Rating: 4 Stars
Build Credit With Low APR
|Regular APR:||20.49% (Variable)|
|Intro APR (Purchases):||None|
|Intro APR (Balance transfers):||None|
|Credit Needed:||(670 – 850) Good/Excellent|
*See online credit card application for details on the terms and conditions.
- Click APPLY NOW to apply online
- Help build or re-establish your credit history with the U.S. Bank Secured Visa Card. This secured credit card can be used like any other credit card, and is accepted worldwide
- Enroll in Online Banking and get your TransUnion Credit Score at no cost and receive email alerts when there are big changes to your credit report
- Everyone?s schedule is different. So it’s handy to be able to pick your credit card due date
Is U.S. Bank Secured Visa Card worth it?
U.S. Bank Secured Visa is a solid card for people looking to build credit. Compared to popular secured cards, like Citi Secured Mastercard, Discover it Secured, and Capital One Secured Mastercard, U.S. Bank Secured Visa, U.S. Bank Secured Visa has an annual fee while they have none, but U.S. Bank Secured Visa has a lower APR.
U.S. Bank Secured Visa also requires a higher security deposit. The minimum and maximum credit limits are $300 and $5000 respectively, and your credit limit is equal to the value that you choose to deposit. It?s common to want to increase a line of credit, but note that if you would like a credit limit increase, the only way to notify U.S. Bank for this situation is through a letter in the mail.
U.S. Bank will also receive inquiries for credit limit decreases, for a fee of $15, although this is not something that makes financial sense, because your credit score increases when you have more credit available to you. The only time you might lower your credit limit for good reason is in order to match the starting credit limit of a new card you are applying for from the same bank. For example, let?s say you have a $2000 limit on a card from the bank, you might lower it to match the starting credit limit of the new card you applying for, which could be $1000, so that they if they see you have a credit limit of $1000 on another of their cards, they are likely to accept you for the new card with $1000 as well. For most people building or re-building credit with this card, this will not be something they need to be aware of unless they also carry unsecured cards.
While U.S. Bank Secured Visa’s $300 minimum security deposit might seem like a lot of money, if you do decide to close your account, the security deposit will be returned to you within 7-10 days of submitting an account closure form.
Despite having a slightly higher security deposit than average and a $29 annual fee, U.S. Bank Secured Visa is a solid card for people looking for a safe way to build credit.
- Build your credit
- Monthly reporting to all 3 major credit bureaus
- APR is lower than secured cards from Citi, Discover, and Capital One
- Minimum deposit of $300 is slightly above average for secured cards
- $29 annual fee
Why 4 Stars?
|Foreign Transaction Fee||2%|
|Balance Transfer Fee||Either 3% of the amount of each transfer or $5 minimum, whichever is greater|
|Cash Advance Fee||Either 4% of the amount of each advance or $10 minimum, whichever is greater|
|$0 Fraud Liability|
|Auto Rental Collision Damage Waiver|
|Extended Warranty Program|
|Travel and Emergency Assistance|
Editorial Note: This content is not provided by the issuer. Any opinion, analyses, reviews, or recommendations expressed on this page are those of the author?s alone, and may not have been reviewed, approved or otherwise endorsed by the issuer.
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