Posted by William Charles on January 8, 2018
Credit Cards

Published on January 8th, 2018 | by William Charles

37

USAA Limitless 2.5% Cashback Now No Longer Available For New Applications

Update January 7th, 2018: This card is now no longer accepting new applications. All pages on USAA now error out apart from the terms page. It’s unclear what will happen to existing customers.

Original post November 17th, 2017: USAA offers the Limtless Cashback Rewards card that offers 2.5% cash back on all purchases when you have a monthly qualifying direct deposit of $1,000 in an USAA Bank checking account. The card has been in an online pilot since it was launched and only available in limited states. They were slowly adding more states until October 30th, 2017 when they removed some previously eligible states. They have now removed even more states and it’s only currently available in Louisiana. It seems like the rumors of it going nationwide have been squashed unless they are rolling back before a nationwide launch (and to me that doesn’t make much sense).

Some people have been warned about manufactured spending, so it’s possible they are trying to get a handle on that currently. Hopefully anybody that in a previously eligible state that wanted to sign up has already done so. You can read our full review of the card here. You can read our full review of this card here.

Hat tip to reader Connor



37
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
mcafeeee
mcafeeee

Dangit. Held off getting the card until I was over 5/24. Hope it comes back at some point.

Nick
Nick

I have had the card for a year now (live in PA). So far no word of any changes.

Joseph
Joseph

I’ve been patiently waiting for it to roll-out to my state, I wanted to add a better card than the double cash to my wallet, but sounds like that wont happen anytime soon.

Steve
Steve

I have been using this card for all of 2017 and love it. I do a DD and then transfer the $1000 to another account automatically and I have not heard from USAA about this. I do have my home/auto insurance with them as well so I may be viewed as a ‘good’ customer.

Norm
Norm

I guess I missed out on getting the card. As someone with a Chase Freedom Unlimited card and a Chase Sapphire Reserve, I didn’t quite see the value of wasting a pull/new account, especially without a sign-up bonus. This probably explains why I never got around to applying.

JB
JB

The value is 2.5% cashback on everyday spend, making this great card to carry (and apparently a great card for MS). The only comparable card is the BoA Travel Rewards / Premium Rewards, and you need to have $100K parked at BoA or merrill Edge to get the best rewards.

David
David

Just get the PenFed credit union power cash visa signature credit card if you maintain $500 in checking you’ll get unlimited 2% cash back on everything, no annual fee, no foreign transaction fee

Checkout Saver

I’ve got one better – City Double Rewards, 2% cashback, no fees, does not require a checking account. Also, Citi PriceRewind – if price drops within 3 months on something you bought, you can get cashback. Please have a look at CheckoutSaver.com to learn some awesome tips to save money! 🙂

David Lawleit
David Lawleit

Let’s not forget that there is the PenFed credit union pathfinder rewards amex credit card that gives you 4x or 3.4% cash back on traveling without annual fee, so opening a checking account is definitely worth it!!

jwappstate
jwappstate

Whoo hoo— really glad I just signed up for this upon moving to WA last month.

Ralph
Ralph

Seems strange. I’m a Louisiana resident and picked up the card in October for everyday spend for my wife, daughter and myself. I have no idea why Louisiana was singled out to be the last state standing.

Al
Al

They probably didn’t want to kill the card completely while they work out how to handle people taking advantage of the 2.5% and maybe LA has lost them the least amount of money compared to other states.

Chucks
Chucks

My guess is it’s legal. Basically every other state has its legal system grounded in an Anglo-framework. Louisiana is the one weird one with Franco-roots. This makes everything weird and very different and difficult to practice law there. Either USAA has a smaller legal team there to approve revoking the offer or Louisiana has some weird rule about revoking offers.

ZipZapKaZoom
ZipZapKaZoom

The legalities of the card are are based on rules of the state from where the card is issued. To profit themselves, South Dakota politicians eliminated usury laws protecting consumers from rip-off interest rates and hurting people across the nation with crazy high interest rates.

https://www.theatlantic.com/business/archive/2013/07/how-citibank-made-south-dakota-the-top-state-in-the-us-for-business/425661/

Test
Test

You ever notice how most of your credit card return addresses are in Delaware? Yea, this is why.

pulihora
pulihora

When I applied for this card they denied it saying maxium credit limit reached. Not sure what exactly it means. I called the customer service and they said it’s based on the credit report and didn’t provide any details.

Chris
Chris

When I first applied I was also denied because of the maximum credit limit. It didn’t really make sense. I also inquired with customer service and they told me something similar.I applied again the next month and was instantly approved. Nothing the one month to the next month nothing really changed.

The first time wasn’t an instant approval. It had wait for someone to review the application before they denied it. The second time was an instant approval.

I had raised the credit limit on another USAA credit card recently. Maybe that is what they meant by maximum credit limit. Maybe I was denied the first time because I had been given additional credit recently and I could not be approved for even more credit at that point in time. (This is just my guess though.) Though if that is the case, they did a very bad job of explaining that when I called.

pulihora
pulihora

In my case I had other USAA cards, but they lowered the credit line few years back to 500 on one of them and the usaa amex is around 5k. No credit limit increases recently. I guess it’s too late to reapply now.

