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2009 Credit Card Study
A credit card under a microscope
credit cards
Credit Card Exclusive: USAA

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USAA Federal Savings
CardUSAA Federal Savings Platinum MasterCard

USAA Federal Savings American Express

Any time, any reason; universal defaultDefault rate after missing two months of minimum due payments.Default rate after missing two months of minimum due payments.
Average daily balance or two-cycle?Average daily balance (including new purchases).Average daily balance (including new purchases).
Late fee range$35.$35.
Overlimit fee$0.$0.
Balance transfer fees: % of amount; minimum and maximum3% of each balance transfer; $75 maximum.3% of each balance transfer; $75 maximum.
Cash advance fees: % of advance; minimum and maximum3% of each advance; $75 maximum for convenience checks. Fee is waived when transferring funds electronically to a USAA deposit account.3% of each advance; $75 maximum for convenience checks. Fee is waived when transferring funds electronically to a USAA deposit account.
Payment related fees: phone, expressPhone: No fee.Phone: No fee.
Other fees (annual, returned check, etc.)Annual: $0
Returned check: $27
Copy: $10
Wire: no charge in or out
Annual: $0
Returned check: $27
Copy: $10
Wire: no charge in or out
Grace period25 days .25 days .
Introductory rate for purchases and balance transfersN/A.N/A.
Default APR rangeVariable 11.0% to 22.15% APR.Variable 11.0% to 22.15% APR.
How payments applied to balance?Payments will be applied to balances with lower APRs before balances with higher APRs.Payments will be applied to balances with lower APRs before balances with higher APRs.
How is interest rate set?Prime rate published in the consumer rates table of The Wall Street Journal on the 15th of each month (or the next business day if not published on the 15th).Prime rate published in the consumer rates table of The Wall Street Journal on the 15th of each month (or the next business day if not published on the 15th).
Minimum payment charge1% of new balance due plus finance charges plus fees. If there is a past due amount (i.e., limit on card is $2,000 and the over-the-limit amount is $500), then the over-the-limit amount becomes the minimum due.1% of new balance due plus finance charges plus fees. If there is a past due amount (i.e., limit on card is $2,000 and the over-the-limit amount is $500), then the over-the-limit amount becomes the minimum due.
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Credit Card Averages
Product Rate
Balance Transfer Cards 15.99%
Cash Back Cards 16.34%
Low Interest Cards 10.93%
Rewards Cards 15.79%
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Another study shows the imperfection of credit reporting. Almost 1 in 4 encountered problems with their credit reports.
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