutting it down. Probably costing them too much.

*sigh* :|

bovineplane
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Re: USAA 2.5% Cash Back Credit Card

Post by bovineplane » Tue Oct 31, 2017 7:47 am

Hopefully they dont take mine away :P

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flamesabers
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Re: USAA 2.5% Cash Back Credit Card

Post by flamesabers » Tue Oct 31, 2017 8:34 am

sunny_socal wrote:
Tue Oct 31, 2017 7:35 am
Looks to me like they're shutting it down. Probably costing them too much.

*sigh* :|
That may be true, but I think it would make more sense to put a cap on the 2.5% cashback rate rather then shut the card down completely. Even with a cap on the 2.5% cashback rate, I think it would still be a good program to encourage customers to maintain a USAA checking account with a direct deposit.
bovineplane wrote:
Tue Oct 31, 2017 7:47 am
Hopefully they dont take mine away :P
I agree. It was a good thing I got my card when I did since I wouldn't be eligible to apply for it today.

birdog
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Re: USAA 2.5% Cash Back Credit Card

Post by birdog » Tue Oct 31, 2017 8:39 am

[/quote]

I agree. It was a good thing I got my card when I did since I wouldn't be eligible to apply for it today.
[/quote]

So your state lost eligibility but you still have your card? That's good to know. Hopefully that remains the case. I really like this card and would hate to lose it.

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TimeRunner
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Re: USAA 2.5% Cash Back Credit Card

Post by TimeRunner » Tue Oct 31, 2017 10:06 am

As someone said in that Doctor of Credit comments section regarding manufactured spending as being a likely reason USAA is pulling back, "This is why we can't have nice things." :annoyed
"What'd ya expect in an opera, a happy ending?" -Bugs Bunny ...:... One cannot enlighten the unconscious.

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flamesabers
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Re: USAA 2.5% Cash Back Credit Card

Post by flamesabers » Tue Oct 31, 2017 10:27 am

birdog wrote:
Tue Oct 31, 2017 8:39 am
So your state lost eligibility but you still have your card? That's good to know. Hopefully that remains the case. I really like this card and would hate to lose it.
That's correct. My card is still working and I haven't received any notice of my card getting closed down sometime in the future. According to the terms of service, I should be notified 45 days in advance of any significant changes.
TimeRunner wrote:
Tue Oct 31, 2017 10:06 am
As someone said in that Doctor of Credit comments section regarding manufactured spending as being a likely reason USAA is pulling back, "This is why we can't have nice things." :annoyed
Limitless Visa is advertised as being an online pilot program that has limited availability. With that in mind, manufactured spending may not be the culprit.

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Re: USAA 2.5% Cash Back Credit Card

Post by rguina » Wed Nov 01, 2017 9:38 am

flamesabers wrote:
Tue Oct 31, 2017 10:27 am

Limitless Visa is advertised as being an online pilot program that has limited availability. With that in mind, manufactured spending may not be the culprit.
I think this is the correct statement. USAA runs many pilot programs and shutters many of them before they are widely adopted. Sometimes they create a home run (they invented remote deposit and went through the regulatory clearance - now it's widely adopted throughout the industry).

Other products and services don't even make it past the initial pilot stage. Most products and services are somewhere in the middle.

I hope this card sticks around. I was one of the lucky folks to get it and it's my primary credit card right now.

That said, USAA puts its members first, and doesn't run loss leaders like many other companies do. Each business unit or service needs to provide a positive ROI, or it will likely go away.

The following quote from forum member Nords explains USAAs premiums, pricing, and many other details. The full article is worth a read if you are a USAA member:
They also have a unique requirement for their products and services (and our premiums): no loss leaders. Every program has to pay its way, and USAA does not subsidize products or services from other revenue. USAA is owned by us members (not by stockholders or execs) and there are no “profit centers”. (source)
Again, the full article is worth a read.

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flamesabers
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Re: USAA 2.5% Cash Back Credit Card

Post by flamesabers » Wed Nov 01, 2017 9:55 am

rguina wrote:
Wed Nov 01, 2017 9:38 am
The following quote from forum member Nords explains USAAs premiums, pricing, and many other details. The full article is worth a read if you are a USAA member:
They also have a unique requirement for their products and services (and our premiums): no loss leaders. Every program has to pay its way, and USAA does not subsidize products or services from other revenue. USAA is owned by us members (not by stockholders or execs) and there are no “profit centers”. (source)
Again, the full article is worth a read.
Interesting article. I wish though the article would've addressed the plan for the future of the Limitless Visa.

Jags4186
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Re: USAA 2.5% Cash Back Credit Card

Post by Jags4186 » Wed Nov 01, 2017 10:36 am

I would bet it is related to manufactured spend, although to be honest it's really not that great of a return on effort so I'm surprised many would be doing it. While many would argue "what does it matter if you MS at the standard rate, it's no different than making a regular purchase" the issue is that people who MS generate outsized rewards and are the least likely to pay interest carrying a balance.

