Last updated on February 24th, 2023
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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
U.S. Bank Secured Card Review
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. 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. It requires a $300 deposit with a maximum 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. Build your credit while growing your money.
Build Credit with Responsible Use
The beauty of a secured credit card lands in all the credit-building opportunities it provides. When you sign up for the U.S. Bank Secured Card, you’re signing up for setting your budget. When your security deposit acts as a line of credit, it can be a helpful tool to manage your spending. It helps get a better picture of what you can and cannot spend. Build your credit with on-time payments and responsible use of the U.S Bank Secured Card.
How to Apply for the Secured Card
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.
The minimum deposit with the card is $300, with a maximum of $5,000. Deposits must be in hundred-dollar increments. While a $300 deposit may seem like a large sum, it beats having the money sit in a debit account with no benefit to your credit score. Ultimately, those $300 still belong to you
No Annual Fee
Surprisingly enough, there are secured credit cards with annual fees, for example, the SunTrust Secured Credit Card. It has a low $32 annual fee and gives credit cardholders the ability to build credit and earn cash back at the same time. 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.
In addition to banking with a trusted lender and credit card issuer like U.S. Bank, the card comes equipped with all the Visa perks. Worry less if your card is ever lost or stolen with Visa Zero Liability. Use your credit card online safely with Visa’s fraud protection feature. Or make contactless payments with just one tap whenever you grab a bite to eat out at fast-food restaurants, or shopping done at grocery stores, and more.
Other features of the card include:
- Mobile wallet technology
- Choose your own payment due date
- 24/7 online account access through the U.S. Bank Mobile App
Free Credit Score Access
With the U.S. Bank Secured Card, you will also receive free access to your VantageScore® credit score from TransUnion®. It is available to U.S Bank Online and mobile banking customers only. Whether your credit is new or well-seasoned, tracking your credit score can aid in your financial decisions. Keeping track of your credit score can come in handy for deciding when to apply for a new credit card. Likewise, it can help determine if it’s the right time to make a large purchase with your credit card.
Should You Apply for the U.S. Bank Secured Visa 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 feature very few features – and the U.S. Bank Secured Visa is no different. Still, 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.