Why I use USAA
About a year and a half ago i transferred my banking from Navy Federal Credit Union to USAA Federal Credit Union and couldn’t be happier. Many service members know the benefits of USAA for insurance but most that I know do not use USAA for their banking. I think using USAA is the best financial move that I have made with the exception of investing in the TSP.
Why Use USAA?
The main reason that I started using USAA is that they give you either cash back or rewards on your debit card. Yes that is right you can get cash back on a debit card that you are going to use. Granted it is not a lot only 1/2 of 1% but still free money for using my debit card (which I pretty much use for everything) is still good. The second thing that they do is refund all ATM fees up to 10 a month. I am not going to waste my time or gas driving around looking for an ATM that belongs to my bank so having this feature is great.
Between those two features I got $15.18 back last month. Now I know you are going to say that $15 is not that much and to a certain extent I agree but 15 dollars a month for a year projects out to over $180. Not too bad again for doing something you are going to do anyways.
With USAA you can get just about everything you need from car and renter’s insurance, to IRAs, 529s. USAA has very competitive rates on credit cards as well as car loans and if you apply for a loan on line you usually get a 1/4 to 1/2% lower rate.
Disadvantage of USAA
The only real disadvantage of USAA that I can see is the lack of actual branches. This really isn’t that big of a problem because they have excellent customer service, but for those that like to deal with banking in person might be a drawback.
I love USAA but due to the fact that they have no branches near me I elected to keep Navy Fed on top of USAA just in case I need to quickly cash a check or something like that. All in all I think everyone should have USAA
Related posts:
October 23rd, 2008 at 4:48 am
[...] Why I use USAA. [...]
October 23rd, 2008 at 4:50 am
I love USAA as well. I’ve had them for about 5 years now and I don’t think I will go elsewhere for my main banking needs (though I did recently transfer some money into a savings account that offered higher interest). I still have my direct deposit, bill pay, insurance, and a few other things there and I don’t plan on changing that.
October 24th, 2008 at 8:06 am
Yeah, USAA is the best. We had them for our insurance a few years ago, and just opened a banking account with them this week. We are living overseas and they do not charge heavy additional fees to use the ATM, like almost every other US bank does… they really look out for their military members and vets, and I appreciate it!
Semper,
Jerry
October 27th, 2008 at 8:02 pm
I HAVE BEEN WITH USAA FOR A LONG TIME. THEY ARE THE BEST COMPANY IN THE ENTIRE WORLD. THE MSR’S ARE SO SO NICE AND EVERYONE SPEAK’S ENGLISH!!! I CAN ACTUALLY UNDERSTAND THEM! I WILL NEVER BANK WITH ANYONE ELSE. I LOVE THEIR ATM REFUNDS AND THEIR DEBIT REWARDS. I SAVED $500 ON AUTO INSURANCE AND I WILL NEVER DEAL WITH ANY OTHER COMPANY.
USAA IS THE BEST! I LOVE THEM!!!!!!
January 22nd, 2009 at 3:48 pm
I agree with you on pretty much everything you wrote. I just found your site because I was looking for info on how much cash back I can get via debit card versus credit card. I have a USAA Platinum MasterCard and these are the terms of my reward program based on how much I spend. This is the default rewards program, but you can re-evaluate and switch to their other rewards program where you can earn other things like airfare and stuff (but if you choose cash you only get 0.0083% cash back)
You may want to re-consider using a USAA credit card versus debit card for purchases. (If you have the self-restraint not to spend more money than you have in the bank, it’s totally free as well!)
If your annual net purchases are: Your Cash Rewards Rebate will be:
$0 to $2,000 0.35% of all Annual Net Purchases
$2,000 to $4,000 $7 plus 0.75% of Annual Net Purchases over $2,000
$4,000 to $15,000 $22 plus 1% of Annual Net Purchases over $4,000
$15,000 or more $132 plus 1.25% of Annual Net Purchases over $15,000
February 10th, 2009 at 9:53 pm
[...] members. My advice for this is to go to a reputable dealer and to secure financing through their financial institution prior to setting foot on a car [...]
September 21st, 2009 at 7:12 pm
I am continuaously looking for a better priced company but have yet to find one. I have used them for an accident that was not my fault, got three price quotes, and was sent a check for the average quote within days. They are exceptionally friendly and very knowledgeable in their field. I have asked how I may reduce my rates and they come up with alternatives, some I used and some I didn’t. I have used their roadside assistance for a flat tire with quick service. They also give me a rebate check once a year.