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Nords
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Re: USAA 2.5% Cash Back Credit Card

Post by Nords » Wed Nov 01, 2017 10:55 am

Crap. This card has been on my radar for over a year. Thanks for the update.

It recently rolled out in Hawaii (although it seems to have rolled back in), but we weren't ready to apply. We've spent most of this year messing around with our credit. We've just finished refinancing mortgages (a six-month odyssey) and turning over new tenants in a rental property. Now we're working on a new home equity line of credit, and then we were finally going to apply for the USAA Visa.
flamesabers wrote:
Wed Nov 01, 2017 9:55 am
Interesting article. I wish though the article would've addressed the plan for the future of the Limitless Visa.
I'll find out. There's a story here, and it didn't get shared with USAA's Communications team. Not yet, anyway. There might not even be a plan for the card's future yet, or they could be trying to pull it out of the fire.

We saw this trend several years ago when USAA cut back the rewards on their debit card. At the time it was due to the expense of the program-- especially the costs of complying with new legislation on debit & credit cards which was enacted after the Great Recession. When USAA started rolling out their Visa I thought that they'd finally figured out how to run a rewards program in the new environment.

However as RGuina and Doctor of Credit have said, the card is probably not supporting its expenses. One option would be a two-tier program: one with a cap and a second one with an annual fee and a higher cap. However the Military Lending Act just took effect for credit cards last month, and USAA might have to revamp some auditing & compliance systems to conform to those rules.
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chasingbutterflies
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Re: USAA 2.5% Cash Back Credit Card

Post by chasingbutterflies » Wed Nov 15, 2017 2:25 pm

I've been waiting for this card for a while now. Just called USAA and the rep said that it's now rolled back to just one state (Louisiana). I'm guessing will cease to exist soon. Guess I'll just have to be content with 2% for now! :annoyed

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flamesabers
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Re: USAA 2.5% Cash Back Credit Card

Post by flamesabers » Wed Nov 15, 2017 3:27 pm

chasingbutterflies wrote:
Wed Nov 15, 2017 2:25 pm
I've been waiting for this card for a while now. Just called USAA and the rep said that it's now rolled back to just one state (Louisiana). I'm guessing will cease to exist soon. Guess I'll just have to be content with 2% for now! :annoyed
It doesn't look like they've updated their website to reflect this change yet. :?

It will be frustrating if they end up cancelling my Limitless Visa. :x Considering the next highest all-category cashback card USAA has is 1.5%, I wouldn't be surprised if a lot of USAA members take their credit card purchases elsewhere.

Slacker
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Re: USAA 2.5% Cash Back Credit Card

Post by Slacker » Wed Nov 15, 2017 3:51 pm

flamesabers wrote:
Wed Nov 15, 2017 3:27 pm
chasingbutterflies wrote:
Wed Nov 15, 2017 2:25 pm
I've been waiting for this card for a while now. Just called USAA and the rep said that it's now rolled back to just one state (Louisiana). I'm guessing will cease to exist soon. Guess I'll just have to be content with 2% for now! :annoyed
It doesn't look like they've updated their website to reflect this change yet. :?

It will be frustrating if they end up cancelling my Limitless Visa. :x Considering the next highest all-category cashback card USAA has is 1.5%, I wouldn't be surprised if a lot of USAA members take their credit card purchases elsewhere.
If they eventually lower the 2.5% cashback, I'd accept 2.0% cashback otherwise I'll just do minimal transactions to maintain the credit card as active and do the majority of my purchases on a different card

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corn18
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Re: USAA 2.5% Cash Back Credit Card

Post by corn18 » Wed Nov 15, 2017 4:27 pm

I'm up to $5,563 cash back so far this year. I love this card.

tj
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Re: USAA 2.5% Cash Back Credit Card

Post by tj » Wed Nov 15, 2017 4:37 pm

corn18 wrote:
Wed Nov 15, 2017 4:27 pm
I'm up to $5,563 cash back so far this year. I love this card.
That's a lot of spending! :D

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flamesabers
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Re: USAA 2.5% Cash Back Credit Card

Post by flamesabers » Wed Nov 15, 2017 4:44 pm

Slacker wrote:
Wed Nov 15, 2017 3:51 pm
If they eventually lower the 2.5% cashback, I'd accept 2.0% cashback otherwise I'll just do minimal transactions to maintain the credit card as active and do the majority of my purchases on a different card
If the Limitless Visa cashback rate gets cut below 2% I'll likely go with Penfed's Power Cash Rewards card. Since I have a military connection, I'll be eligible for the 2% rate.
tj wrote:
Wed Nov 15, 2017 4:37 pm
corn18 wrote:
Wed Nov 15, 2017 4:27 pm
I'm up to $5,563 cash back so far this year. I love this card.
That's a lot of spending! :D
$222,520 to be precise.

tj
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Re: USAA 2.5% Cash Back Credit Card

Post by tj » Wed Nov 15, 2017 5:56 pm

. Since I have a military connection, I'll be eligible for the 2% rate.
What does military connections mean? I remember the PenFed Defender Amrexican Express had certain limitations that I thought I wasn't eligible for. I'm not familiar with the Power Cash Rewards. I still use the PenFed Cash Rewards card for the 5% on gas.

