Not only does the USAA help military members and their families with things like auto insurance, home and renters insurance, mutual funds and financial planning, and shopping and travel discounts, USAA members can also enjoy competitive card rates with the Limitless™ Cashback Rewards Visa Signature® Credit Card. With low APRs and sky-high rewards, this cash-back rewards card is great for USAA members looking to put (or keep!) more money in their pockets.
The Limitless™ Cashback Rewards Visa Signature® Credit Card's Best Features:
The cash-back reward opportunities on this card are stellar. If you make a qualifying direct deposit into a USAA checking account monthly (a qualifying deposit is at least $1,000 in a single transaction initiated through your employer, government entity or external financial institution), you'll earn 2.5 percent back on all your purchases, with no limit on what you can earn. That amount is well above what other flat-rate cards typically offer. Even if you have a month when you don't qualify for the 2.5 percent rate, you'll still earn 1.5 percent back, which is right in line with what other flat-rate cash-back cards offer.
And while cash back rewards are always a nice bonus, the low APR rates are an additional attractive feature of this card. Based on your creditworthiness, with the Limitless™ Cashback Rewards Visa Signature® Credit Card you could enjoy regular APR rates well below the industry average and deployment rates as low as 4 percent.
The Limitless™ Cashback Rewards Visa Signature® Credit Card features a special deployment and PCS rate of 4 percent on all balances for up to 12 months during deployment or PCS, as well as a special 4 percent SCRA rate when you have a balance on your account at the time you enter active military duty until one year after you complete active duty. Plus, thanks to the military campaign benefit, users will receive a rebate for all finance charges that accrue while serving in a qualified military campaign.
As for the rewards, well the structure is simple: Earn a flat 2.5 percent cash back on all your purchases everyday as long as you complete a direct deposit of at least $1,000 each month into a qualifying USAA checking account.
With an earn rate that high, you're probably wondering how you go about redeeming all that cash back. It's pretty simple, actually: Your cash-back rewards can be redeemed in $1 increments with no minimum on the amount you need to redeem. That cash back can go directly toward your credit card balance (essentially a statement credit) or you can redeem directly into a USAA checking or savings account.
The Limitless™ Cashback Rewards Visa Signature® Credit Card has a solid cash-back opportunity at 2.5 percent, but the catch is that you have to maintain that minimum $1,000 monthly direct deposit into a qualifying USAA account in order to take advantage of that rate. If you miss a month with the direct deposit -- say you change jobs and it takes a couple of pay periods to set up your direct deposit with your new employer -- you'll revert to the 1.5 percent cash-back rate. That isn't bad, but it is typical. You can snag that rate with any number of other flat-rate cash-back credit cards. In other words, make sure you have a direct deposit set up in order to cash in fully.
The other drawback here is that USAA does require membership to take advantage of its products. There are a variety of ways to qualify for membership, but it won't be available to everyone. Before you get too interested in the Limitless™ Cashback Rewards Visa Signature® Credit Card, make sure you'll qualify for USAA membership.
Limitless™ Cash Rewards Visa Signature® Credit Card vs. Cashback Rewards Plus American Express® Card
Another USAA credit card, the no-annual-fee Cashback Rewards Plus American Express® Card provides cardholders with the same security, travel, and retail benefits, as well as the same military benefits as the Limitless™ Cash Rewards Visa Signature® Credit Card, but the way that users gain cash back rewards is set up a little differently.
Instead of gaining up to 2.5 percent cash back on all purchases like with the Limitless™ Cash Rewards Visa Signature® Credit Card, the Cashback Rewards Plus American Express® Card allows users to earn rewards in tiers of 1 percent, 3 percent or 5 percent cash back based on the category of purchase.
The way the Cashback Rewards Plus American Express® Card cash-back rewards system is set up is as follows:
Depending on how you plan to use your card, the Cashback Rewards Plus American Express®card may allow users higher cash back opportunities, especially if you don't plan to take advantage of the opportunity to earn the full 2.5 percent with the Limitless™ Cash Rewards Visa Signature® Credit Card.
Limitless™ Cash Rewards Visa Signature® Credit Card vs. Chase Freedom Unlimited®
If it's low APR rates and high cash back rewards that you're after and you don't mind stepping away from USAA, then Chase Freedom Unlimited® is an option worth considering.
With the no annual fee, Chase Freedom Unlimited® cardholders will have access to a 0 percent intro APR for the first 15 months on purchases and balance transfers.
As far as gaining rewards goes, Chase Freedom Unlimited® makes it simple: Cardholders earn an unlimited 1.5 percent cash back on all purchases with no limits. No tiers, no category restrictions, no complicated calculations. Just 1.5 percent cash back on all purchases made. (Meaning it's the same earn rate as with the Limitless™ Cash Rewards Visa Signature® Credit Card if you don't bump it up with the monthly direct deposit).
Additionally, new Chase Freedom Unlimited® receive a $150 bonus after spending $500 with the card in the first three months of opening the account, and another $25 bonus after adding an authorized user once that user makes a purchase within the same three-month period.
One potential downside though is that Chase Freedom Unlimited® charges a 3 percent foreign transaction fee for each purchase made outside the U.S., meaning it may not be the best option for frequent international travelers. Furthermore, if you are eligible for the USAA card AND will make a qualifying monthly direct deposit, you stand to earn a more with that card.
Limitless™ Cash Rewards Visa Signature® Credit Card vs. Discover it® - Cashback Match™
If you're someone who is willing to think about which card you pull out of your wallet for each purchase and you want to maximize your rewards, a rotating categories card such as Discover it® - Cashback Match™ is likely your best option. With Discover it® - Cashback Match™, you earn 5 percent cash back on up to $1,500 spent in categories that rotate each quarter. The catch is that the spending cap and that you'll only earn the 5 percent back if you remember to sign up each quarter. Once you bust through the cap, or if you forget to sign up, you only earn 1 percent on those purchases.
Bottom line: if you are willing to pay attention and the categories align with your regular spending habits, you stand to earn more with a rotating categories card like Discover it® - Cashback Match™. If you're looking for simplicity and still a decent earning rate, stick with the Limitless™ Cash Rewards Visa Signature® Credit Card.
The Limitless™ Cashback Rewards Visa Signature® Credit Card is ideal for military families thanks to the special 4 percent deployment, PCS, and SCRA rates and military campaign benefits. But active and non-active military families alike will appreciate the top-of-the-line opportunity to earn cash back. That flat 2.5 percent (with the direct deposit, of course) is almost unheard of.