US Bank, the fifth largest bank in the United States offers a wide variety of secured credit cards. US bank secured Visa card would be a great option for individual who are trying to build or repair their credit score. If you just prefer a standard secured credit card for making purchases that also helps you to rebuild a credit rating, this card is a solid option.
With this card, you can earn some interest on your security deposit. When you get the approval, security deposit can be sent online using a checking or saving account, or mailed with a money order. The security deposit can be $300 to $5,000, which is held in a savings account and earns interest for the duration of the account. Your line of credit will be decided by the security deposit in your account. It will be same as the deposit but you can easily add to the limit by sending additional deposits. Your payment history is being reported to all the three major credit bureaus. If you manage your account responsibly, your credit score can be increased. After completion of 1 year, you could be moved to an unsecured credit card with US bank.
- Zero Fraud Liability: – You have no responsibility for unauthorized transactions if your US bank secured visa card is lost or stolen.
- Fraud Protection: – Any unusual card activity will be detected and you will be notified to help prevent fraud.
- Auto Rental Insurance: – If you use your card for car rentals, your card will cover any damage due to collision or theft.
- Online Banking: – With this service, you can check your statements, account history, your account balance, make payments and much more.
- Automatic Bill Pay: – With this, you do not have to worry about your bill payments anymore.
- Flex Control: – with this online tool your interest and late fees can be avoided with automatic payments that put you in control.
Rate and Fees: –
- APR: – You will get a variable APR of 18.99%.
- APR for cash advances: – A variable APR of 23.99%.
- Annual Fees: -$29
- Foreign Transaction Fees: – It is 2% of each foreign purchase transaction or foreign ATM advance transaction in US dollars, but it is 3% on every transaction in a foreign currency.
- Other Fees: – Late payment fee is up to $38 and returned payment fee is up to $35.
- They provide a grace period of 24 days.
Upgrading from a secured card to unsecured credit card cannot be done with US bank until the card has been active for a minimum of 1 year.