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flamesabers
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Re: USAA 2.5% Cash Back Credit Card

Post by flamesabers » Wed Nov 15, 2017 5:59 pm

tj wrote:
Wed Nov 15, 2017 5:56 pm
. Since I have a military connection, I'll be eligible for the 2% rate.
What does military connections mean? I remember the PenFed Defender Amrexican Express had certain limitations that I thought I wasn't eligible for. I'm not familiar with the Power Cash Rewards. I still use the PenFed Cash Rewards card for the 5% on gas.
I meant military service. From their website:
Military service of the primary or joint applicant (active duty, reserve, honorably discharged, or retired).

Military members will receive the 2% cash back upon completion of the card application. No other action is needed.
https://www.penfed.org/credit-cards/honors-advantage

tj
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Re: USAA 2.5% Cash Back Credit Card

Post by tj » Wed Nov 15, 2017 6:09 pm

I meant military service. From their website:
Aw, bummer. You got me all excited. :D I have military connections (my grandfather), but I don't have any military service myself.


I definitely don't have a problem with them offering better cards to veterans though.

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Re: USAA 2.5% Cash Back Credit Card

Post by brokendirtdart » Wed Nov 15, 2017 7:52 pm

chasingbutterflies wrote:
Wed Nov 15, 2017 2:25 pm
I've been waiting for this card for a while now. Just called USAA and the rep said that it's now rolled back to just one state (Louisiana). I'm guessing will cease to exist soon. Guess I'll just have to be content with 2% for now! :annoyed

Louisiana, huh. I guess there ARE perks for being stationed at Fort Polk. :)



Staying tuned as I hope the card doesn't go away. I'm on my second state with this card, and it has become my primary card for all things except Amazon.com. The rewards so far will come close to funding my 2018 Roth.

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sunny_socal
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Re: USAA 2.5% Cash Back Credit Card

Post by sunny_socal » Wed Nov 15, 2017 8:38 pm

It was Too Good To Be True :|

hudson
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Re: USAA 2.5% Cash Back Credit Card

Post by hudson » Wed Nov 15, 2017 9:07 pm

It looks like USAA's 2.5% card is out the window.

If you have military service (active duty, reserve, honorably discharged, or retired) you may qualify for Penfed's 2% card.
There's another way to qualify: Have and maintain a PenFed Access America Checking Account. You can open a new account, or use an existing account. In order to maintain the 2% cash back, you need to keep your checking account open.

https://www.penfed.org/credit-cards/honors-advantage

Access America Checking Account: https://www.penfed.org/accounts

Therefore, if you are military or NOT, you could be eligible for the 2% card.

Slacker
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Re: USAA 2.5% Cash Back Credit Card

Post by Slacker » Wed Nov 15, 2017 9:45 pm

Thanks for the heads up on the Penfed 2% card. I was thinking about Citi Doublecash, but I think I'd prefer the credit union (Penfed).

CyLaw
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Re: USAA 2.5% Cash Back Credit Card

Post by CyLaw » Wed Nov 15, 2017 10:16 pm

flamesabers wrote:
Wed Nov 15, 2017 3:27 pm
chasingbutterflies wrote:
Wed Nov 15, 2017 2:25 pm
I've been waiting for this card for a while now. Just called USAA and the rep said that it's now rolled back to just one state (Louisiana). I'm guessing will cease to exist soon. Guess I'll just have to be content with 2% for now! :annoyed
It doesn't look like they've updated their website to reflect this change yet. :?

It will be frustrating if they end up cancelling my Limitless Visa. :x Considering the next highest all-category cashback card USAA has is 1.5%, I wouldn't be surprised if a lot of USAA members take their credit card purchases elsewhere.
Looks like they have since updated the website as of this evening.

From https://www.usaa.com/inet/wc/bank_cc_li ... _signature
1 This product is currently available to members residing in LA only.

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jriding
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Re: USAA 2.5% Cash Back Credit Card

Post by jriding » Wed Nov 15, 2017 10:23 pm

Alliant Signature Visa
3% back first year, no annual fee
2.5% back thereafter, $59/yr
http://www.alliantcreditunion.org/bank/ ... ature-card

I've had this card for a few months and it's been great. I also happen to bank at Alliant so it's been a nice synergy to have my CC and bank statements all in one place.

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TinkerPDX
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Re: USAA 2.5% Cash Back Credit Card

Post by TinkerPDX » Thu Nov 16, 2017 1:17 am

CyLaw wrote:
Wed Nov 15, 2017 10:16 pm
flamesabers wrote:
Wed Nov 15, 2017 3:27 pm
chasingbutterflies wrote:
Wed Nov 15, 2017 2:25 pm
I've been waiting for this card for a while now. Just called USAA and the rep said that it's now rolled back to just one state (Louisiana). I'm guessing will cease to exist soon. Guess I'll just have to be content with 2% for now! :annoyed
It doesn't look like they've updated their website to reflect this change yet. :?

