For a $29 annual fee, this globally accepted card can help you easily build or re-establish your credit.
- Get this card if… you want to build or re-establish your credit.
- Pick something else if…you want a secured card with a lower minimum deposit, rewards on purchases or no annual fees.
- Poor to fair credit score of 300 to 679 recommended.
| Product Name | U.S. Bank Secured Visa® Card |
|---|---|
| Card Type | Visa |
| Annual Fee | $29 |
| APR (Annual Percentage Rate) for Purchases | 20.99% variable |
| Balance Transfer Fee | $5 or 3% of the transaction, whichever is greater |
| Cash Advance Rate | 25.99% 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 |
| Rates & Fees | Rates & Fees |
| Minimum Age | 18 years of age |
|---|
The basics
Does the U.S. Bank Secured Visa® Card deserve the attention of people with no or poor credit? The answer depends on what you’re looking for in your new card. If you don’t mind paying $29 annually to build or re-establish your credit, you could benefit from this no-frills card.
Unlike some banks that require you to sign up in person for their secured credit cards, you can apply for this one online. But with a caveat: Prior to opening this card, you’ll need to fund a minimum deposit of $300. Your line of credit will match the amount you deposit. While the initial minimum deposit is not the highest you’ll see for this type of card, still others — like the Secured Mastercard® from Capital One® — can come with considerably lower minimum deposits.
The perks
-
Build or re-establish your credit.
U.S. Bank reports responsible spending to the three credit bureaus, which could help you build or re-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. Deposit up to $5,000 in increments of $100, and this amount ends up becoming your line of credit.
-
Earn interest on your deposit.
Your U.S. Bank savings account will earn interest over time.
You’ll also like …
-
Online banking.
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.
-
FlexControl.
Set up autopay toward your minimum amount due, your full statement balance or any other predetermined amount each month — on whatever due date you wish.
-
Safety and security.
This chip-enabled Visa comes with fraud protection and zero-fraud liability. It also offers complimentary auto rental insurance.
How to make this card worth it
Because of the high APR and many possible fees, you’ll want to use this card responsibly so that you don’t rack up new debt. Pay your balance in full each month within the grace period in order to avoid the high APR on purchases. Avoid late fees by making your payment on time, and forego using this card for foreign transactions. You’ll pay 3% of the transaction in US dollars as well as 3% of the transaction in a foreign currency.
What to watch out for
-
$29 annual fee.
This card’s fee makes sense only if you use it responsibly to establish or restore your credit history.
-
Penalties.
Late payments will set you back by up to $38 and returned payments by up to $35. You’ll also pay a hefty fee for withdrawing cash at an ATM.
-
Foreign transaction fees.
While you can use this card the world over, you’ll pay a transaction fee for the convenience.
Consider other cards if …
-
You’d rather not pay an annual fee.
Compare your options to find a secured card with no annual fee instead.
-
You want to put down a lower deposit.
The Secured Mastercard® from Capital One® lets you get started with $49, $99 or $200 security deposits, depending on your creditworthiness. You have other low deposit secured cards to choose from as well.
What to know before you apply
Apply for the U.S. Bank Secured Visa® Card if you’re:
- At least 18 years old.
- A citizen or permanent resident of the US.
To qualify for the card, you’ll need to fund a $300 security deposit. If you are approved for the card, the money will be used to open a U.S. Bank savings account where it will earn interest. The amount you deposit determines your credit limit. You’ll receive your deposit back if the bank denies your credit card application.
Information you’ll need
You’ll need to provide basic information to complete the online application successfully, including your:
- Full name, Social Security number and personal contact details.
- Housing status and the amount of your monthly rent or mortgage payment.
- Employment status and gross annual income from all sources.
- Bank account details to fund your $300 security deposit.
How to apply for the card
1. On the U.S. Bank Secured Visa® Card website, click Apply Now.
2. Provide the required information, including the amount you will be funding for your security deposit, and review your application.
3. 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?
- Use online banking. Turn to online banking to monitor your account’s activity and make payments — even set up autopay.
- Avoid unnecessary interest. You’ll get at least 24 grace days to avoid interest on purchases you make. No grace days apply on cash advances.
- Avoid fees. Avoid late and returned payments or penalties. Cash advances and balance transfers also come with fees.
- Customer service. For account-related information, call 800-285-8585.
What customers are saying about the U.S. Bank Secured Visa® Card
U.S. Bank Secured Visa® Card gets an overwhelming amount of good reviews online, with just a smattering of negative comments. And U.S. Bank in general gets an A+ from the Better Business Bureau.Bottom line
Consider the no-frills U.S. Bank Secured Visa® Card to build or re-establish your credit, but compare your options to find similar cards that come with rewards or no annual fees.
Our guide to secured credit cards
Common questions about U.S. Bank Secured Visa® Card
Images: usbank.com
