For Riders Only: Harley-Davidson Visa Secured Card

By Christina Majaski. Last updated 18 August 2017. 0 comments

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When you are establishing or rebuilding your credit rating, you may find that it is not only difficult to obtain a credit card, but even more difficult to find a card that offers extra perks and benefits. The Harley-Davidson Visa Secured Card from U.S. Bank is one option among secured credit cards which provides card users with some of these extra card benefits. (See our list of 5 Best Secured Cards)

Why We Like This Card

  • No annual fee.
  • Earn points for Harley-Davidson merchandise.
  • Security deposit earns interest.
  • Opportunity to earn an unsecured card after 12 months.

How This Card Works

The Harley-Davidson Visa Secured Card requires a security deposit of at least $300 which determines your credit limit. This deposit is held in an interest bearing savings account with U.S. Bank. You can use your card just as you would any credit card. Your account activity is reported to the three major credit bureaus, which if managed responsibly through making timely payments and staying within your credit limit, can help increase your credit rating. After 12 months, your account is reviewed and you may qualify for an unsecured credit card.

Harley-Davidson Rewards Program

You earn one Harley-Davidson (H-D) Genuine Rewards point for each dollar spent with the card. These points can be redeemed at 2,500 points for a $25 Harley-Davidson gift card that can be used at Harley-Davidson dealerships for items such as parts and accessories, apparel, and down payments. You can earn an unlimited number of H-D points, which expire in three years. Gift cards redeemed with points do not expire, but must be requested by phone.

Costs

  • $0 Annual Fee
  • 23.99% Variable APR 
  • 3% Foreign Transaction Fee

Pros

No annual fee. There is no annual fee, which is rare especially among secured credit card options. Most secured credit cards charge an annual fee of at least $20 to as much as $50 per year, whether you use the card or not. (Also check out this list of secured credit cards with no annual fee.)

Earn rewards. Rewards programs with secured credit cards are extremely rare, but this card allows you to earn a point for each dollar spent with your card on all purchases. These points can then be redeemed for Harley-Davidson merchandise, which can add up depending on how often you use your card.

Deposit earns interest. The security deposit earns interest in a U.S. Bank savings account, allowing  you to earn a little extra money while it is being held. This is also an option not often provided by other secured card issuers. (See also: Best Secured Credit Cards that Pay Interest on Your Deposit)

Opportunity to earn an unsecured card. If you manage your account responsibly and make your payments on time, you may qualify after 12 months for an unsecured card with U.S. Bank. Many other secured credit card issuers cannot provide this opportunity, which means that after you have rebuilt or built a positive credit rating, you have to apply and qualify for an unsecured card with a completely different bank or card issuer.

Cons

High APR. The APR is among the highest APRs charged by secured cards. You can avoid paying high finance charges on your purchases if you pay your balance in full each month, but if you carry a balance from month to month, this is going to add up. The rewards program offered cannot offset this expense in any way and is not of any value if you are consistently paying an APR on your purchases. If you're going to carry a balance, sign up for a secured card that has a low APR.

Rewards only for H-D purchases. It's nice to be able to earn rewards but the rewards for this card only benefits the H-D fan who want a lot of H-D merchandise. 

Foreign transaction fee. If you frequently need a card for foreign purchases or travel abroad, you should instead carry a card with no foreign transaction fee for those purchases.

Who This Card Is Best For

The Harley-Davidson Visa Secured Card is best for Harley-Davidson fans in the process of establishing or rebuilding credit, and are diligent in paying their balances in full each month. Although the card offers a number of perks and has no annual fee, these perks lose a significant amount of value if you are paying a high APR. Additionally, this card is best for those who do not make foreign purchases because of the foreign transaction fee, which would also devalue any of the perks provided.

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