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U.S. Bank Secured Visa Card Review

U.S. Bank Secured Visa Card

Having a secured credit card like the U.S Banking secured Visa card is good. A secured card as you know can be used to build or reshape one’s credit.

In addition to that, this card comes with a low annual fee and a good interest rate even though it is a secured credit card. Like other secured cards, you are to make a security deposit.

U.S. Bank Secured Visa Card

U.S. Bank Secured Visa Card

Steps on How to Make your U.S. Bank Secured Visa Card Security Deposit

Making your deposit is very easy. It can be done online with funds from your savings or checking account.

Be mindful of the fact that the U.S Bank does not accept a personal check for a security deposit, especially for those who wish to pay their deposit through a cashier’s check or money order by printing and mailing of applications.

Provided that your applications were approved, you will be given a credit card alongside a credit limit that is equivalent to your security deposit.

This security deposit is kept in the U.S Bank saving account to secure your credit limit whenever you default on your payments.

Also, you are to make a monthly minimum payment on your credit card.
You may be permitted to change your card to an unsecured card after many months of timely payments.

The security deposit required ranges from $300 and $5,000 in hundred dollar increments.

Fees and Charges

The APR for purchases and balance transfers is 21.24%.
It has a cash advance APR of 26.24%.
This credit card charges no penalty APR.
Therefore, your interest rate will not be affected negatively. Unlike other issuers that increase your interest to 29.99% or more if you are 60 days behind on your card payments.
It has an annual fee of $29.
Some transactions made on your card will incur a fee.
This credit card may

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