Full Review of U.S. Bank Secured Visa Card
Security deposit placed in interest-bearing account
Maximum credit line of $5,000
Free credit score
No rewards program
Credit line tied directly to the security deposit
- Security deposit placed in interest-bearing account: The security deposits for the U.S. Bank Secured Visa is deposited in an interest-bearing account at U.S. Bank and will receive yield as long as your credit card is open. It’s important to note that this money is kept as a security deposit and not used for payments. You get your security deposit back after you close your account, as long as there aren’t unresolved charges.
- Maximum credit line of $5,000: The U.S. Bank Secured Visa has a relatively high maximum credit line of $5,000 for a secured credit card. But you’ll have to make a $5,000 security deposit to get that matching credit line.
- Free credit score: The U.S. Bank Secured Visa comes with free access to your TransUnion credit score. This benefit can help cardholders track their progress as they build or establish credit.
- No rewards program: While you can rebuild your credit with this card, you won’t earn any rewards in the process. The Discover it Secured card, on the other hand, offers cash back and has no annual fee.
- Credit line tied directly to the security deposit: Your credit line for the U.S. Bank Secured Visa is directly tied to the amount you put down for the security deposit. While this isn’t unusual, there are secured credit cards that don’t require a dollar-for-dollar security deposit to establish the credit line. For example, the Capital One Secured Mastercard allows qualified applicants the option to establish a $200 credit line with a security deposit of $49, or get up to $1,000 as a credit line with a deposit of $200 over time, with responsible use.
This Card is Best For
Motivated to create positive credit history
The U.S. Bank Secured Visa card is likely to work well for someone who wants a higher credit line as they work to build their credit. If you have a large amount of cash that you can use as a security deposit, you can get a much higher credit line than you might typically get with other secured cards.
Additionally, tools like auto pay and access to your TransUnion credit score will help you stay on track.
This card may also be attractive to those who haven’t been able to qualify for an unsecured card. However, if you’re hoping to earn rewards while building credit, the Discover it Secured card might be a better choice.
U.S. Bank Secured Visa Card’s Outstanding Benefits
- Secondary rental car collision damage waiver
- Free Credit Score
- Extended warranty protection
U.S. Bank has a low ranking of 10th out of 11 issuers in the J.D. Power 2020 Credit Card Satisfaction Study. The bank received a rating of 786 out of 1,000, while the national average for all credit card issuers was 810.
The U.S. Bank Secured Visa mobile app offers 24/7 account access and receives 4.5 out of 5 stars on Google Play for Android systems and 4.8 stars out of 5 in the Apple App Store. You can also contact customer service by sending an email through your account or calling 800-285-8585.
This card has fraud detection. U.S. Bank will alert you of unusual card activity, and you won’t be liable for fraudulent purchases.
You’ll also have free access to your TransUnion credit score.
If you can’t get approved for an unsecured credit card, a secured credit card mayhelp you build or establish your credit. The U.S. Bank Secured Visa is a fairly basic card. If you have the ability to fund a large deposit you can establish a higher credit line than typically available with a secured card. As a bonus, your security deposit will be kept in an interest-bearing account.
However, there are other options. The Capital One Secured Mastercard allows you to have a credit line larger than your deposit and the Discover it Secured card offers a cash back rewards program.