This globally accepted card can help you rebuild or establish your credit.
30-second take
- Get this card if you need to establish or rebuild your credit
- Pick something else if you want a secured card with no annual fees or a lower minimum deposit
- Apply with a poor to a fair credit score of 300 to 669
| Product Name | U.S. Bank Secured Visa® Card |
|---|---|
| Card Type | Visa |
| Annual Fee | $29 |
| Purchase APR | 21.24% variable |
| Intro Purchase APR | N/A |
| Balance Transfer APR | 21.24% variable |
| Intro Balance Transfer APR | N/A |
| Balance Transfer Fee | $5 or 3% of the transaction, whichever is greater |
| Cash Advance Rate | 26.24% variable |
| Foreign Transaction Fee | 3% of the transaction value |
| Cash Advance Fee | $10 or 4% of the cash advance amount, whichever is greater |
| Interest Free Period | Up to 24 days |
| Late Payment Fee | Up to $38 |
| Returned Payment Fee | Up to $35 |
| Additional Cardholder Fee | $0 |
| Minimum Age | 18 years of age |
|---|
The basics
Among the variety of secured cards available for people looking to rebuild or establish their credit, the U.S. Bank Secured Visa® Card is a relatively straightforward option.
Like many secured cards, you can apply even with no prior credit history, though applying will cause U.S. Bank to run a credit check. You’ll also need to provide a security deposit to apply.
The perks
- Build or establish your credit.
U.S. Bank reports responsible spending to the three credit bureaus, which could help you rebuild or establish your credit over time with responsible spending and on-time payments. - Reasonable starting deposit.
The bank requires that you open a savings account with a minimum of $300. You can deposit up to a maximum of $5,000 depending on your desired credit limit, though the bank won’t necessarily approve you for your deposit amount. - Earn interest on your deposit.
Your U.S. Bank savings account will earn interest over time.
You’ll also like
- Online access.
U.S. Bank’s online banking gives you easy access to account statements and the ability to make payments, get cash advances and download your account’s history. - Autopay.
You can set up autopay toward up to your full statement balance for each month for whatever date works best for you. - Security.
You’ll enjoy zero fraud liability and fraud protection in the event your card ever becomes lost or stolen. - Free credit score.
Enroll in online banking to get your TransUnion credit score and credit monitoring at no cost.
What to watch out for
- Annual fee.
There’s a $29 annual fee for membership. The are no offered benefits to offset the cost. - Foreign transaction fees.
You’ll be subject to foreign transaction fees when you make purchases abroad. - Penalties.
Late payments and returned payments will cost you $38 and $35 respectively. - APR.
The U.S. Bank Secured Visa® Card features a moderately high variable purchase APR of 21.24% and an even higher variable cash advance APR of 26.24%. - No rewards.
The U.S. Bank Secured Visa® Card lacks any sort of reward program or benefits despite the annual fee.
Compare cards with no annual fees
What should I know before I apply?
To apply for the U.S. Bank Secured Visa® Card you’ll need to provide the following information:
- Personal information.
This includes your full name, date of birth, Social Security Number, place of residence, phone number and email address. - Financial information.
This includes your employment status, total annual income and the source of your total annual income. - Funding information.
You’ll need to open a savings account with U.S. Bank to hold your deposit. U.S. Bank requires the source of your funding account, including the account and routing number, as well as the total amount you plan to deposit.
What credit score do I need?
There’s no required credit score for applying for this card. However, U.S. Bank takes your credit score and financial history into account when determining your credit limit.
What do customers say about U.S. Bank?
U.S. Bank has been BBB accredited since 1970, though their rating has suffered in recent years, falling from an A+ to a B+. Customer reviews for U.S. Bank on the BBB website average a mere one star out of five with many pointing to poor communication and customer service as the primary reason for the negative rating.
U.S. Bank’s rating on Trustpilot fares little better, sporting two stars out of five for a “Poor” rating. Complaints are similar, with many upset with unclear or unfriendly customer service and policies.
If you choose this card, monitor your bank account carefully to stay on top of any unexplained fees or other abnormalities, and keep records and details of any calls you make to customer service.
How to apply for the card
- On the U.S. Bank Secured Visa® Card website, click Apply Now.
- Provide the required information, including the amount you will be funding for your security deposit, and review your application.
- Carefully review the terms and conditions and accept them if you agree. Then click Submit.
How likely is approval?
A credit score of 300 or higher increases the possibility of your application’s approval.
How long will it take for me to be approved?
If you apply online, you’ll learn your card’s conditional approval almost immediately.
I got the card. Now what?
- Setup online banking. Turn on autopay, reminders and any other features to make card management as easy as possible.
- Pay your balance in full. This is the best way to build or establish your credit.
- Avoid unnecessary fees. Cash advances, balance transfers and late payments can lead to big fees that can affect your ability to pay your balance.
Bottom line
The U.S. Bank Secured Visa® Card is for those who just want to establish or rebuild their credit in a straightforward fashion. If you’re looking for a secured card with more perks or no annual fee, however, compare your options to find one that suits your needs.
Will I eventually get my deposit money back?
Hi Martin,
Thanks for reaching out to finder.
Yes, you will be able to get your deposit back if your application is not approved (they will return the full amount of the check to you at the address shown on your application) and after the Secured Credit Card Account has been closed and repaid in full or until the security interest in the SSA has been released.
I hope this helps.
Cheers,
Charisse