Best American Express Card for Bad Credit

USAA Secured Card

USAA Secured Card

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On the USAA Secured American Express Card Secure Website
  • Excellent customer service
  • Low APR
  • Backed by an interest-earning deposit

Our Detailed Review

Improve your credit score while earning interest on the money you used to fund the card. No fees for going over your credit limit.

Only available for current and former military members, as well as their qualifying family members.

Details

Application Process: You can apply online after you establish eligibility. This card is only for members of the military and veterans, but some family members may also qualify.

Features: It’s difficult to find the time to visit a brick-and-mortar bank and establish a CD when you're on active duty (or preparing for it). Fortunately, you can avoid that hassle with this secured American Express card. When you apply online, you can set up a deposit. This deposit earns interest (currently the APY is 0.54%) until you remove your money. Very few secured credit cards or loans let customers earn interest on their deposits, so we’re very impressed with this feature.

There are no foreign transaction fees, so you can use this card wherever military life takes you. We also appreciate the identity theft resolution service that protects you if someone dares to decide that they’d like to live your life.

APR: APR typically ranges from 10.40% to 20.40%, but there are special offers available. We’ll explain them more in the next section.

Bonus Offers: Finally, a secured credit card with bonus offers! This is the only secured card we’ve found with bonus offers, so please excuse us while we geek out for a minute.

Cardholders score a 4% APR during deployment or PCS. You can also take advantage of the 4% APR for up to 12 months after active military duty ends if you had a balance when duty began.

Annual Fee: There’s an annual fee, but it’s only $35. We’ve seen cards with $0 fees and cards with $99 fees, so this reasonable price falls somewhere in the middle.

 

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