Are you curious about exploring the in-depth intricacies of the U.S. Bank Secured Visa Credit Card? Responsible Economy provides an expansive breakdown of the key features of the U.S. Bank Secured Visa Credit Card, covering aspects such as fees, interest rates, minimum deposit requirements, and all the vital details you need. Moreover, we’re prepared to offer you a comprehensive analysis, comparing this card to the leading secured credit cards available in the market today. Let’s get started!
Features
In this section, we will go through all the features one by one.
Fees
Fees play a pivotal role in assessing financial products, and credit cards are no exception. The U.S. Bank Secured Visa Credit Card distinguishes itself by completely waiving any annual maintenance fees, providing a significant edge in comparison to many other secured credit cards.
We also show you other credit card fees.
| Transaction Fees | Amount |
|---|---|
| Balance Transfer | Either 3% of the transfer amount or $5 minimum, whichever is greater. |
| Convenience Check Cash Advance | Either 3% of the advance amount or $5 minimum, whichever is greater. |
| Cash Advance ATM | Either 5% of the advance amount or $10 minimum, whichever is greater. |
| Cash Advance | Either 5% of the advance amount or $10 minimum, whichever is greater. |
| Cash Equivalent Advance | Either 5% of the 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 Secured Visa Credit Card results in a comparatively higher interest rate. The Annual Percentage Rate (APR) for maintaining a balance on purchases is 29.24%, a factor worth considering. It’s worth noting that while some cards offer an initial 0% interest rate, the U.S. Bank Secured Visa Credit Card does not fall into this bracket.
Cash back
The U.S. Bank Secured Visa Credit Card does not offer any kind of cash back for purchases. This feature is seen as a disadvantage since many secured credit cards provide cash back rewards for transactions.
Minimum deposit
To open an account with the U.S. Bank Secured Visa Credit Card, a minimum security deposit of $300 is necessary, with a maximum limit of $5000. Your credit limit will be determined by several factors, including your security deposit amount, income, and your demonstrated ability to handle the designated credit line. This structure promotes responsible credit utilization and assists in steadily improving your financial position over time.
Welcome bonus
Unlike numerous credit cards that entice potential cardholders with enticing welcome bonuses, which could potentially amount to $1,000 or more, it’s important to highlight that the U.S. Bank Secured Visa Credit Card does not offer any welcome bonus incentives.
Summary table
We have created a table summarizing all the features:
| Features | U.S. Bank Secured Visa Credit Card |
|---|---|
| Fees | $0 |
| APR | 29.24% on balance for deferred payments |
| Cash Back | No cash back rewards for purchases |
| Initial Deposit | $300-$5,000 |
| Welcome Bonus | $0 |
Comparison with the Best Secured Credit Cards
We have conducted a comparison of U.S. Bank Secured Visa Credit 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 Secured Visa Credit Card:
| Advantages | Disadvantages |
|---|---|
| No annual maintenance fees. | The card does not offer an initial 0% interest rate. |
| Helps establish credit with a security deposit. | No cash back offered, which is a disadvantage compared to some other cards. |
| Doesn’t offer any welcome bonus incentives. |
Requirements
To be eligible for the U.S. Bank Secured Visa Credit Card, you need to fulfill the following minimum requirements:
- Reside in the United States: This card is only open to individuals living within the United States.
- Age Requirement: You must be at least 18 years old to apply for this credit card.
- Employment Verification: Providing proof of your employment is necessary to showcase your ability to responsibly handle the credit card.
- Social Security Number: A valid Social Security Number is needed for identity verification and assessing your credit history.
- Minimum deposit: $300
Frequent questions
Now we’re here to address any questions you might have about the U.S. Bank Secured Visa Credit Card:
Conclusion and opinions
After the conducted analysis, our opinion is that the U.S. Bank Secured Visa Credit Card is not a competitive credit card due to its high interest rate for deferred payments, lack of cash back on purchases, and absence of any welcome bonus. On the other hand, both the minimum and maximum initial deposits offer favorable terms, there are no annual maintenance fees, and the card benefits from the backing of U.S. Bank.
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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