It will be frustrating if they end up cancelling my Limitless Visa. :x Considering the next highest all-category cashback card USAA has is 1.5%, I wouldn't be surprised if a lot of USAA members take their credit card purchases elsewhere.
Looks like they have since updated the website as of this evening.

From https://www.usaa.com/inet/wc/bank_cc_li ... _signature
1 This product is currently available to members residing in LA only.
Guess I snuck in, approved Monday and I’m not in LA. Hadn’t popped up for me until last week, and I jumped on it. An extra 0.5% on everything we spend. :sharebeer

tj
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Re: USAA 2.5% Cash Back Credit Card

Post by tj » Thu Nov 16, 2017 11:54 am

jriding wrote:
Wed Nov 15, 2017 10:23 pm
Alliant Signature Visa
3% back first year, no annual fee
2.5% back thereafter, $59/yr
http://www.alliantcreditunion.org/bank/ ... ature-card

I've had this card for a few months and it's been great. I also happen to bank at Alliant so it's been a nice synergy to have my CC and bank statements all in one place.
Are you going to keep it after the first year? That is, is the extra 0.5% worth the $59 fee?

Jags4186
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Re: USAA 2.5% Cash Back Credit Card

Post by Jags4186 » Thu Nov 16, 2017 12:23 pm

tj wrote:
Thu Nov 16, 2017 11:54 am
jriding wrote:
Wed Nov 15, 2017 10:23 pm
Alliant Signature Visa
3% back first year, no annual fee
2.5% back thereafter, $59/yr
http://www.alliantcreditunion.org/bank/ ... ature-card

I've had this card for a few months and it's been great. I also happen to bank at Alliant so it's been a nice synergy to have my CC and bank statements all in one place.
Are you going to keep it after the first year? That is, is the extra 0.5% worth the $59 fee?
As long as you spend more than $11,800 annually the Alliant card is better than a 2% card.

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sunny_socal
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Re: USAA 2.5% Cash Back Credit Card

Post by sunny_socal » Thu Nov 16, 2017 12:37 pm

Jags4186 wrote:
Thu Nov 16, 2017 12:23 pm
tj wrote:
Thu Nov 16, 2017 11:54 am
jriding wrote:
Wed Nov 15, 2017 10:23 pm
Alliant Signature Visa
3% back first year, no annual fee
2.5% back thereafter, $59/yr
http://www.alliantcreditunion.org/bank/ ... ature-card

I've had this card for a few months and it's been great. I also happen to bank at Alliant so it's been a nice synergy to have my CC and bank statements all in one place.
Are you going to keep it after the first year? That is, is the extra 0.5% worth the $59 fee?

As long as you spend more than $11,800 annually the Alliant card is better than a 2% card.
Hmmm... something to think about.

I'm currently on the Fidelity 2% card and I'm very happy with it. How are the rewards paid with the Alliant card?

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flamesabers
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Re: USAA 2.5% Cash Back Credit Card

Post by flamesabers » Thu Nov 16, 2017 12:55 pm

sunny_socal wrote:
Wed Nov 15, 2017 8:38 pm
It was Too Good To Be True :|
The ironic thing was there was a lot of speculation the card would be available nationwide in September. :oops:
CyLaw wrote:
Wed Nov 15, 2017 10:16 pm
Looks like they have since updated the website as of this evening.
From https://www.usaa.com/inet/wc/bank_cc_li ... _signature
Thanks for the update. Now I'm getting worried USAA's going to start cancelling existing cards. :(
Slacker wrote:
Wed Nov 15, 2017 9:45 pm
Thanks for the heads up on the Penfed 2% card. I was thinking about Citi Doublecash, but I think I'd prefer the credit union (Penfed).
If my Limitless Visa gets cancelled or its rate gets dropped to below 2%, I'll go with Penfed over Citi.

Jags4186
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Re: USAA 2.5% Cash Back Credit Card

Post by Jags4186 » Thu Nov 16, 2017 1:07 pm

sunny_socal wrote:
Thu Nov 16, 2017 12:37 pm
Jags4186 wrote:
Thu Nov 16, 2017 12:23 pm
tj wrote:
Thu Nov 16, 2017 11:54 am
jriding wrote:
Wed Nov 15, 2017 10:23 pm
Alliant Signature Visa
3% back first year, no annual fee
2.5% back thereafter, $59/yr
http://www.alliantcreditunion.org/bank/ ... ature-card

I've had this card for a few months and it's been great. I also happen to bank at Alliant so it's been a nice synergy to have my CC and bank statements all in one place.
Are you going to keep it after the first year? That is, is the extra 0.5% worth the $59 fee?

As long as you spend more than $11,800 annually the Alliant card is better than a 2% card.
Hmmm... something to think about.