Dan
Dan

Figures… My saga (sorry for the length): I live in Kansas, which was one of the first states they had in the pilot. But I’m also not a full member because I have no military affiliation (or family relationship). I’ve done my banking with them from way back when they allowed everyone to do that. I kept trying to apply but it would never allow me to even complete an application. A few others who were only partial members like me reported this same experience. During the first week of November this year I tried again, and to my happy surprise it let me complete the application. I was super-pumped as I completed the application, knowing that according to USAA’s own site my Experian score was 830 (which is around what it is at the other two bureaus according to CK). Needless to say the smile was wiped off my face when it came up declined due to the “Maximum Credit Limit” reasoning. I have long had an AMEX with them, which I rarely use. It has a $13,000 limit. Having been spoiled by Chase, I figured “oh I’ll just call in and reduce my credit line on the AMEX and have them reconsider”. Silly me. After the rep reduced my AMEX CL down to $1000, he called underwriting and they basically told him to tell me to pound sand. Not only would they not reconsider my request, they couldn’t say that reducing the CL on the AMEX would make any difference if I were to re-apply. I asked the original rep if I could re-apply over the phone and he said that for the Limitless, it’s an online-only app. But he said I could re-apply online. I hang up and figured I would go ahead and re-apply since the hard pulls would likely be combined. Got to the application page and can’t remember the exact error but it basically said I’d already reached my application limit for that card…. lol So I get the official denial letter in the mail this week and it confirms they pulled Experian but says my score is 773?! To my knowledge I haven’t had a score under 800 in 10+ years. I have zero history of late payments, low debt (100K mortgage and an 8K auto loan) and carry no revolving balances. As soon as I saw that I was horrified thinking about… Read more »

sloebrake
sloebrake

I’ve been stoozing and recently my real score was 70+ points ABOVE the score from a few of the calculators.

Needless to say I’ve stopping using them to influence my application cycles.

For people that want to deep dive into the calculators: multiple low-ish (3k-15k) limit credit cards maxed out (yet still a small portion of total credit limit: ~15% depending on month) appears to have dropped my calculator score by much more than the real score.

Sam
Sam

There’s no one “credit score,” there’s a thousand different algorithms. There’s not even one “FICO credit score,” FICO itself has a bunch, FICO 8 and FICO 9 are most well used but mortgages use a different FICO (FICO 4 I think)

Dave
Dave

Granted this is a topic for another thread, but I had a similar experience with an auto loan with USAA. They said both my wife and I had scores 60 points lower than what we saw from other sources. When I mentioned this to the rep after calling to inquire, I was told USAA uses Experian. I said, “Yes, like you utilize with our credit cards to provide our scores?” They kept the interest rate at the higher level, even after keeping me on hold for 30 minutes to discuss my concerns with underwriting.
I understand the numbers and algorithms may be different from one model to the next. However, this was USAA providing our numbers — and their score with our credit cards were very close to the scores we viewed with the other credit monitoring services we utilize.
Long story short, they charged us double their advertised interest rate for a new car loan. I complained numerous times to no avail — until I finally started posting online about their unethical business practice. This was a complete bait-and-switch. (I will add that we are retired military, as well, although we both still work. We are supposedly to whom USAA is “dedicated to serve”.) This resulted in calls from the Office of the CIO, who did not want to resolve the issue; they merely wanted to listen to the complaint and ask if I would reconsider the statements I posted.
I considered it nearly as long as USAA thought about refunding the difference in interest charged on the auto loan.

Ace
Ace

Have had the car for a while now, got $400 credit through regular spend, im not gonna risk M$ on this car when grocery stores offer 3% anywho

Jeff G
Jeff G

Love this card, crossing my fingers that those who have it are grandfathered in for the current benefits.

Momosan
Momosan

They may be swapping out to a 1.5% offering. I got an offer for an “unlimited” card the other day. As opposed to “limitless” I’ll see if I can find the email, it’s been a hellish week here, so I didn’t really pay attention to whether it was a new offering or not

Jason
Jason

Suspecting that is the preferred cash rewards card that has been available for a long time

Jeff S.
Jeff S.

That card has been around for awhile… It is not a replacement. I got the same Targeted offer via snail mail: “USAA Preferred Cash Rewards Visa Signature” CC earns an unlimited 1.5%… Offering $100 reward bonus when you make 12 purchases by April 30th.

Steve
Steve

Also, if they keep 2.5% for existing customers, remember that tax payments don’t qualify for 2.5% cashback. https://communities.usaa.com/t5/Banking/Beware-of-quot-Limitless-quot-Visa-Card-Not-everything-give-2-5/td-p/148687

JR
JR

USAA had always labeled this as pilot. There’s a possibility that this was intentional on their part to open to a certain number of users across certain geographical regions and once they’ve reached their quota, they close applications. If this is the case, they’ll probably analyze spending behaviors and see if it’s worth a national expansion. If not, discontinue the pilot program.

Sam
Sam

Very good point!

kjm
kjm

ussa is a shell of what it used to be when I was first a member. I went through tons of BS with these guys to get this card going. did the 1000 per month direct deposit and then they said it had to be a minimum of 1000 dollars not two 500 dollar deposits. After it was all said and done. I told them to shove their card. They rectified my account and sent me a check for .01 cent. How’s that for money well spent USAA members.

Back to Top ↑