USAA 2.5% Cash Back Credit Card [Update]

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SurferLife
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USAA 2.5% Cash Back Credit Card [Update]

Post by SurferLife »

[2.5% Limitless Cashback Rewards card will be converted to 1.5% Preferred Cash Rewards starting April 26, 2022. See this post --admin LadyGeek]

I received an email from USAA that says they are offering, to a limited group, a new 2.5% cash back credit card. The fine print makes it appear as though this is a pilot program, and I was wondering if anyone had researched this and compared it to other credit card offers. Ultimately, I'll need to decide if this is better than our $100 annual fee, Chase/United mileage credit card. My gut feeling is that it is, and personally I'd rather get cash back than have to deal with miles.
OnceARunner
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Re: USAA 2.5% Cash Back Credit Card

Post by OnceARunner »

Looks like they are calling it "Limitless".

Here are the basics of the card:

Card earns at the following rates:
2.5% cash back on all purchases if you have a $1,000 monthly direct deposit into your USAA checking account
1.5% cash back on all purchases if you don’t receive the monthly direct deposit
No annual fee
No sign up bonus
Chip & PIN
No foreign transaction fees
You must be a USAA member to apply for the card

This is a pilot program and not available to most USAA members. If you’re eligible you should see it on the mobile application (account overview page) when you’re logged in.
navyasw02
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Re: USAA 2.5% Cash Back Credit Card

Post by navyasw02 »

Is it a permanent offering or just for a limited time you get those things?
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sunny_socal
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Re: USAA 2.5% Cash Back Credit Card

Post by sunny_socal »

Wow - how do I get it? :shock:

I'm with USAA and meet the other requirements.
Last edited by sunny_socal on Thu Oct 13, 2016 1:23 pm, edited 1 time in total.
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SurferLife
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Re: USAA 2.5% Cash Back Credit Card

Post by SurferLife »

navyasw02 wrote:Is it a permanent offering or just for a limited time you get those things?
The email I received said I had until 14 Oct 2016 to accept the credit card offer. As far as I can tell, the 2.5% cash back rebate is a permanent feature of the credit card.
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sunny_socal
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Re: USAA 2.5% Cash Back Credit Card

Post by sunny_socal »

Ugh! I checked the app and the online account, I only have offers for a 1.5% card at the moment (why would anyone want that with 2% and greater being rather common?)
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sunny_socal
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Re: USAA 2.5% Cash Back Credit Card

Post by sunny_socal »

doctorofcredit site had this nugget:
DJordan says:
October 4, 2016 at 9:28 am

Chat with USAA rep informed me that the USAA Limitless Credit Card will be available to all members on October 28th. Currently is only available to selected members.
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SurferLife
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Re: USAA 2.5% Cash Back Credit Card

Post by SurferLife »

sunny_socal wrote:Wow - how do I get it? :shock:

I'm with USAA and meet the other requirements.
It seems as though the offer is by invitation only, at least for now. I received an email and I also logged into my USAA app, where it popped up there as well. The credit card is not showing on their website as one of their credit card offerings.
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Re: USAA 2.5% Cash Back Credit Card

Post by sperry8 »

Great rate but the direct deposit requirement rules me out. Retirees don't get direct deposit. Why make such a requirement and rule out all retirees? :confused
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SurferLife
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Re: USAA 2.5% Cash Back Credit Card

Post by SurferLife »

sperry8 wrote:Great rate but the direct deposit requirement rules me out. Retirees don't get direct deposit. Why make such a requirement and rule out all retirees? :confused
Are you a military retiree?
dbr
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Re: USAA 2.5% Cash Back Credit Card

Post by dbr »

sperry8 wrote:Great rate but the direct deposit requirement rules me out. Retirees don't get direct deposit. Why make such a requirement and rule out all retirees? :confused
A retiree can receive direct deposit of Social Security, pension, and annuity payments and direct deposit of any automatic withdrawals arranged with an investment company. There are probably others. If you are currently receiving checks in the mail for such things direct deposit might be a good idea to prevent stolen or lost checks, issues with change of address, and so on.

