| Last updated on February 26th, 2024
U.S. Bank Secured Visa® Card
U.S. Bank Secured Visa® Card
U.S. Bank Secured Visa® Card
- 29.24% variable based on the Prime Rate Regular Purchase APR
- 29.24% variable based on the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The U.S. Bank Secured Visa Card is designed for anyone who wants to build or re-establish their credit history. The card allows users to build up their credit score as they make purchases worldwide, and their security deposit even earns interest as long as the card account remains in good standing. The card also comes with various fraud and security protections from Visa – all for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Zero Fraud Liability - You are not responsible for unauthorized transactions if your U.S. Bank Secured Visa card is ever lost or stolen
- Fraud Protection – detects and notifies you of any unusual card activity to help prevent fraud
- View your credit score anytime, anywhere in the mobile app or online banking
- FlexControl™ - U.S. Bank offers this online tool that can help you avoid interest and late fees with automatic payments that put you in control. It can also help you pay down a balance faster
- Regular Purchase APR: 29.24% variable based on the Prime Rate
- Balance Transfer APR: 29.24% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 2% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $41
- Minimum Deposit Required: $300
- You're looking to rebuild your bad credit
- You need to establish credit for the first time
- You want a secured card with competitive interest rates
- You want a suite of financial and fraud protections
- You want complimentary access to your FICO Score every month
In-Depth Review: U.S. Bank Secured Visa® Credit Card
A lot of times, the journey to good credit may vary from person to person. The U.S. Bank Secured Visa® Card can be a good option if it fits your needs. This no annual fee secured card features a reasonable minimum deposit, Visa Zero Fraud Liability, and the opportunity for credit limit reviews and graduation to unsecured credit in as little as 12 months.
Who Can Benefit from the U.S. Bank Secured Card?
Secured credit cards, such as the U.S. Bank Secured Visa® Credit Card, are designed to help individuals build or rebuild their credit. Here’s who can benefit the most from using a secured credit card:
- Individuals with Limited or Poor Credit History: Those who have a limited credit history or a poor credit score can benefit from a secured credit card. Since secured cards are easier to qualify for than unsecured cards, they provide individuals with a way to start building or repairing their credit.
- Young Adults or Students: Young adults who are new to credit or students who have not yet established a credit history can benefit from using a secured credit card to start building their credit profile. It can be a great way for them to learn responsible credit management.
- Individuals Recovering from Financial Setbacks: Those who have experienced financial setbacks, such as bankruptcy or foreclosure, and need to rebuild their credit can use a secured credit card to demonstrate responsible credit behavior and improve their creditworthiness over time.
- Individuals Seeking to Gradually Transition to Unsecured Credit: Secured credit cards can also be beneficial for individuals who aim to transition to unsecured credit cards in the future. By using a secured card responsibly, individuals can improve their credit score and eventually qualify for an unsecured credit card.
- Those Wanting to Establish Good Financial Habits: Secured credit cards can help individuals develop good financial habits, such as making timely payments and managing credit utilization, which are essential for maintaining a healthy credit score.
How to Apply
Opening a secured credit card account with the U.S. Bank online is simple. Applying requires a valid U.S. Bank checking or savings account. Potential applicants with an eligible bank account can apply online and fund their new secured card account using funds they already have.
Those who do not bank with U.S. Bank must print out an application and return it, along with a cashier’s check or money order (U.S Bank will not accept personal checks). Return either by mail or visit a U.S. Bank branch to complete their application.
Security Deposit Earns Interest
Like with all other secured credit cards, the U.S. Bank Secured Visa® Card requires a minimum deposit that will act as your credit limit. The card requires a $300 deposit, with a maximum limit of $5,000.
Not only will your own money act as your credit limit while you build credit, but your initial security deposit will also earn interest. Your refundable deposit is held in a secured U.S. Bank savings account, which is FDIC-insured and earns interest. When you close your account, your security deposit will be fully refunded as long as your account remains open and in good standing.
No Annual Fee
If you’re just trying to keep your credit-building simple, the U.S. Bank Secured Card gives you the tools to establish or build your credit with no annual fee.
Credit Building Benefits
Build Credit with Responsible Use
The U.S. Bank Secured Visa® Card offers opportunities for building credit. U.S. Bank regularly reports your payments to the three major credit reporting agencies: TransUnion, Equifax, and Experian.
On-time payments have the biggest impact on your credit score, accounting for over a third of your FICO Score. This scoring model is used by more than 90% of credit card issuers. By making on-time payments and using the U.S. Bank Secured Card responsibly, you can improve your credit.
Choose Your Payment Due Date
An understated features of the U.S. Bank Secured Visa® Card is the ability to choose your own payment due date. Cardholders can change their payment due date by contacting U.S. Bank customer service on the phone number of the back of the card.
There are some limitations to this option. For example, not all dates are available for selection. Still, the option to select when you need to pay your bill is great – especially for those who want to time their payments to match their paychecks.
Free Credit Score Access
In addition to the benefits mentioned above, the U.S. Bank Secured Card also grants you free access to your VantageScore® credit score from TransUnion®. This feature is exclusively available to U.S. Bank Online and mobile banking customers.
Regardless of whether your credit history is new or well-established, keeping track of your credit score can greatly assist you in making informed financial decisions. It can help you determine the optimal time to apply for a new credit card and decide if it’s the right moment to make a significant purchase using your credit card.