I'm currently on the Fidelity 2% card and I'm very happy with it. How are the rewards paid with the Alliant card?
No idea I don’t have one. But .5% cashback on $11,800 is $59 so anything over that is extra.

tj
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Re: USAA 2.5% Cash Back Credit Card

Post by tj » Thu Nov 16, 2017 2:34 pm

sunny_socal wrote:
Thu Nov 16, 2017 12:37 pm
Jags4186 wrote:
Thu Nov 16, 2017 12:23 pm
tj wrote:
Thu Nov 16, 2017 11:54 am
jriding wrote:
Wed Nov 15, 2017 10:23 pm
Alliant Signature Visa
3% back first year, no annual fee
2.5% back thereafter, $59/yr
http://www.alliantcreditunion.org/bank/ ... ature-card

I've had this card for a few months and it's been great. I also happen to bank at Alliant so it's been a nice synergy to have my CC and bank statements all in one place.
Are you going to keep it after the first year? That is, is the extra 0.5% worth the $59 fee?

As long as you spend more than $11,800 annually the Alliant card is better than a 2% card.
Hmmm... something to think about.

I'm currently on the Fidelity 2% card and I'm very happy with it. How are the rewards paid with the Alliant card?

You can deposit it to your Alliant checking or savings account, or you can do statement credit.

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jriding
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Re: USAA 2.5% Cash Back Credit Card

Post by jriding » Mon Nov 20, 2017 9:42 am

Jags4186 wrote:
Thu Nov 16, 2017 12:23 pm
tj wrote:
Thu Nov 16, 2017 11:54 am
jriding wrote:
Wed Nov 15, 2017 10:23 pm
Alliant Signature Visa
3% back first year, no annual fee
2.5% back thereafter, $59/yr
http://www.alliantcreditunion.org/bank/ ... ature-card

I've had this card for a few months and it's been great. I also happen to bank at Alliant so it's been a nice synergy to have my CC and bank statements all in one place.
Are you going to keep it after the first year? That is, is the extra 0.5% worth the $59 fee?
As long as you spend more than $11,800 annually the Alliant card is better than a 2% card.
Yes, what Jags said. For better or worse, we easily meet the minimum spend to offset the $59 annual fee.

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Nords
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Re: USAA 2.5% Cash Back Credit Card

Post by Nords » Tue Nov 28, 2017 11:29 am

I've attended USAA's blogger conferences for several years, and I asked them for an update on the pilot. Their Communications team forwarded the response to me:
"The USAA Limitless Credit Card was rolled out throughout the year as a pilot in a number of states. As a part of our test and learn approach, we have reduced the Limitless Cashback Rewards pilot to optimize our learning and to inform future opportunities. We are reducing the pilot to Louisiana so we can target a specific audience of members. This allows us to be effective stewards of our members’ money and ensure we target specific members so we can maximize learning for pilot efforts. We are still learning from this pilot and will use the insights we glean to determine if this product is viable."
USAA does not subsidize its products, and even card rewards programs have to be at least revenue-neutral. It looks like this card costs more than it earns, but we already suspected that. If USAA can't figure out a way to make it stand on its own then they'll shut it down.

It may take another year to conclude the pilot and make a decision. I've added this topic to my USAA list and I'll track it.
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flamesabers
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Re: USAA 2.5% Cash Back Credit Card

Post by flamesabers » Tue Nov 28, 2017 11:46 am

Nords wrote:
Tue Nov 28, 2017 11:29 am
USAA does not subsidize its products, and even card rewards programs have to be at least revenue-neutral. It looks like this card costs more than it earns, but we already suspected that. If USAA can't figure out a way to make it stand on its own then they'll shut it down.
So then the jury is still out as to whether this card will be eliminated entirely or its reward structure will be altered so that the card will become at least revenue-neutral? :|

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Re: USAA 2.5% Cash Back Credit Card

Post by Nords » Tue Nov 28, 2017 12:03 pm

flamesabers wrote:
Tue Nov 28, 2017 11:46 am
Nords wrote:
Tue Nov 28, 2017 11:29 am
USAA does not subsidize its products, and even card rewards programs have to be at least revenue-neutral. It looks like this card costs more than it earns, but we already suspected that. If USAA can't figure out a way to make it stand on its own then they'll shut it down.
So then the jury is still out as to whether this card will be eliminated entirely or its reward structure will be altered so that the card will become at least revenue-neutral? :|
Yep, and it's hard to predict which choice the company will make.

USAA has a dozen different pilots running at any time (services as well as products) so they have a well-run process. For example, they invented the mobile deposit tech which is everywhere these days, yet the pilot still took several years despite the immediate evidence of its success. But they're also a large corporation which takes months to make decisions on popular issues like a rewards card or business checking.