In fact it is now ILLEGAL (?!?!) to continue to receive Federal benefits by paper check: https://fiscal.treasury.gov/godirect/

Note: "If you do not comply, the Treasury Department will contact you directly and may send you a Direct Express® card."
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White Coat Investor
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Re: USAA 2.5% Cash Back Credit Card

Post by White Coat Investor »

Cool! I may have a new card!
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corn18
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Re: USAA 2.5% Cash Back Credit Card

Post by corn18 »

Hmmm, I didn't make the cut for the early look. Hope it is rolled out to everyone so I can ditch my Citi DoubleCash card that seems to reject every purchase I try to make.
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Re: USAA 2.5% Cash Back Credit Card

Post by Soon2BXProgrammer »

White Coat Investor wrote:Cool! I may have a new card!
i never thought i was worth it to pay my federal taxes with a 2% cash back card..... at 1.87% fee for pay1040.com....

but at 2.5%... that is .63% cash back. lets just say even for a 100k income person... and owing 10k... that is a 63 dollar dinner for paying taxes with a credit card.
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Re: USAA 2.5% Cash Back Credit Card

Post by White Coat Investor »

Soon2BXProgrammer wrote:
White Coat Investor wrote:Cool! I may have a new card!
i never thought i was worth it to pay my federal taxes with a 2% cash back card..... at 1.87% fee for pay1040.com....

but at 2.5%... that is .63% cash back. lets just say even for a 100k income person... and owing 10k... that is a 63 dollar dinner for paying taxes with a credit card.
Exactly. I actually had trouble using the 1.87% fee guys this quarter and used the 1.99% guys. Hope that doesn't happen again. Either way, it's a heck of a lot more convenient than mailing it in and you still get the float.

BTW, those fees are tax deductible, but subject to the 2% floor. For the right person, that could make a big difference.
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Jonezez
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Re: USAA 2.5% Cash Back Credit Card

Post by Jonezez »

White Coat Investor wrote:
Exactly. I actually had trouble using the 1.87% fee guys this quarter and used the 1.99% guys. Hope that doesn't happen again. Either way, it's a heck of a lot more convenient than mailing it in and you still get the float.

BTW, those fees are tax deductible, but subject to the 2% floor. For the right person, that could make a big difference.
I also had trouble with the 1.87% company but it turns out that if your estimated tax payment is high enough (I don't know the minimum $ amount that triggers this), you actually have to call in and make the payment with a live person on the phone.
Since my tax bill was quite high, it was worth the hassle rather than going with the 1.99% company.
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Re: USAA 2.5% Cash Back Credit Card

Post by White Coat Investor »

Jonezez wrote:
White Coat Investor wrote:
Exactly. I actually had trouble using the 1.87% fee guys this quarter and used the 1.99% guys. Hope that doesn't happen again. Either way, it's a heck of a lot more convenient than mailing it in and you still get the float.

BTW, those fees are tax deductible, but subject to the 2% floor. For the right person, that could make a big difference.
I also had trouble with the 1.87% company but it turns out that if your estimated tax payment is high enough (I don't know the minimum $ amount that triggers this), you actually have to call in and make the payment with a live person on the phone.
Since my tax bill was quite high, it was worth the hassle rather than going with the 1.99% company.
Interesting. I had no trouble in June paying the same high amount. Maybe I'll try that in January.
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jjbiv
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Re: USAA 2.5% Cash Back Credit Card

Post by jjbiv »

Bank of America has a 2.625% cash back rate on their travel rewards card if you qualify for platinum preferred honors. You can qualify for this by moving 100k worth of shares to Merril Edge. There are also higher cash back rates available in specific spending categories.
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Re: USAA 2.5% Cash Back Credit Card

Post by Gemini »

So I can pay my final tax bill for 2016 with a credit card at pay1040.com and then deduct the 1.87% fee they charge as a business expense? Does that sound right?
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Re: USAA 2.5% Cash Back Credit Card

Post by mouses »

sperry8 wrote:Great rate but the direct deposit requirement rules me out. Retirees don't get direct deposit. Why make such a requirement and rule out all retirees? :confused
You don't get Social Security? I know not everyone does. Plus I think SS went over to just direct deposit awhile ago, I may be wrong.
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Re: USAA 2.5% Cash Back Credit Card

Post by dbr »

mouses wrote:
sperry8 wrote:Great rate but the direct deposit requirement rules me out. Retirees don't get direct deposit. Why make such a requirement and rule out all retirees? :confused
You don't get Social Security? I know not everyone does. Plus I think SS went over to just direct deposit awhile ago, I may be wrong.
See my post above.
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Candor
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Re: USAA 2.5% Cash Back Credit Card

Post by Candor »

sunny_socal wrote:doctorofcredit site had this nugget:
DJordan says:
October 4, 2016 at 9:28 am

Chat with USAA rep informed me that the USAA Limitless Credit Card will be available to all members on October 28th. Currently is only available to selected members.
I hope that is correct because this is all news to me as a long time USAA member.

