The USAA Preferred Cash Rewards World MasterCard is a rewards credit card that offers cash back rewards on every purchase made with the card. It is only available to USAA members. Membership in USAA is open to:
- Active, retired and honorably discharged officers and enlisted personnel of the U.S. military
- Cadets and midshipmen at U.S. service academies, in advanced ROTC or on ROTC scholarship, plus officer candidates within 24 months of commissioning
- Individuals whose parents have or have had USAA auto or property insurance
- Former USAA members who had auto or property insurance
- Widows, widowers, and un-remarried former spouses of USAA members who had auto or property insurance while married
The online application for the USAA Preferred Cash Rewards World MasterCard also contains the application for USAA membership. There is no cost to join.
This card offers no signup bonus or introductory APR to new account holders.
The cash back rewards program is simple and straightforward. Card members earn 1.5% cash back on all eligible net purchases made with the card. You do not have to sign up to receive your cash back rewards and there are never any rotating purchase categories. Once you are approved for the card, you are automatically enrolled in the rewards program. Net purchases are all purchases which post to your account less any credits, returns, or other adjustments. Cash advances (including convenience checks) and balance transfers are not considered purchases and do not earn cash back rewards.
Cardholders receive cash back rewards in the form of a rebate bonus which is applied to the January billing statement each year. As long as your account is open and in good standing, you will receive the rebate bonus (the net total cash back earned during the previous 12 months). There is no cap on the amount of cash back rewards members can earn.
The USAA Preferred Cash Rewards World MasterCard offers a variable APR of 11.90% to 25.90% on purchases, cash advances, and balance transfers. Your actual APR will be determined at the time of approval and is based on your credit score and other financial factors.
Card members receive additional World MasterCard benefits such as:
- MasterRental Coverage- 31 Day Worldwide Coverage- Pays for covered physical damage, including theft and vandalism, to a rental vehicle for up to 31 days. The rental agreement must be in your name and paid for with the USAA Preferred Cash Rewards World MasterCard for this coverage to be valid.
- Identity Theft Resolution Services- In the event your identity is ever compromised, receive assistance with credit bureau notification and credit card replacement.
- Price Protection- Find a lower price on a new item that you purchased on the card within 120 days of purchase and you may receive compensation for the difference in price. Restrictions and limitations apply.
- Concierge Service- 24/7 assistance with gift buying, restaurant and hotel reservations, and entertainment events (tickets to the theater, sporting matches).
- Extended Warranty- Doubles the original warranty for up to one year. Restrictions and exclusions apply.
Members are charged a 3% fee based on the total amount of each Cash Advance with the maximum fee being $200 per transaction. This fee is waived when transferring funds electronically to a USAA deposit account.
Balance transfers also incur a 3% on each balance transfer. This fee is capped at $200 per transaction.
Card members are charged a 1% foreign transaction fee on purchases made with the card while traveling abroad.
This card comes with chip card technology which provides an additional layer of security for card members. Most other countries use chip-enabled terminals to process credit card transactions so this is a definite perk (and convenience) if you often travel internationally.
There is no annual membership fee associated with this card.
The Facts
Below we have broken down the specific details of the USAA Cash Rewards World MasterCard to assist you in determining if it’s the right card for you.
The Good:
Cash back rewards on all purchases:
This card offers a simple cash back rewards program. Members earn 1.5% cash back on all eligible net purchases made with the card. Net purchases are considered the total amount of purchases made on the card minus any credits, returns, or adjustments. There are no special purchase categories. Balance transfers and cash advances (including convenience checks) are not considered purchases (even if they are used to purchase goods or services) and do not any earn cash back rewards. Card members do not have to sign up to earn cash back- you are automatically enrolled in the rewards program upon acceptance of the USAA Preferred Cash Rewards World MasterCard.
No limit on rewards:
There is no limit on the amount of cash back rewards you may earn with this card. As long as your account remains open and in good standing you are eligible to receive the cash back rebate bonus each January.
Additional World MasterCard benefits:
Members receive these additional benefits:
- MasterRental Coverage- 31 Day Worldwide Coverage
- Identity Theft Resolution Services
- Price Protection
- Concierge Service
- Extended Warranty
Chip card technology:
This card provides the latest enhanced chip technology for added security and convenience. For frequent international travelers, this is a good perk since most of the world uses chip-enabled terminals to process credit card transactions.
No annual fee:
It’s always a good deal to find a rewards credit card with no annual fee.
The Bad:
No sign up bonus or introductory APR:
New members do not receive any signup bonus rewards or an introductory APR with this card.
USAA membership is required:
This card is only available to members of USAA. You must be a current member of the military, an honorably discharged veteran, or an eligible family member to qualify.
Not everyone will be approved:
Applicants generally need very good to excellent credit (730+ FICO) to be approved for this card.
The Ugly:
Rewards are paid out on an annual basis:
Card members receive a cash back rewards rebate bonus every January for net purchases made on the card during the previous 12 months. This bonus will appear as a credit on your January billing statement.