slander1709 said:foomeister said:Are there any non-military memebrs here who hold USAA credit cards? What are your rates?
Don't know what you mean by non-military. I have not personally served in the military, though my father did, so I fall into the former military dependent category. I have a 7.75% APR on purchases from USAA and 10.75% on cash advances. The card offers a flat 1% Cash Back on everything. I was offered the card after a long period of non-use on my previous USAA credit card.

Thanks. By non-military, I mean someone that has no military affiliation, either directly or as a dependent...someone that joined only to take advantage of USAA's financial services and is ineligible for insurance, etc. through USAA.

<<I would find it helpful if you mentioned in title that this was a discussion about USAA financial products, not insurance.>>

oops my mistake...'financial products' may include insurance, annuities, mutual funds etc., my mistake for suggesting it. Maybe your title could be reduced to suggest a discussion of having an account with USAA Federal Savings Bank....and whatever benefit is derived from being a customer of that bank.

'The Ultimate USAA Federal Savings Bank Thread' for example

Sorry for the numerous edits (didn't have my first cup of coffee)...but your title Banking Products is just fine

I really need that cup of coffee....now it's 'Bank' thread

I am member of USAA also. My parents have been members for years and have always had auto insurance with them. So I started my own policy when I got out on my own. Their auto is little higher in certain instances. However they have the best claim service I have ever seen. They usually send a refund check at the end of year as well. About a monthly payment's worth. I have checked into their property insurance and it seems a little higher as well, have signed up for that one yet. They recently sent me a loan check for $3k 10%APR. They have tried to talk me into getting a checking account and it sounds like a very good deal. I am just hesistant about it since I guess if you have a check to cash you have to either go to another bank or mail the check to them. Not sure how that would work.

As I understand it, USAA began as an Automobile (insurance) Association, then expanded to other insurance services to meet the needs of mobile military families, some of whom move families every few years -- in and outside USA borders -- and might therefore be unable to get good rates from insurance companies. The banking part followed later, with brokerage services a fairly new branch of USAA services, I think. See below for a full outline. -Zer tooshy said: <<I would find it helpful if you mentioned in title that this was a discussion about USAA financial products, not insurance.>> oops my mistake...'financial products' may include insurance, annuities, mutual funds etc., my mistake for suggesting it. Maybe your title could be reduced to suggest a discussion of having an account with USAA Federal Savings Bank....and whatever benefit is derived from being a customer of that bank. 'The Ultimate USAA Federal Savings Bank Thread' for example. ...your title Banking Products is just fine.... Possibly this description of USAA will help folks understand that banking is not the first thrust for USAA, which is why insurance keeps coming up as people talk about what they like or don't like about USAA. United States Automobile Association (USAA) is a family of companies that provide insurance and diversified financial services predominantly for the military community. Since 1922, USAA has been providing insurance facilities. USAA car insurance has achieved a high rating as an insurance company that offers excellent service at competitive prices. USAA insurance facilities encompass Automobile, Homeowners, Renters, Fire, Flood and boat insurance schemes. You can avail USAA auto insurance for specialized needs such as antique auto insurance and large yacht insurance.

USAA auto insurance and other types of insurances are the primary services offered by the United States Automobile Association (USAA). It is consistently rated among the best property and casualty insurance companies in the nation by most of the important consumer publications. The company has a rich tradition of offering excellent services at competitive prices.

Apart from insurance services, USAA provides other financial and money-management services like annuities, mutual funds including IRAs, brokerage and banking services. Banking services include checking accounts, no annual fee credit cards, savings accounts, home loans and more. Many goods and services are offered at discount rates to members of USAA through its many commercial enterprise affiliates.

The Insurance Rating Commission has approved a rate decrease for the USAA insurance in January 2004. The USAA car insurance rates will be reduced by an average of 2.2.% for policy holders who consist mainly of military personnel and their dependents. This reduction in USAA auto insurance rates will result in lowered premiums.

With a member base of more than 5 million, USAA is a member-owned Fortune 500 Company.

National Guard and Reserve enlisted personnel, officers and officer candidates and those on active duty are eligible for USAA insurance membership. Soldiers can request for USAA insurance quotes for various insurance needs. USAA has its headquarters in San Antonio, Texas and offices throughout the U.S. and Europe. This does not say clearly that some USAA services are open to people with no military affiliation at all. Nor does it say that military dependents qualify as members, which is how I got in on the insurance. Glad of that, as it's been useful. -Zer

Cashing checks? I just endorse a check and deposit it by mail. Always write FOR DEPOSIT ONLY and my account number on the back of the check, just above my endorsing signature. That makes the check useless to anyone who might find it on its way to my bank. One of the things I like about USAA is that its return envelopes are post-paid. When I deposit to my local bank, I spend 37cents. Hmm, that's kind of wasteful, isn't it? Stamps are expensive! -Zer chill1 said: I am member of USAA also. My parents have been members for years and have always had auto insurance with them. So I started my own policy when I got out on my own. Their auto is little higher in certain instances. However they have the best claim service I have ever seen. They usually send a refund check at the end of year as well. About a monthly payment's worth. I have checked into their property insurance and it seems a little higher as well, have signed up for that one yet. They recently sent me a loan check for $3k 10%APR. They have tried to talk me into getting a checking account and it sounds like a very good deal. I am just hesistant about it since I guess if you have a check to cash you have to either go to another bank or mail the check to them. Not sure how that would work.

Never thought about using CC to fund a CD or a new account. Interesting idea, in view of possible points earned. Unless, of course, the transaction is regarded as a cash advance with a fee for 'lending' that money. Was your transaction a cash advance? -Zer tooshy said: I opened a savings account (funded with cc) in addition to checking simply to park funds for billpay that will earn a small amount of tiered interest, at least 1.45%.

USAA offers one of the highest 5yr CD rate, 5%, min 1K deposit (see CD thread). Very convenient to transfer funds and create CDs. However, no cc funding as far as I could tell.

Do they run a hard credit check when opening an account?

You earned 12.50? How? What period of time? -Zer tooshy said: Some banks allow cc funding of your initial account as part of their new account verification process. I like it for several reasons, one of course is to earn rewards, and the other is ease of available funds. Make your CD today and line your ducks in a row tomorrow I used the Penfed cc which has no cash advance fee (just in case), and according to USAA CSR, the funding should go thru as a purchase. Sometimes cc issuers recode it as a cash equivalent that doesn't earn rewards, but still has a purchase grace to it.

The maximum cc funding was $500 for savings and $500 for checking. It earned just $12.50 but for the lack of effort required it paid for a free lunch EDIT: Ah, the 12.50 is tied to using PenFedCC with 1.25% rebate.
I was trying to figure interest earned(?) on money deposited at USAA.
No wonder I could not make any sense of the math! Duh! -Zer (not too numerate)

What are the Credit card rates for non military.

Not sure if this is mentioned at CD thread, but I found it interesting. USAA 5yr CD (min.$1k) at adjustable rate 4.74% with option to adjust up to 2% at customer's call (one time only) if USAA rates go up. CSRep advised me to grab that if rate goes up even 1.5%, not to be greedy in waiting for a full 2% in the coming 5yr period. I was looking at the 5yr/5% but decided to take the chance on rates rising in the next five years. -Zer tooshy said: USAA offers 5yr CD rate, 5%, min 1K deposit (see CD thread).