I don't bank with them but I would be willing to deposit $1000 a month into a checking account if that was required to get the 2.5%.
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oncorhynchus
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Re: USAA 2.5% Cash Back Credit Card

Post by oncorhynchus »

sunny_socal wrote:doctorofcredit site had this nugget:
DJordan says:
October 4, 2016 at 9:28 am

Chat with USAA rep informed me that the USAA Limitless Credit Card will be available to all members on October 28th. Currently is only available to selected members.
This might actually delay/prevent my moving my primary checking to Ally...

o
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Re: USAA 2.5% Cash Back Credit Card

Post by sperry8 »

SurferLife wrote:
sperry8 wrote:Great rate but the direct deposit requirement rules me out. Retirees don't get direct deposit. Why make such a requirement and rule out all retirees? :confused
Are you a military retiree?
No, my father was in the military and that is how I qualified.
dbr wrote:
sperry8 wrote:Great rate but the direct deposit requirement rules me out. Retirees don't get direct deposit. Why make such a requirement and rule out all retirees? :confused
A retiree can receive direct deposit of Social Security, pension, and annuity payments and direct deposit of any automatic withdrawals arranged with an investment company. There are probably others. If you are currently receiving checks in the mail for such things direct deposit might be a good idea to prevent stolen or lost checks, issues with change of address, and so on.

In fact it is now ILLEGAL (?!?!) to continue to receive Federal benefits by paper check: https://fiscal.treasury.gov/godirect/

Note: "If you do not comply, the Treasury Department will contact you directly and may send you a Direct Express® card."
I do not get social security or pension. I retired before 65 and am not yet eligible. I have no way to get anything directly deposited. Not sure why USAA would want to block me (and others like me) from the cc :confused
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Re: USAA 2.5% Cash Back Credit Card

Post by dekecarver »

I spoke with a USAA rep Saturday and was told 1000 members were selected (rep couldn't tell me how pilot group was selected or what the criteria was) for this card as a pilot program and that potentially the card would be offered out/available ~June 2017 to other members.
soccerdad12
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Re: USAA 2.5% Cash Back Credit Card

Post by soccerdad12 »

I just contacted them and they wouldn't let have the card earlier. That is disappointing.
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sunny_socal
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Re: USAA 2.5% Cash Back Credit Card

Post by sunny_socal »

dekecarver wrote:I spoke with a USAA rep Saturday and was told 1000 members were selected (rep couldn't tell me how pilot group was selected or what the criteria was) for this card as a pilot program and that potentially the card would be offered out/available ~June 2017 to other members.

Oh well :(

I'll check with them after Oct28 anyway based on the forum post from doctorofcredit.
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Re: USAA 2.5% Cash Back Credit Card

Post by SGM »

What are the 1.87% fee guys vs. the 1.99% fee guys referring to? Is this a fee for paying your estimated taxes to the IRS via credit cards?
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Re: USAA 2.5% Cash Back Credit Card

Post by dbr »

SGM wrote:What are the 1.87% fee guys vs. the 1.99% fee guys referring to? Is this a fee for paying your estimated taxes to the IRS via credit cards?
Yes, it is the fee for paying by credit card. It makes such means of payment uneconomical unless it is a path to something like meeting the minimum spend to get 100,000 AMEX points on a new credit card. Even if you use a 2% cash back card it makes no sense because getting cash back does not mean you did not spend the money. Since you can direct debit your checking account at no cost, why not do that?
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Re: USAA 2.5% Cash Back Credit Card

Post by ChiefIlliniwek »

dbr wrote:
SGM wrote:What are the 1.87% fee guys vs. the 1.99% fee guys referring to? Is this a fee for paying your estimated taxes to the IRS via credit cards?
Yes, it is the fee for paying by credit card. It makes such means of payment uneconomical unless it is a path to something like meeting the minimum spend to get 100,000 AMEX points on a new credit card. Even if you use a 2% cash back card it makes no sense because getting cash back does not mean you did not spend the money. Since you can direct debit your checking account at no cost, why not do that?
This makes no sense. Lets say you going to pay 1k on taxes. You pay 1,018.7 and get back 20.37 in cash back on a 2% card. So you profit 1.67, which isn't much but you just made some money by paying your taxes. I use a CC anytime the rewards are more than the fee to use it, if there is one. Now you are right if you are doing it for a signup bonus it is much more lucrative.
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Re: USAA 2.5% Cash Back Credit Card

Post by White Coat Investor »

Still in the pilot phase. Supposedly available to everyone "early next year" and they are planning "big exposure" for it, so it sounds like it'll be hard to miss when it is available. They could not get me into the pilot program.
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soccerdad12
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Re: USAA 2.5% Cash Back Credit Card

Post by soccerdad12 »

I called after the original post and tried to get in as well. No luck!
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Re: USAA 2.5% Cash Back Credit Card

Post by Hulk »

Sounds like a great card, Ill look for it next year at the big roll out.