Back in 2012 or 2013, USAA did away with the reward on its debit card. If I remember correctly it was about 2%, so a 2.5% rewards credit card (especially in the hands of stoozers and rewards hackers) seems very difficult to pull off with a revenue-neutral constraint. Meanwhile other financial companies (Costco's rewards Visa, Fidelity, GEICO) can afford to run loss leaders or use soft dollars to grab market share and hopefully gain appropriate ROIs for all of the risks they take.
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Re: USAA 2.5% Cash Back Credit Card

Post by rguina » Wed Nov 29, 2017 3:57 pm

Nords wrote:
Tue Nov 28, 2017 12:03 pm
flamesabers wrote:
Tue Nov 28, 2017 11:46 am
Nords wrote:
Tue Nov 28, 2017 11:29 am
USAA does not subsidize its products, and even card rewards programs have to be at least revenue-neutral. It looks like this card costs more than it earns, but we already suspected that. If USAA can't figure out a way to make it stand on its own then they'll shut it down.
So then the jury is still out as to whether this card will be eliminated entirely or its reward structure will be altered so that the card will become at least revenue-neutral? :|
Yep, and it's hard to predict which choice the company will make.

USAA has a dozen different pilots running at any time (services as well as products) so they have a well-run process. For example, they invented the mobile deposit tech which is everywhere these days, yet the pilot still took several years despite the immediate evidence of its success. But they're also a large corporation which takes months to make decisions on popular issues like a rewards card or business checking.

Back in 2012 or 2013, USAA did away with the reward on its debit card. If I remember correctly it was about 2%, so a 2.5% rewards credit card (especially in the hands of stoozers and rewards hackers) seems very difficult to pull off with a revenue-neutral constraint. Meanwhile other financial companies (Costco's rewards Visa, Fidelity, GEICO) can afford to run loss leaders or use soft dollars to grab market share and hopefully gain appropriate ROIs for all of the risks they take.
I agree with Nords. Tough to know what USAA will do. Many companies leave the accounts active and simply don't create new accounts. I hope USAA will follow this path and grandfather current cardholders under the current terms.

Of course that is wishful thinking, since I was one of the lucky ones to get this card. I don't have any foresight into this specific program other than what I've read on various boards and forums. I just hope it isn't canceled outright. :)

pshonore
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Re: USAA 2.5% Cash Back Credit Card

Post by pshonore » Wed Nov 29, 2017 4:48 pm

Actually its a 1.5% reward with an added 1% if you maintain the required 1K monthly direct deposit. It would not surprise me if they just dropped the extra 1% (which means I'll switch back to my Citi X 2 card for more purchases)

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Re: USAA 2.5% Cash Back Credit Card

Post by flamesabers » Wed Nov 29, 2017 4:54 pm

pshonore wrote:
Wed Nov 29, 2017 4:48 pm
Actually its a 1.5% reward with an added 1% if you maintain the required 1K monthly direct deposit. It would not surprise me if they just dropped the extra 1% (which means I'll switch back to my Citi X 2 card for more purchases)
USAA already has a card (Preferred Cash Rewards Visa) that offers a flat 1.5% rate on all purchases. If USAA is going to get rid of the extra 1%, they might as well just do a product change on the Limitless Visa. Ironically though, product changes aren't something that the company does.

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Re: USAA 2.5% Cash Back Credit Card

Post by tj » Wed Nov 29, 2017 8:11 pm

flamesabers wrote:
Wed Nov 29, 2017 4:54 pm
pshonore wrote:
Wed Nov 29, 2017 4:48 pm
Actually its a 1.5% reward with an added 1% if you maintain the required 1K monthly direct deposit. It would not surprise me if they just dropped the extra 1% (which means I'll switch back to my Citi X 2 card for more purchases)
USAA already has a card (Preferred Cash Rewards Visa) that offers a flat 1.5% rate on all purchases. If USAA is going to get rid of the extra 1%, they might as well just do a product change on the Limitless Visa. Ironically though, product changes aren't something that the company does.
They don't do consumer requested product changes. I don't see why they couldn't convert/ consolidate products by their own choosing. There has to be something in the terms and conditions that doesn't require them to maintain the current card. It would not be too crazy if they could kill new applications and downgrade the current bonus.

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Re: USAA 2.5% Cash Back Credit Card

Post by fermata » Sat Dec 09, 2017 2:10 am

I've had the 2.5% limitless cash back card for almost 3 months now. What I'm finding is that USAA is not calculating my rewards correctly. I've called them twice and each time I'm told "our IT guys on working on why rewards weren't issued for purchases made between <x and y> dates." I've reconciled the rewards given against my actual charges and sure enough there are certain charges for which no rewards have been given. Furthermore, certain transactions can't be applied to a Category, and so when you download the transactions to a .csv file and open in Excel, the uncategorized charges show up as NOT POSTED. Coincidentally, these are among the charges that received no reward, though they are not the only ones. Once again, USAA told me it was an IT problem and that they would get back to me. Four weeks later and I've heard nothing, despite numerous phone calls. I'm told that I'll just have to wait my turn until they can address the problem. Finally, their website is a mess, at least for the credit card site. Compared to the BofA and Citi CC sites, USAA is sorely lacking. But that's minor compared to not getting the rewards they promised. I'm beginning to be sorry I took the hit to my credit score to get this card.

