Rebuild your credit and get a range of travel benefits with this card.
- Get this card if you’re a frequent traveler looking to rebuild your credit score.
- Pick something else if you don’t travel enough to take advantage of this card’s perks.
- Apply if you have a poor to fair credit score between 300 and 669.
|Product Name||SKYPASS Visa® Secured Card|
|APR (Annual Percentage Rate) for Purchases||18.49% variable|
|Introductory Purchase APR|
|Balance Transfer APR||18.49% variable|
|Introductory Balance Transfer APR|
|Balance Transfer Fee||$5 or 3% of the transaction, whichever is greater|
|Cash Advance Rate||20.99% fixed|
|Foreign Transaction Fee||3% of the transaction value|
|Cash Advance Fee||$5 or 4% of the cash advance amount, whichever is greater|
|Interest Free Period||Up to 24 days|
|Late Payment Fee||Up to $39|
|Returned Payment Fee||Up to $35|
|Additional Cardholder Fee||$0|
|Minimum Age||18 years of age|
|Welcome Offer||Earn 5,000 bonus miles after your first purchase and 1,000 bonus miles at renewal.|
|Rewards||Earn 1 mile for every $1 you spend in eligible net purchases|
|Base Rewards||1x miles|
|Rewards Points Expiration||Never|
The SKYPASS Visa® Secured Card is among the relatively few secured cards that offer a rewards program and several travel perks such as travel accident insurance.
While the card is designed to help those with poor credit, U.S. Bank will still need to run a credit check when you apply. Prepare to spend at least $500 on your deposit, though the exact amount will depend on your credit score.
Access to SKYPASS rewards.
You’ll earn 1 SKYPASS mile for every dollar spent on eligible purchases. SKYPASS miles are redeemable for flights, hotel bookings, merchandise and more.
Earn 5,000 SKYPASS bonus miles after you make your first purchase.
Earn 1,000 SKYPASS bonus miles when you renew your card. You’ll receive these points after paying your annual fee.
U.S. Bank offers up to $250,000 in travel accident insurance for cardholders – a particularly rare perk for secured credit cards.
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Graduate to an unsecured card.
If you keep your account in good standing for 12 months, make your payments on time, and generally show U.S. Bank that you’re responsible, you can become eligible for an unsecured card. Graduating to an unsecured card can help boost your credit profile and free up your security deposit on your old card.
Auto rental collision damage waiver.
This card provides car rental damage insurance under Visa’s travel insurance policy. Visa will reimburse up to a certain threshold if your rental is stolen or damaged for eligible reasons.
No cap on miles.
You don’t have to worry about overspending and accidentally capping your SKYPASS bonus miles.
This card features customer service in English and Korean.
Watch out for
You’ll pay a $50 annual fee. This fee is higher than a few other comparable cards, and some secured cards don’t have an annual fee at all.
Foreign transaction fees.
Though the card offers generous travel perks, the SKYPASS Visa® Secured Card doesn’t waive foreign transaction fees for purchases made abroad.
The SKYPASS Visa® Secured Card‘s minimum deposit for opening an account is at least $500. This is a bit higher than other secured cards, with some only requiring $300.
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What should I know before I apply?
To complete your application, you’re going to need the following information:
- Personal information. This includes your first and last name, date of birth, Social Security Number, phone number and address.
- Income and employment information. Including your employment status, annual income, the source of that income, and your expected monthly cash transactions.
- Funding information. You’ll need to open a savings account with U.S. Bank to apply for your card. To do so, you’ll need to provide the source of your funding along with how much you’d like to deposit into your account.
What credit score do I need?
Like most secured cards, you can apply for a SKYPASS Visa® Secured Card even with a poor credit score of 300 and expect approval. Your credit score does help U.S. Bank determine your credit limit however, so you stand a better chance of gaining a higher credit limit the better your credit score.
An exception to this rule is if you’ve filed for bankruptcy or have other serious delinquencies on your credit history. Generally, U.S. Bank will deny applications from those with a bankruptcy on their history.
What do customers say about U.S. Bank?
While U.S. Bank has been BBB accredited since 1970, a wave of recent poor reviews has dropped its rating from an A+ to a B+. In fact, the average review for U.S. Bank on the BBB website is one star out of five. Most of these reviews point to poor communication and customer service as the primary reason for the negative rating.
Trustpilot reviews sing a similar song, with U.S. Bank sporting two stars out of five for a “Poor” rating. Complaints here are similar, with many customers 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 SKYPASS Visa® Secured Card
If you have a checking or savings account, apply for the SKYPASS Visa® Secured Card and fund your deposit easily online.
- Visit U.S. Bank’s SKYPASS Secured site page and click Apply Now.
- Click Get Started to apply online. (Or start the process of printing and mailing your application with a cashier’s check or money order.)
- Complete the sections for your personal, housing, income and employment information. Indicate whether you’d like additional cards, and then supply your banking details for the deposit. Read and accept the terms and conditions, and then click Submit.
- Continue through the application, confirming the information you’ve entered, before fully submitting your application.
If you choose to mail your application, you’ll complete your printed form and submit it with a money order or cashier’s check for your deposit to:
U.S. Bank National Association
PO Box 790408
St. Louis, MO 63179-0408
You’ll hear back about the status of your application in seven to 10 business days.
How likely is my approval?
The card doesn’t require a minimum credit score, so approval is likely for most applicants. The exception is those with a bankruptcy on their credit report — U.S. Bank automatically denies applicants whose reports reveal a bankruptcy.
How long will it take to be approved?
Approval wait times for this card are unclear, but going off other secured cards, expect to wait anywhere between a few hours to a few weeks. For mailed applications, you’ll receive an update on your status in a week or two after receipt. Look into other credit-repair cards for one that might meet your needs.
I got the card. Now what?
- Build your miles. This includes taking advantage of your signup bonus. Access to the SKYPASS rewards program is one of the big draws of this secured card. If you don’t plan on taking advantage of it, you’re better off choosing another secured card.
- Set up autopay. Log in to your SKYPASS Visa® Secured Card account to set up and manage your autopayment settings.
- Redeem your points. SKYPASS members have access to a plethora of redemption options, including deals on flights, hotel bookings and more.
- Graduate your card. If you’re eligible after using your card for 12 months, take the next step and apply for an unsecured card.
The SKYPASS Visa® Secured Card offer a bevy of reward and benefit opportunities, making this a strong pick for frequent travelers who are rebuilding their credit score.
However, you’ll need to weigh whether the annual fee and SKYPASS loyalty are worth your commitment. Compare other secured credit cards to find an option that best fits your needs.