Do you pay taxes on cash back rewards? Just curious. That would actually make it less valuable than my 2% fidelity visa. I think. This is the first year I have had it.
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Re: USAA 2.5% Cash Back Credit Card

Post by rongos »

SurferLife wrote:I'll need to decide if this is better than our $100 annual fee, Chase/United mileage credit card. My gut feeling is that it is, and personally I'd rather get cash back than have to deal with miles.
Airline cards are a bad deal for all but the heaviest spenders or those who have special travel situations. Even a 1.5% cash back card is a better deal than airline cards for nearly all average spenders. Promotional sign-up bonuses are worthwile if you cancel the card before the annual fee.
Jags4186
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Re: USAA 2.5% Cash Back Credit Card

Post by Jags4186 »

rongos wrote:
SurferLife wrote:I'll need to decide if this is better than our $100 annual fee, Chase/United mileage credit card. My gut feeling is that it is, and personally I'd rather get cash back than have to deal with miles.
Airline cards are a bad deal for all but the heaviest spenders or those who have special travel situations. Even a 1.5% cash back card is a better deal than airline cards for nearly all average spenders. Promotional sign-up bonuses are worthwile if you cancel the card before the annual fee.
2.5% cash back is better than 1 United point per dollar spent. That said, if you find yourself paying baggage fees on United, you should consider that in your calculation as $90 is equivalent to $3600 in spending.
jdilla1107
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Re: USAA 2.5% Cash Back Credit Card

Post by jdilla1107 »

Hulk wrote: Do you pay taxes on cash back rewards? Just curious.
No, you do not pay taxes. It is considered a reimbursement of fees.
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Geneyus
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Re: USAA 2.5% Cash Back Credit Card

Post by Geneyus »

Are first responders eligible to sign up with USAA, or only military? I've been curious about their insurance policies.

Even if you can't get the 2.5% cash back card, you can get the Citi "double cash" credit card (2% back on all spending, no yearly fee) and Ally offers 1% back on savings accounts. If the USAA account doesn't give you anything back, you're probably better off with Citi and Ally.
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Re: USAA 2.5% Cash Back Credit Card

Post by dbr »

Geneyus wrote:Are first responders eligible to sign up with USAA, or only military? I've been curious about their insurance policies.

Even if you can't get the 2.5% cash back card, you can get the Citi "double cash" credit card (2% back on all spending, no yearly fee) and Ally offers 1% back on savings accounts. If the USAA account doesn't give you anything back, you're probably better off with Citi and Ally.
No, the organization serves current military and military veterans and their families. Originally membership was for officer grades only. At one point access was expanded to non-military for some banking services, but this has since been restricted again.
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Re: USAA 2.5% Cash Back Credit Card

Post by Soon2BXProgrammer »

More states available now:

http://www.doctorofcredit.com/usaa-limi ... -pa-sc-wa/

At the start of November they opened it up to everybody in LA, NM, KS and ID. They have now extended the area it’s available in to include: PA, SC and WA.
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Re: USAA 2.5% Cash Back Credit Card

Post by randomguy »

Jags4186 wrote:
rongos wrote:
SurferLife wrote:I'll need to decide if this is better than our $100 annual fee, Chase/United mileage credit card. My gut feeling is that it is, and personally I'd rather get cash back than have to deal with miles.
Airline cards are a bad deal for all but the heaviest spenders or those who have special travel situations. Even a 1.5% cash back card is a better deal than airline cards for nearly all average spenders. Promotional sign-up bonuses are worthwile if you cancel the card before the annual fee.
2.5% cash back is better than 1 United point per dollar spent. That said, if you find yourself paying baggage fees on United, you should consider that in your calculation as $90 is equivalent to $3600 in spending.
You can own the travel card and pretty much not use it. If you get a couple bags/yr free, the card pays for itself.
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oncorhynchus
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Re: USAA 2.5% Cash Back Credit Card