Graduate to Unsecured Credit
Additionally, as you use the card responsibly, U.S. Bank may periodically review your account to determine if you qualify for an upgrade to an unsecured credit card. After 12 months with the card, U.S. Bank may offer you an invitation to upgrade to another credit card product within the bank’s family of credit cards.
When you upgrade your account you’ll receive your full security deposit back, minus any outstanding balances or fees. From there, you’ll switch to unsecured credit – the ultimate reward!
Other Card Benefits
Other notable features of the U.S. Bank Secured Visa® Card include:
- Mobile wallet connectivity with Apple Pay, Google Pay, and more
- Pay with a tap thanks to EMV chip and pin technology
- ID Navigator Powered by NortonLifeLock™ identity theft protection. This feature requires an additional activation to use.
- 24/7 online account access through the S. Bank Mobile App
Visa Benefits
When you bank with a trusted lender and credit card issuer like U.S. Bank, you not only get the benefits of their services, but also the added perks that come with being a Visa cardholder.
The U.S. Bank Secured Credit Card is a Visa Platinum product, providing the following essential protections and benefits:
| Zero Fraud Liability | Cardholder Inquiry Services | Emergency Card Replacement |
| Roadside Dispatch and Auto Collision Damage Waiver | Lost/Stolen Card Reporting | ID Navigator from Norton |
With Visa Zero Liability, you can have peace of mind knowing that you won’t be held responsible for any unauthorized charges if your card is lost or stolen. Visa’s fraud protection feature ensures that you can safely use your credit card online without worrying about fraudulent activity. Additionally, you can enjoy the convenience of making contactless payments with just one tap when you dine out at fast-food restaurants, go grocery shopping, and more.
Comparison
| U.S. Bank Secured Visa® | OpenSky® Plus Secured Visa® | Capital One Platinum Secured | |
|---|---|---|---|
| Annual fee | $0 | $0 | $0 |
| Deposit required | $300 to $5,000 | $300 to $3,000 | $49, $99 or $200 |
| Credit limit increases | Yes, in as little as 6 months | Yes, in as little as 6 months | Yes, in as little as 6 months |
| Credit reporting | Experian, Equifax, TransUnion | Experian, Equifax, TransUnion | Experian, Equifax, TransUnion |
Tips for Building Credit
Once you have your U.S. Bank Secured Visa® Card, it’s important to use it responsibly to maximize its credit-building potential. Here are some tips to keep in mind:
- Make timely payments: Pay your credit card bill in full and on time each month to demonstrate responsible credit behavior.
- Keep your credit utilization low: Aim to use no more than 30% of your available credit to maintain a healthy credit utilization ratio.
- Monitor your credit: Regularly check your credit reports to ensure that your account activity is accurately reported and to identify any potential issues.
- Gradually increase your credit limit: As you build a positive credit history, consider requesting a credit limit increase to improve your credit utilization ratio.
What We Like About the Card
Graduate to Unsecured Credit
One of the standout features of the U.S. Bank Secured Visa is the potential it offers to graduate to unsecured credit within a year. This is particularly beneficial because U.S. Bank provides a diverse range of rewarding cards that allow you to earn points, cash back, or even miles.
The ability to transition to unsecured credit not only provides you with more financial flexibility but also opens up a world of possibilities with U.S. Bank’s extensive selection of cards. What’s even more advantageous is that many of these cards come with no annual fee, allowing you to save money while enjoying the benefits of your newfound access to unsecured credit. With U.S. Bank, your financial journey is not only secure but also rewarding.
Things to Consider
No Rewards
The U.S. Bank Secured Visa does not earn rewards. Now, that’s expected, as many secured credit cards also eliminate cash back or points to focus on what’s important – establishing a positive credit history by paying on time and keeping balances low.
Still, there are plenty of quality secured cards with rewards. Take the Discover It Secured Card, for example. That card earns up to 2% cash back on key categories (gas and dining) with the added benefit of Discover’s Cashback Match.
Higher Initial Deposit Vs. Some Other Cards
The U.S. Bank secured card also features a minimum deposit requirement that is slightly higher than other offers. With the U.S. Bank Secured Visa® Card, that deposit minimum is $300, whereas it is just $200 with the previously mentioned Discover It Secured and Citi® Secured Mastercard®, as low as $49 with the Capital One Platinum Secured.
U.S. Bank Ratings
How does US Bank rate as a credit card issuer? Here is a selection of ratings for US Bank, from consumers and financial experts:
| BestCards | Better Business Bureau | TrustPilot |
|
3.5/5 |
N/A |
1.5/5 |
Should You Apply for the U.S. Bank Secured Visa® Credit Card?
The U.S. Bank Secured Visa is a quality card that accrues interest when the credit card account is in good standing. With regular, on-time payments, users can quickly build their credit score and hopefully move up to an unsecured credit card.
Secured cards often have very few features, and the U.S. Bank Secured Visa is no different. However, with regular and responsible use, the card offers the perfect tool for establishing a positive credit history and advancing to more lucrative rewards cards in the future.
The U.S. Bank Secured Visa® Card is a powerful tool for building credit confidence. It reports account activity to the major credit bureaus and has the potential for an upgrade to an unsecured card, making it an excellent choice for those looking to establish or rebuild their credit.
Whether you’re a student, recent graduate, or individual starting fresh, the U.S. Bank Secured Visa® Card can be your stepping stone to a brighter financial future. Apply today and take control of your credit journey.
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