U.S. Bank Secured Visa Credit Card Review

By Christina Majaski. Last updated 20 September 2019. 0 comments

This post contains references to products from our advertisers. We may receive compensation when you click on links to those products. The content is not provided by the advertiser and any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any bank, card issuer, airline or hotel chain. Please visit our Advertiser Disclosure to view our partners, and for additional details.

U.S. Bank offers a wide variety of financial products, including a large selection of secured credit cards. (See also: 5 Best Secured Cards)

If you just prefer a standard secured credit card for making purchases that also helps you rebuild a credit rating, the U.S. Bank Secured Visa Card is a solid option.

How This Card Works

When you are approved, you must send in a security deposit between $300 to $5,000, which is held in a savings account that earns interest for the duration of the account. You receive a credit card with a limit in the amount of your security deposit, but you can add to the limit by sending additional deposits. Your account activity is reported to the three major credit bureaus and through responsible management of your account, you can increase your credit rating. 

Other Benefits

Auto rental insurance. If you use your card for car rentals, you can decline the rental company’s insurance option. The card covers damage due to collision or theft.

Costs

  • $29 Annual Fee
  • 20.74% Variable APR
  • 3% Balance Transfer Fee ($5 minimum)
  • 3% Foreign Transaction Fee

Pros

Competitive annual fee. The annual fee is competitive when compared to other secured credit cards. This fee can be as much as $50 per year depending on the card issuer. (See also: Best Secured Cards with no Annual Fee)

Security deposit earns interest. Not all secured credit cards allow you to earn interest while your security deposit is being held. Usually, when you cancel the card or close the account, your deposit is returned to you in the exact amount you deposited (less any fees or outstanding balance). 

Cons

No rewards. Secured credit cards aren’t typically known for rewards programs, but if you prefer an opportunity to earn points or miles, you do have options. It is important, however, that you don’t choose a card exclusively for its rewards program, as many secured cards carry much higher fees and APRs if they include rewards.

Foreign transaction fee. In order to save money on foreign purchases, it is best to use a secured card with a lower or no foreign transaction fee

Who This Card Is Best For

The U.S. Bank Secured Visa Credit Card is ideal for those who are just starting out and have no credit, or have had credit issues in the past and are on the path to repairing their credit. 

3.666665
Average: 3.7 (15 votes)
Your rating: None
ShareThis
Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.