Quick highlights
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Rewards rate: 5 percent cash back on gas station and military base spending up to $3,000 per year (1% thereafter), plus 2 percent cash back on grocery store purchases up to $3,000 per year and 1 percent cash back on all other purchases.
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Welcome offer: None
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Annual fee: None
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Purchase intro APR: N/A
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Balance transfer intro APR: N/A
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Regular APR: 14.90 percent to 28.90 percent variable, based on creditworthiness
Current welcome offer
The USAA Cashback Rewards credit card doesn’t have any sign-up or bonus offer. This means no extra cash back after you spend a certain amount in the first few months, and no intro APR to help reduce your interest payments.
Most cash back cards with no annual fee come with a welcome offer to entice new applicants. A boost from your spending after your first few months is a fair complement to your regular cash back earnings, but these offers can sometimes incentivize you to overspend.
If you don’t anticipate spending upwards of $500 to $1,000 in the first three months of card membership, then you shouldn’t worry too much about welcome offers.
Rewards rate
When it comes to rewards credit cards, this USAA offering is fairly middle-of-the-road, but it may not be the most valuable option if you spend more than $3,000 each year on either gas or military purchases – like those made on bases – or $3,000 per year on groceries.
Earning rewards
You’ll earn 1 percent cash back on general purchases, which is the minimum expected on any cash back card. Cardholders also earn 2 percent cash back on grocery purchases (on up to $3,000 in purchases per year) along with 5 percent cash back on gas station and military base spending (also on up to $3,000 in purchases per year). Your cash back drops to 1 percent in these categories when you reach the spending threshold each year.
This card’s 5 percent rate for gas and military purchases is hard to match, but some no-annual-fee cash back cards come with a 2 percent flat rate on all purchases without any limit, making the card’s grocery rewards rate less impressive. Although the USAA Cashback Rewards Plus card is great for its niche rewards rate on military bases and for gas, if a majority of your spending falls into common categories like groceries or dining, you might be able to earn more overall cash back with a different card.
You can choose from cards that earn 2 percent back on all purchases without a limit or ones that earn 3 percent to 5 percent back with a spending limit for certain categories. Whichever you choose, you could enjoy more cash back potential depending on how much you spend and where you shop.
Redeeming rewards
Redeeming rewards is simple—just log into your account at USAA.com or through your mobile app and check your cash back amount, then choose the amount you’d like to redeem.
According to the USAA Cashback Rewards Plus program terms and conditions, cash can be redeemed for any amount in $1 increments starting at as little as $1. You can redeem cash back for travel rewards, merchandise and gift cards, as a statement credit, direct deposit or as a charitable donation. Your available cash back amount for any posted transactions is typically available within 48 hours after purchase.