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Re: USAA 2.5% Cash Back Credit Card

Post by brokendirtdart » Sat Dec 09, 2017 9:03 am

fermata wrote:
Sat Dec 09, 2017 2:10 am
Finally, their website is a mess, at least for the credit card site. Compared to the BofA and Citi CC sites, USAA is sorely lacking. But that's minor compared to not getting the rewards they promised. I'm beginning to be sorry I took the hit to my credit score to get this card.
I'm curious as to what you expect their website to do for you?

It seems decently organized to me with most information displayed with two clicks or less. It does tend to slow down with transaction posting on weekends though. :|

I could take or leave the Citi sites. My Citi DC always appears oversimplified with me feeling like I am "missing" something. The Citidirect site for my GTCC makes me feel like Citi is "hiding" something.

Don't get me started on the Fidelity 2% Visa site. :annoyed

Silk McCue
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Re: USAA 2.5% Cash Back Credit Card

Post by Silk McCue » Sat Dec 09, 2017 9:07 am

fermata wrote:
Sat Dec 09, 2017 2:10 am
I've had the 2.5% limitless cash back card for almost 3 months now. What I'm finding is that USAA is not calculating my rewards correctly. I've called them twice and each time I'm told "our IT guys on working on why rewards weren't issued for purchases made between <x and y> dates." I've reconciled the rewards given against my actual charges and sure enough there are certain charges for which no rewards have been given. Furthermore, certain transactions can't be applied to a Category, and so when you download the transactions to a .csv file and open in Excel, the uncategorized charges show up as NOT POSTED. Coincidentally, these are among the charges that received no reward, though they are not the only ones. Once again, USAA told me it was an IT problem and that they would get back to me. Four weeks later and I've heard nothing, despite numerous phone calls. I'm told that I'll just have to wait my turn until they can address the problem. Finally, their website is a mess, at least for the credit card site. Compared to the BofA and Citi CC sites, USAA is sorely lacking. But that's minor compared to not getting the rewards they promised. I'm beginning to be sorry I took the hit to my credit score to get this card.
Sorry to hear of your problems. I opened the card May 1 of this year and have $700 in rewards (beats the heck out of the value provided by my Marriott Rewards Points card). I just double checked my spend against my Quicken Register and it appears I have been paid for every transaction except for those that are to a recognized charity. Hope they get this straightened out for you soon. 2.5% on everything is really hard to beat.

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Re: USAA 2.5% Cash Back Credit Card

Post by Soon2BXProgrammer » Sat Dec 09, 2017 9:31 am

Silk McCue wrote:
Sat Dec 09, 2017 9:07 am
fermata wrote:
Sat Dec 09, 2017 2:10 am
I've had the 2.5% limitless cash back card for almost 3 months now. What I'm finding is that USAA is not calculating my rewards correctly. I've called them twice and each time I'm told "our IT guys on working on why rewards weren't issued for purchases made between <x and y> dates." I've reconciled the rewards given against my actual charges and sure enough there are certain charges for which no rewards have been given. Furthermore, certain transactions can't be applied to a Category, and so when you download the transactions to a .csv file and open in Excel, the uncategorized charges show up as NOT POSTED. Coincidentally, these are among the charges that received no reward, though they are not the only ones. Once again, USAA told me it was an IT problem and that they would get back to me. Four weeks later and I've heard nothing, despite numerous phone calls. I'm told that I'll just have to wait my turn until they can address the problem. Finally, their website is a mess, at least for the credit card site. Compared to the BofA and Citi CC sites, USAA is sorely lacking. But that's minor compared to not getting the rewards they promised. I'm beginning to be sorry I took the hit to my credit score to get this card.
Sorry to hear of your problems. I opened the card May 1 of this year and have $700 in rewards (beats the heck out of the value provided by my Marriott Rewards Points card). I just double checked my spend against my Quicken Register and it appears I have been paid for every transaction except for those that are to a recognized charity. Hope they get this straightened out for you soon. 2.5% on everything is really hard to beat.
What is the symptom or what do you see when they don't pay you? trying to figure out if there is any easy way to check...

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Re: USAA 2.5% Cash Back Credit Card

Post by Biglaw Investor » Sun Dec 10, 2017 7:12 am

I tried to figure this out as well and eventually gave up. I opened up this card in June and best I can tell I actually have slightly more cashback than I expect based on my records of spending, so I'm just going to be happy with that and keep going. Until I read this thread I didn't realize the program was being scaled back. It's been a good card for us and we thoroughly enjoyed putting most of our wedding expenses on it (which were later reimbursed by generous parents).

fermata
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Re: USAA 2.5% Cash Back Credit Card

