Are you curious to explore the extensive information about the U.S. Bank Cash+ Secured Visa Credit Card? Responsible Economy is here to provide you with a comprehensive overview of the key features of the U.S. Bank Cash+ Secured Visa Credit Card. This includes details about fees, interest rates, minimum deposit requirements, and all the essential information you need to know. Furthermore, we’re prepared to offer you an in-depth analysis that compares this card with other leading secured credit cards currently available in the market. Let’s get started!
Features
In this section, we will go through all the features one by one.
Fees
Fees are a significant factor in assessing financial products, and credit cards are no different. The U.S. Bank Cash+ Secured Visa Credit Card distinguishes itself by completely waiving annual maintenance fees, providing a notable advantage over many other secured credit cards.
We also show you other credit card fees.
| Fees | U.S. Bank Cash+ Secured Visa Card |
|---|---|
| Annual Fee | $0 |
| Balance Transfer | Either 3% of transfer amount or $5 minimum, whichever is greater. |
| Convenience Check Cash Advance | Either 3% of advance amount or $5 minimum, whichever is greater. |
| Cash Advance ATM | Either 5% of advance amount or $10 minimum, whichever is greater. |
| Cash Advance | Either 5% of advance amount or $10 minimum, whichever is greater. |
| Cash Equivalent Advance | Either 5% of advance amount or $10 minimum, whichever is greater. |
| Overdraft Protection | None |
| Foreign Transaction | 3% of each foreign transaction |
| U.S. Bank ExtendPay® Fees | A monthly fee not to exceed 1.6% of the original principal amount in a U.S. Bank ExtendPay® Plan or U.S. Bank ExtendPay® Loan. This fixed fee is disclosed upon enrollment and charged each month that you owe the applicable ExtendPay balance. |
| Penalty Fees | |
| Late Payment | Up to $41 |
| Returned Payment | Up to $41 |
| Overlimit | None |
APR
Opting to delay payments on the U.S. Bank Cash+ Secured Visa Credit Card results in a relatively higher interest rate. The Annual Percentage Rate (APR) for maintaining a balance on purchases is 29.99%, a factor worth careful consideration. It’s essential to note that while some cards may offer an initial 0% interest rate, the U.S. Bank Cash+ Secured Visa Credit Card does not fall under this category.
Cash back
Here’s the list of cash back and streaming benefits for the U.S. Bank Cash+ Secured Visa Card:
- 5% cash back: On your first $2,000 in combined eligible purchases each quarter in two categories you choose.
- 5% cash back: On prepaid air, hotel, and car reservations booked directly in the Rewards Travel Center.
- 2% cash back: On eligible purchases in your choice of one everyday category (like gas stations and EV charging stations, grocery stores, and restaurants).
- 1% cash back: On all other eligible purchases.
Minimum deposit
To initiate an account with the U.S. Bank Cash+ Secured Visa Card, you’ll be required to provide a minimum security deposit of $300, with the option to deposit up to a maximum limit of $5000. The determination of your credit limit takes into consideration several factors, including your security deposit, income, and your demonstrated ability to effectively manage the designated credit line.
Welcome bonus
Unlike several credit cards that entice potential cardholders with enticing welcome bonuses, which can sometimes add up to $1,200 or more, it’s important to highlight that the U.S. Bank Cash+ Secured Visa Card does not offer any welcome bonus incentives.
Summary table
We have created a table summarizing all the features:
| Features | U.S. Bank Cash+ Secured Visa Card |
|---|---|
| Fees | $0 |
| APR | 29.29% on balance for deferred payments |
| Cash Back | Up to 5% |
| Initial Deposit | $300-$5,000 |
| Welcome Bonus | $0 |
Comparison with the Best Secured Credit Cards
We have conducted a comparison of U.S. Bank Cash+ Secured Visa Card with the best secured credit cards available for application in the United States:
- Fees: $0
- Cashback: 1.5%
- Welcome bonus: $0
- Credit Score: No
- Fees: $0
- Cashback: 1%-5%
- Welcome bonus: up to $300
- Credit Score: 690-850
- Fees: 0
- Cashback: No
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: Up to 3%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $300
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: $35
- Cashback: 0%
- Initial deposit: $200
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
Pros and cons
Here’s a table summarizing the pros and cons of the U.S. Bank Cash+ Secured Visa Card:
| Advantages | Disadvantages |
|---|---|
| No annual maintenance fees | No welcome bonus incentives |
| Cash back rewards on eligible purchases | Higher interest rates when deferring payments |
| Choice of cash back categories | No initial 0% interest rate period |
| Opportunity to build credit responsibly | Foreign transaction fees |
| Flexible credit limit based on deposit |
Requirements
To be eligible for the U.S. Bank Cash+ Secured Visa Card, you must meet the following minimum requirements:
- Reside in the United States: This card is exclusively available for individuals living within the United States.
- Age Requirement: You need to be at least 18 years old to be eligible to apply for this credit card.
- Employment Verification: Providing evidence of your employment is essential to demonstrate your capability to responsibly manage the credit card.
- Social Security Number: A valid Social Security Number is required for identity verification and evaluating your credit history.
- Minimum Deposit: You’ll need to make a minimum deposit of $300.
Frequent questions
Now we’re here to address any questions you might have about the U.S. Bank Cash+ Secured Visa Card:
Conclusion and opinions
After the conducted analysis, our opinion is that the U.S. Bank Cash+ Secured Visa Card is one of the top secured credit cards you can apply for in the United States. This is due to its lack of annual maintenance fees, offering cash back rewards of up to 5%, a minimum deposit requirement of $300 and a maximum of $5,000, and the security backing of U.S. Bank. On the downside, it doesn’t provide a welcome bonus or an introductory APR offer.
Interesting information about U.S. Bank
We have created a table with relevant information about U.S. Bank:
| Information | Description |
|---|---|
| Website | https://www.usbank.com/ |
| https://www.facebook.com/usbank/ | |
| https://twitter.com/usbank | |
| https://www.instagram.com/usbank/ |
Other U.S. Bank products
We’ve also provided a list of all the U.S. Bank products we have analyzed:
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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