U.S. Bank Secured Visa

U.S. Bank Secured Visa

U.S. Bank Secured Visa

U.S. Bank Secured Visa

U.S. Bank Secured Visa

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Card details

  • Zero Fraud Liability - You are not responsible for unauthorized transactions if your U.S. Bank Secured Visa card is ever lost or stolen.

  • Fraud Protection detects and notifies you of any unusual card activity to help prevent fraud.

  • Auto Rental Insurance - It s yours automatically - at no extra cost - when you charge your entire car rental on your U.S. Bank Secured Visa Card and decline the rental company s collision damage waiver option. Coverage on a 24-hour basis for damage due to collision or theft.

Rates, fees & offers

  • Annual fee

    $0 the first year, then $29

  • Rewards rate

    N/A

  • Bonus offer

    None

  • Intro APR

    N/A

  • Ongoing APR

    Purchase: 19.49%, Variable

    Cash Advance APR: 28.49%, Variable

  • Balance transfer fee

    3%

  • Foreign transaction fee

    3%

Recommended credit score

Compare to other cards

US Bank Secured Visa Credit Card

U.S. Bank Secured Visa

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Annual Fee

$0 the first year, then $29

Annual Fee

$0

Annual Fee

$0

Regular APR

19.49% Variable

Rates & Fees

Regular APR

22.99% Variable APR

Rates & Fees

Regular APR

26.99% Variable APR

Intro APR

N/A

Intro APR

10.99% intro APR on Balance Transfers for 6 months

Intro APR

N/A

Recommended Credit Score
Recommended Credit Score
Recommended Credit Score

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NerdWallet review

By Kevin Cash

Rating details

3.4

Editor's overall rating

Pros and cons

Pros
  • Qualify with limited / bad credit

Cons
  • Has annual fee

  • No rewards

  • High APR

If you have bad credit or no credit at all, signing up for a secured credit card is a smart way to build your credit score. The U.S. Bank Secured Visa is a solid choice. Like other secured cards, this card requires an initial deposit upon approval, with a recommended minimum of $300. The deposited amount acts as collateral against spending and ultimately represents your credit limit.

A unusual feature with this card is a slightly longer grace period for payments. Most cards include a range of 20 to 25 days for bill payment, but the U.S. Bank Secured Visa stretches that to 24 to 30 days. This means more time to pay your bill, helping you to potentially avoid a late payment.

With the U.S. Bank Secured Visa, the $0 the first year, then $29The ongoing APR is 19.49% Variable — on the lower end compared with other secured cards. Still, we recommend paying your bill in full every month, especially if your goal is to build your credit score.

For more about this card, see our full review. <!-- original review

Verdict - There is no reason you should ever apply for the US Bank Secured Visa. It's not that it's a bad card, but there are much better cards for every usage scenario. And since everyone qualifies for pre-approved credit cards, there's no reason you should get a mediocre card! You don't get rewards like you do with Navy Federal nRewards Secured and US Bank Skypass Secured. You can't earn interest on the money you deposit upfront like you can with Citi secured and Fifth Third secured cards. The annual fee and APR is higher than Public Savings Bank. And US Bank doesn't have as many locations as some other banks with better secured cards.

US Bank's secured card is ok, but given that secured credit cards are guaranteed approval, there's no reason you should apply for a card that excels in no particular department.

This no-frills card has an annual fee of $35 per year, which is middle of the road. If you just want the lowest fee possible, go with the nRewards Secured card if you are in the Department of Defense, or go with the Wells Fargo secured card which has half the annual fee.

The card has an APR in the 20's, which is high even compared to other secured card options. If you will run a balance, consider the Public Savings Bank Secured card with 0% intro APR for 6 months and a lowest in class APR and no annual fee.

If you plan on depositing a large chunk of money to get a big credit line, this will help raise your credit score faster because the bank will report a low balance to credit line ratio to the credit agencies. In this situation a Citi secured card where your collateral is in a high interest 18 month CD makes sense, as does a Fifth Third secured card where your credit line is tied to a savings account where you can still access the money. Both of these have lower annual fees than US Bank's secured card.

Pros (compared with other secured cards): 24-30 day grace period is generous. Most cards range from 20-25 days.

Cons (compared with other secured cards): Slightly higher annual fee than some other cards.

Typical (compared with other secured cards): Getting 100% of what you deposit as your line of credit. $300-$5,000 credit line range, depending on size of initial deposit. High APR in 20's.

What is a secured credit card? Almost anyone can qualify for a secured credit card, or alternatively for a pre-paid debit card, regardless of credit history. What's the difference?

A secured card requires a one time upfront deposit, then behaves like a normal credit card. This money is "gone" until you close the account at some future date, and is collateral for your future spending. To be clear, money you spend in the first month must be paid back at the end of the month, despite the faact that you have already deposited collateral. The size of the upfront deposit determines the size of the line of credit - typically a $500 deposit will earn you less than a $500 credit line.

On the other hand, a pre-paid debit card is a stored value card, where money deposited into the account can be spent.

Pros and Cons of a Secured Credit Card versus a Pre-Paid Debit Card The advantage of a secured credit card is that they help you build (or damage) your credit by reporting to the 3 credit bureaus. Some pre-paid debit cards claim to do this, but this is difficult to fathom, given that credit agencies look at the ratio of your balance versus available credit, and pre-paid debit cards do not have a credit line.

The advantage of a pre-paid debit card is that it does not require a permanent deposit to act as collateral, and can be more anonymous. However, fees are generally much higher. Some of the cards promoted most heavily on the internet will cost you hundreds of dollars a year in hidden fees. Some typical examples include $2.50 for ATM transactions, $5-10 per month, $0.50 to check your balance at an ATM machine, and $15 to shut down your card. Be careful! -->