The $0-annual-fee U.S. Bank Secured Visa® Card is a no-frills secured credit card with a very high APR. It can be helpful for anyone trying to rebuild credit, but because it doesn't offer a return on spending or any innovative or worthwhile benefits, it's only worth opening if you don't think you can be approved for one of the best secured credit cards.
$0
28.49%
Rebuilding Credit
Pros
Cons
The $0-annual-fee U.S. Bank Secured Visa® Card is a no-frills secured credit card with a very high APR. It can be helpful for anyone trying to rebuild credit, but because it doesn't offer a return on spending or any innovative or worthwhile benefits, it's only worth opening if you don't think you can be approved for better secured credit cards.
U.S. Bank Secured Visa® Card- View your credit score anytime, anywhere in the mobile app or online banking
- Choose your payment due date
- Zero fraud liability
U.S. Bank Secured Credit Card Overview
Secured credit cards are designed for a few different types of people:
- Those who have made mistakes with credit in the past and are trying to rebuild their score
- Those who are new to credit and have no history with any sort of credit line
- Those who are new to the country and need to build a credit score
Why would a credit issuer be willing to extend credit to somebody with a history of poor credit habits — or no credit history at all?
Here's how secured cards work: You deposit a cash collateral to the bank, and they will give you a card with a credit line that matches your deposit. That way, if you can't pay your balance, the bank can just use your deposit to pay off your card. This eliminates any risk that you will default on your loan.
The U.S. Bank Secured Visa® Card is just such a card. It lets you choose your own credit limit, with a $300 minimum and a $5,000 maximum.
While it doesn't have many benefits or earn rewards for spending, it does have a handful of important elements that someone looking to build credit will like — such as the ability to view your credit score at any time and the option to choose your monthly payment date.
Let's take a look at the U.S. Bank Secured Visa® Card to see if it's worth applying for.
The U.S. Bank Secured Visa Card Doesn't Have a Rewards Program
The U.S. Bank Secured Visa® Card does not earn rewards. It doesn't come with a welcome bonus, and it doesn't offer any return on everyday spending. The main draw of a secured credit card is that you can be approved even if your credit is less than perfect — or even downright bad. It's a tool for helping you to build credit so you can eventually qualify for one of the best credit cards, such as a rewards credit card that earns lots of cash back or travel rewards.
As long as you use your credit responsibly, the U.S. Bank Secured Visa® Card will report your activity to the three major credit bureaus, and your credit will improve. Pay your bills on time and don't carry a large balance month to month, and you'll cultivate a respectable credit score surprisingly quickly.
That said, even some secured credit cards offer a return for purchases. For example, the Capital One Quicksilver Secured Cash Rewards Credit Card offers 5% cash back on hotels and car rentals booked through Capital One Travel, and 1.5% cash back on all other eligible purchases.
U.S. Bank Secured Credit Card Benefits and Features
The U.S. Bank Secured Visa® Card has rudimentary features at best when pitted against the vast majority of other credit cards — but they can still be handy for someone who's just getting started in the world of credit. Here are some helpful perks that come with the card.
Free credit score
This card gives you the ability to view your credit score whenever you want, as many times as you want. After you enroll, you can find it in the U.S. Bank mobile app or via your online account.
Monitoring your credit score is an important step to healthy credit — and it can be encouraging to see your score rise as you practice good financial habits.
Choose your payment due date
You can decide which day each month you want to pay your bill. If you'd prefer for your due date to occur just after payday, this may help you to help you budget for the remainder of the month by ensuring that you'll have the funds to pay your bill first.
Autopay
Even if you're confident that you'll never forget to pay your bill, setting your card on autopay is still a smart idea.
You don't have to set the autopayment for your entire balance. Instead, just set it for the minimum payment. If you forget to pay your bill, this will keep you from submitting a late payment — which is a dagger in the heart of your credit score.
Zero fraud liability
If your card is lost or stolen, you aren't responsible for fraudulent transactions. You must notify U.S. Bank as soon as you realize your card is missing.
Fees and Costs
The U.S. Bank Secured Visa® Card does not charge an annual fee. However, you'll be charged for things like balance transfers, cash advances, late fees, and returned payments. And when using this card abroad, you'll pay 2% in foreign transaction fees for transactions in U.S. dollars — and 3% for transactions in any other currency.
You're also subject to an astronomical 28.49% APR. That's well above the current average credit card interest rate.
Compare the U.S. Bank Secured Credit Card
| U.S. Bank Secured Visa® Card | Discover it® Secured Credit Card | Capital One Quicksilver Secured Cash Rewards Credit Card | |
| Annual fee | $0 | $0 | $0 |
| Rewards rate | N/A | 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter (then 1%)1% cash back on all other purchases with no limit | 5% cash back on hotels and car rentals booked through Capital One Travel1.5% cash back on all other eligible purchases |
| Welcome bonus | N/A | Unlimited Cashback Match® – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year | N/A |
| Benefits | Free credit score checkChoose your payment due dateZero fraud liability | No foreign transaction feesRefundable security deposit | No foreign transaction feesAutomatic consideration for credit line increasesRefundable security deposit |
| Review | Discover it Secured Credit Card review | Capital One Quicksilver Secured card review |
U.S. Bank Secured Visa Card Frequently Asked Questions (FAQ)
Is the U.S. Bank Secured Visa Card worth it?
The U.S. Bank Secured Visa® Card is not one of the better secured credit cards on the market. It doesn't offer a welcome bonus or rewards of any kind for your spending. It also has almost no benefits to speak of. It's a card that's good for one thing — to build credit.
For example, the Discover it® Secured Credit Card earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter (then 1%) and 1% cash back on all other purchases.
In other words, the U.S. Bank Secured Visa® Card is worth it only if you don't think you can qualify for other better credit cards for bad credit.
What is a secured credit card?
A secured credit card is a card banks issue only after you have given them an initial cash deposit. They will extend a credit line to you that is equal to the amount of money you've given them. For example, if you deposit $1,000, your secured credit card will have a $1,000 credit limit.
This allows banks to lend to those who have poor credit history — or no credit history at all. If you default on your loan, the bank will simply use your deposit to pay off your card.
How large can my secured credit line be?
For the U.S. Bank Secured Visa® Card, your credit line can be as little as $300 and as large as $5,000.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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