Limitless™ Cashback Rewards Visa Signature® Credit Card Review
Limitless™ Cashback Rewards Visa Signature® Credit Card
CardRatings Editor's Analysis: Pros & Cons
- This card offers a top-of-the-line 2.5% cash back on all your purchases with no caps or spending categories to keep up with.
- Enjoy low APRs during times of transition, such as during deployment or PCS.
- There is no annual fee or foreign trasnaction fees to eat into your rewards.
- You have to qualify for USAA membership in order to be eligible for this card. If you aren't – or if you don't think you'll make the required monthly direct deposit to snag that 2.5% – you might consider a card like the Citi® Double Cash Card - 18 month BT offer , which offers the chance to earn 1% back when you buy and another 1% when you pay at least the minimum balance due on your bill on time.
USAA Limitless™ Cash Rewards Visa Signature® Credit Card
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:
- Earn up to 2.5% cash back on everyday purchases with no limit on the amount you can earn.
- No annual fee.
- No foreign transaction fees.
- Special 4% deployment, PCS, and SCRA APRs.
- Auto rental collision damage waiver insurance.
- Extended manufacturer and store brand warranties.
- Earn a $250 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
- 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
- 6% Cash Back on select U.S. streaming subscriptions.
- 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
- 1% Cash Back on other purchases.
- Low intro APR: 0% for 12 months on purchases from the date of account opening, then a variable rate, 13.99% to 23.99%.
- Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee.
- Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit.
- $95 Annual Fee.
- Terms Apply.
What Our Editors Like Most About the Limitless™ Cash Rewards Visa Signature® Credit Card
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% 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% rate, you'll still earn 1.5% 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%.
The Limitless™ Cashback Rewards Visa Signature® Credit Card features a special deployment and PCS rate of 4% on all balances for up to 12 months during deployment or PCS, as well as a special 4% 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% 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. 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.
Potential Downsides of the Limitless™ Cash Rewards Visa Signature® Credit Card
The Limitless™ Cashback Rewards Visa Signature® Credit Card has a solid cash-back opportunity at 2.5%, 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% 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.
How the Limitless™ Cash Rewards Visa Signature® Credit Card Compares to Other Cash Back Rewards Credit Cards
Limitless™ Cash Rewards Visa Signature® Credit Card vs. Cashback Rewards Plus American Express® Card
Another USAA credit card, the no-annual-fee USAA 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% cash back on all purchases like with the Limitless™ Cash Rewards Visa Signature® Credit Card, the USAA Cashback Rewards Plus American Express® Card allows users to earn rewards in tiers of 1%, 2% or 5% cash back based on the category of purchase.
The way the USAA Cashback Rewards Plus American Express® Card cash-back rewards system is set up is as follows:
- You earn 5% back on qualifying gas and military base purchases for the first $3,000 spent with the card each year, for a maximum annual reward of $150. After that spending cap, you earn 1% back on those purchases.
- Earn 2% back on qualifying supermarket purchases for the first $3,000 spent with the card each year, for a maximum annual reward of $60. Again, once you hit the spending cap, the earn rate drops to 1%.
- Beyond that, you earn 1% cash back on all purchases with no limit to the amount of rewards that can be earned.
Depending on how you plan to use your card, this 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% 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% intro APR for the first 15 months on purchases (then, 14.99% - 23.74% Variable).
As far as gaining rewards goes, Chase Freedom Unlimited® makes it simple: cardholders earn 5% on travel purchased through Chase, 3% on dining at restaurants, 3% at drugstores, and 1.5% cash back others purchases with no limits on an ongoing basis. The base earning is at least 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).
One potential downside though is that Chase Freedom Unlimited® charges a 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. Wells Fargo Cash Wise Visa® card
Like the Chase card, this Wells Fargo card earns users unlimited 1.5% back on all purchases (or 1.8% for the first year when making purchases with a qualified digital wallet) (See Rates and Fees). This still isn't as attractive as the Limitless™ Cashback Rewards Visa Signature® Credit Card's 2.5% offer, however, there's no direct deposit or any other sort of spending stipulation, and it's available to everyone--not just USAA members.
New Wells Fargo Cash Wise Visa® card cardholders are eligible for a $150 cash bonus once spending $500 with the card within three months of opening an account, and are also entitled to up to $600 a year in cell phone protection; perks you won't find with the Limitless™ Cashback Rewards Visa Signature® Credit Card.
Who should get this card?
The Limitless™ Cashback Rewards Visa Signature® Credit Card is ideal for military families thanks to the special 4% 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% (with the direct deposit, of course) is almost unheard of.