Post by fermata » Mon Dec 11, 2017 1:31 am

Soon2BXProgrammer wrote:
Sat Dec 09, 2017 9:31 am
Silk McCue wrote:
Sat Dec 09, 2017 9:07 am
fermata wrote:
Sat Dec 09, 2017 2:10 am
I've had the 2.5% limitless cash back card for almost 3 months now. What I'm finding is that USAA is not calculating my rewards correctly. I've called them twice and each time I'm told "our IT guys on working on why rewards weren't issued for purchases made between <x and y> dates." I've reconciled the rewards given against my actual charges and sure enough there are certain charges for which no rewards have been given. Furthermore, certain transactions can't be applied to a Category, and so when you download the transactions to a .csv file and open in Excel, the uncategorized charges show up as NOT POSTED. Coincidentally, these are among the charges that received no reward, though they are not the only ones. Once again, USAA told me it was an IT problem and that they would get back to me. Four weeks later and I've heard nothing, despite numerous phone calls. I'm told that I'll just have to wait my turn until they can address the problem. Finally, their website is a mess, at least for the credit card site. Compared to the BofA and Citi CC sites, USAA is sorely lacking. But that's minor compared to not getting the rewards they promised. I'm beginning to be sorry I took the hit to my credit score to get this card.
Sorry to hear of your problems. I opened the card May 1 of this year and have $700 in rewards (beats the heck out of the value provided by my Marriott Rewards Points card). I just double checked my spend against my Quicken Register and it appears I have been paid for every transaction except for those that are to a recognized charity. Hope they get this straightened out for you soon. 2.5% on everything is really hard to beat.
What is the symptom or what do you see when they don't pay you? trying to figure out if there is any easy way to check...
I added up my bills that I've paid plus my current outstanding balance (not counting pending transactions), multiplied by .025 and the actual rewards they've given me are always less than the result of my math. So I went through each and every billed transaction since I got the card and compared it to what's on their rewards site, which shows you all the transactions that have received rewards, and I found out that they never gave me rewards for some of them.

fermata
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Re: USAA 2.5% Cash Back Credit Card

Post by fermata » Mon Dec 11, 2017 1:50 am

brokendirtdart wrote:
Sat Dec 09, 2017 9:03 am
fermata wrote:
Sat Dec 09, 2017 2:10 am
Finally, their website is a mess, at least for the credit card site. Compared to the BofA and Citi CC sites, USAA is sorely lacking. But that's minor compared to not getting the rewards they promised. I'm beginning to be sorry I took the hit to my credit score to get this card.
I'm curious as to what you expect their website to do for you?

It seems decently organized to me with most information displayed with two clicks or less. It does tend to slow down with transaction posting on weekends though. :|

I could take or leave the Citi sites. My Citi DC always appears oversimplified with me feeling like I am "missing" something. The Citidirect site for my GTCC makes me feel like Citi is "hiding" something.

Don't get me started on the Fidelity 2% Visa site. :annoyed
1 - they don't sort pending transactions at the top. Normally they're at the top because they're the most recent ones but sometimes when they don't post, they got lost down lower in the list.
2 - the site doesn't start a new transaction list at the beginning of a new billing period. Instead it's one long list and you have to use the search by date criteria if you want to see e.g. all the trans from your last billing period. In order to know what the last post trans is for a given billing period, I have to open the PDF and then select and download the trans for the period.
3 - some trans won't categorize. There's a message that says it will be available for categorization soon. It's been two months and they still won't take a category. To make matters worse, when you export to a .csv, the uncategorized trans show as not posted.
4 - they don't have a column that's a running total of all transactions.

1 and 2 and 4 are inconveniences that I can live with. 3 is a bug; USAA admits it but they won't fix it. BofA is my favorite site so far. Citi is so-so and I agree about Fidelity. I hate almost everything about Fidelity's website and I agree the Visa site is annoying as well. I switched from Fido to Schwab a couple years ago so I could use SIP and coincidentally liked the simplicity of the CS site compared to Fido's mess. Now of course CS has messed with it and made it worse.

dbr
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Re: USAA 2.5% Cash Back Credit Card

Post by dbr » Mon Dec 11, 2017 9:15 am

All credit card websites have their quirks and some are more user friendly than others. Also they frequently update the appearance and function as an "enhancement." I have found you just have to learn to work with what is there on the five or six bank websites I have had occasion to use. Actual failures to correct errors and inaccuracies are another matter.

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BeerMoney
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Re: USAA 2.5% Cash Back Credit Card

Post by BeerMoney » Mon Dec 11, 2017 5:28 pm

Slacker wrote:
Wed Nov 15, 2017 9:45 pm
Thanks for the heads up on the Penfed 2% card. I was thinking about Citi Doublecash, but I think I'd prefer the credit union (Penfed).
The nice thing about the Citi doublecash card is the generous price protection program. That's paid me out probably $700 this year and I only recently started using it.

Think about it this way: to equal that $700 in price rewind credits it would take $140,000 in spending on a 2.5% cash back card vs the 2% citi doublecash card before the extra 0.5% cash back added up to $700.

Though, before someone points it out, yes it does require a little bit of your time to submit email receipt pdfs. But you can do it all online pretty fast.
Last edited by BeerMoney on Mon Dec 11, 2017 6:05 pm, edited 1 time in total.

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