Post by oncorhynchus »

Soon2BXProgrammer wrote:More states available now:

http://www.doctorofcredit.com/usaa-limi ... -pa-sc-wa/

At the start of November they opened it up to everybody in LA, NM, KS and ID. They have now extended the area it’s available in to include: PA, SC and WA.
C'mon Texas ...

o
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sunny_socal
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Re: USAA 2.5% Cash Back Credit Card

Post by sunny_socal »

Is this card now available in CA? I just visited USAA and after I logged out I noticed a little "Want a card? We have a special offer..." box - I clicked it :wink:

It look me to a very generic questionnaire where I entered my state of residence, my credit score and anticipated monthly spending. And it presented the "2.5% Limitless cash back card - Apply Now!"

I must unfreeze my credit first so I want to be certain this is for real.

EDIT: I just went back into my account and looked at my offers and other available cards, it is not there. But the tab with my 2.5% offer/suggestion is still open. I need to head to work in half and hour, I suspect I'll miss my chance this time :(
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llama
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Re: USAA 2.5% Cash Back Credit Card

Post by llama »

sunny_socal wrote:Is this card now available in CA? I just visited USAA and after I logged out I noticed a little "Want a card? We have a special offer..." box - I clicked it :wink:
I have this offer, and in the fine print, footnote #1 states "This product is currently available to members residing in the following states: AL, AZ, CO, GA, ID, IN, KS, LA, MI, NM, PA, SC, TN and WA. It will become available in additional states at a later date."

Maybe a later date is now? :happy

I found it at this URL (requires USAA login): https://www.usaa.com/inet/wc/bank_cc_li ... _signature
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Re: USAA 2.5% Cash Back Credit Card

Post by brokendirtdart »

Thanks for reviving this thread. I have been periodically checking the USAA site to see if it was available in my state. My state just became eligible and I was able to apply via the iPhone app today at work.

Even with a "active duty credit alert" in my file, it was a painless application and approval. The 2.5% cash back, no FTFs, and USAA CS makes it a good card for me.
Nthomas
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Re: USAA 2.5% Cash Back Credit Card

Post by Nthomas »

Is the cashback redeemable to the dollar level or is it in $25 increments like the AMEX blue cash preferred?
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Re: USAA 2.5% Cash Back Credit Card

Post by brokendirtdart »

Nthomas wrote:Is the cashback redeemable to the dollar level or is it in $25 increments like the AMEX blue cash preferred?

While no experience with this exact card, my within the last month experience with another USAA card allowed redemption to the dollar.
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TF Hutch
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Re: USAA 2.5% Cash Back Credit Card

Post by TF Hutch »

My AAA MasterCard pays 3% cash back on "qualified" purchases. Pays to the penny to your bank account.
Card cost <$5 to open, gives you a $50 AAA credit
The best Travel card I could find. 8-)
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gwe67
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Re: USAA 2.5% Cash Back Credit Card

Post by gwe67 »

Are the benefits the same as the 1.5% preferred cash rewards VISA (price protection, rental car insurance, extended warranty, etc.)?
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Geneyus
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Re: USAA 2.5% Cash Back Credit Card

Post by Geneyus »

TF Hutch wrote:My AAA MasterCard pays 3% cash back on "qualified" purchases. Pays to the penny to your bank account.
Card cost <$5 to open, gives you a $50 AAA credit
The best Travel card I could find. 8-)
What exactly are "qualified" purchases? The Chase 5% card sounds great, until you see what the rotating categories are. I went back over several months to see what my rewards were with the 5% cash back categories, and I would've gotten a lot more money if I just had 2% back on everything. After seeing that, I went with the Citi DoubleCash credit card (2% back on everything, no exceptions). It's a great card for those who aren't USAA members and can't get the 2.5% card.
b4real
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Re: USAA 2.5% Cash Back Credit Card

Post by b4real »

From the USAA 2.5% Cash Back Credit Card's terms and conditions:
"Qualifying Purchases are the Purchases that post to your Account, less any Purchase credits, returns, or other adjustments that are not payments.

Qualifying Purchases do not include: Balance Transfers, Cash Advances (including Convenience Checks), ATM Cash Disbursements, Money Transfers, Truck Stop Transactions, Gaming Transactions, Finance Charges, Fees, and purchases of other cash equivalents, even if used to purchase goods or services.
Transactions that are not Qualifying Purchases do not earn any Cash Back".
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