This card is no longer available.
Issued by USAA Savings Bank, the Cash Rewards American Express® card is designed for people who are affiliated with the military and are looking for a cash back rewards card with a high rate on everyday purchases and no annual fee. To qualify, members must either be an active (or retired) member of the U.S. military or be related to military members.
The Cash Rewards American Express® card charges the same rate for purchases, balance transfers, and cash advances. APRs vary based on members' creditworthiness.
The USAA's Cash Rewards card does not charge an annual fee. It does charge a balance transfer and cash advance fee but this is capped at a maximum fee of $200. It has no foreign transaction fee. Late payments and returned payments have up to a $35 fee.
The Cash Rewards American Express® has two rewards rates. First, cardholders can earn 2.25% cash back on gas and grocery purchases. Second, cardholders can earn 1.25% cash back on everyday purchases.
There is no signup bonus.
The Cash Rewards American Express® card comes with the standard American Express® travel, security, and travel benefits, such as concierge services, identity theft services, travel accident insurance, extended warranty on purchases and car rental insurance.
It also gives special benefits to the military, such as a rebate of all finance charges while a member is serving in a qualified military campaign and provides practical assistance during and after the deployment.
The Cash Rewards American Express® offers both a $0 annual fee card and a high rate of cash back rewards, not a common combination. Issued by USAA Savings Bank, the card is restricted to people related to the military, but the requirements are open enough to allow many people to qualify through relatives. The APR rates are low, the benefits are significant and the fees it charges are competitive.