U.S. Bank Secured Visa Credit Card Review

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The U.S. Bank Secured Visa® Card - Annual Fee-annual-fee U.S. Bank Secured Visa® Card - Product Name Only 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.

Review: Is the U.S. Bank Secured Credit Card the Best Credit Card for You?

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 - Product Name Only 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 - Product Name Only to see if it's worth applying for.

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

The U.S. Bank Secured Visa Card Doesn't Have a Rewards Program

The U.S. Bank Secured Visa® Card - Product Name Only 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 better credit opportunities, 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 - Product Name Only 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 - Product Name Only 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 - Product Name Only 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 - Product Name Only 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 US dollars — and 3% for transactions in any other currency.

You're also subject to an astronomical U.S. Bank Secured Visa® Card - Regular APR APR. That's well above the current average credit card interest rate.

Compare U.S. Bank Secured Credit Card vs Other U.S. Bank Cards

*Eligible 5% categories include fast food, home utilities, TV/internet/streaming, department stores, cell phone providers, electronic stores, sporting goods stores, gyms/fitness centers, ground transportation, movie theaters, furniture stores, and select clothing stores.

**Eligible 2% categories include grocery stores and grocery delivery, restaurants, and gas stations/EV charging stations.

U.S. Bank Secured Visa Card vs Other Secured Credit Cards

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 - Product Name Only 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 - Product Name Only 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 - Product Name Only 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 - Product Name Only, your credit line can be as little as $300 and as large as $5,000.