If you want to rebuild or establish credit, consider adding the U.S. Bank Secured Visa® Card
*
The information for the U.S. Bank Secured Visa® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
to your wallet. This no-frills secured credit card has no annual fee and includes perks like credit score monitoring tools and the ability to choose your payment due date. It doesn’t offer rewards, but if you’re focused on building credit, it could be a good fit.
U.S. Bank Secured Visa basics
- Annual fee: $0.
- Welcome bonus: None.
- Rewards: None.
- APR: 29.24% variable APR on purchases and balance transfers. A balance transfer fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, applies.
- Other perks and benefits: Free credit score alerts and credit score simulator, autopay options and the ability to choose a payment due date.
- Does it report to all three credit bureaus? Yes.
- Does the issuer offer a preapproval tool? No.
- Recommended credit score: Poor, fair or no credit.
About the U.S. Bank Secured Visa
The U.S. Bank Secured Visa is a solid credit card for people with poor or fair credit who want to rebuild their credit, or those who have no credit history and want a first credit card to establish themselves. This card reports activity to the major credit bureaus and charges no annual fee.
Since this is a secured credit card, you must make a refundable security deposit when opening your account, which protects the issuer in case you don’t pay back what you owe. The minimum security deposit required is $300. As is typical with secured credit cards, your card limit is the same as your security deposit — so if you make a $300 security deposit, your credit limit will be $300.
By always paying on time and by keeping your credit utilization ratio low, you can use this card to build a good credit score. This card doesn’t earn rewards, unlike some competing secured cards, but that’s not really a drawback if your main focus is rebuilding damaged credit.
While the U.S. Bank Secured Visa is without flashy perks, it includes tools to help you stay informed as you work to build or improve your credit. This secured credit card provides credit score alerts and a credit score simulator through TransUnion’s CreditView™. Cardholders also get access to identity theft tools through ID Navigator Powered by NortonLifeLock™.
If you travel abroad, you should know that this credit card has foreign transaction fees. The U.S. Bank Secured Visa charges a foreign transaction fee of 3% of each foreign transaction.
Pros
- No annual fee: Some cards for people with less-than-stellar credit charge annual fees to carry, but the U.S. Bank Secured Visa’s annual fee is $0.
- Reports to the three big consumer credit bureaus: Since U.S. Bank reports your activity to Equifax, Experian and TransUnion, using this card can help you improve your credit score as long as you don’t max out your card and you always pay on time.
- Offers basic credit-building benefits: With a free credit score, a credit score simulation tool, the ability to choose your payment due date and autopay options, the U.S. Bank Secured Visa is a friendly choice for consumers looking to ensure that their credit is moving in the right direction and that they never miss a payment.
- Security deposit is refundable: You can get your security deposit back if you pay off the card in full and close the account or if U.S. Bank upgrades you to an unsecured credit card. However, there’s no timeline specified for when your account might be reviewed for a possible upgrade.
Cons
How the U.S. Bank Secured Visa compares to other credit-building cards
U.S. Bank Secured Visa vs. U.S. Bank Altitude Go® Secured Visa® Card
*
The information for the U.S. Bank Altitude Go® Secured Visa® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
If you’re interested in a credit-building card from U.S. Bank that earns rewards, consider the U.S. Bank Altitude Go® Secured Visa® Card
*
The information for the U.S. Bank Altitude Go® Secured Visa® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
. It charges no annual fee and offers a rewards program that will particularly appeal to foodies: 4 points per $1 on dining, takeout and restaurant delivery, 2 points per $1 at grocery stores, grocery delivery, streaming services, gas stations and EV charging stations and 1 point per $1 on all other eligible purchases.
Points are worth 1 cent each and can be redeemed in many ways, including for cash back, gift cards, travel or merchandise. And, after making at least 11 monthly payments for an eligible streaming service, cardholders can earn an annual $15 streaming service credit.
The U.S. Bank Altitude Go Secured card has a 29.99% variable APR on purchases and balance transfers. A balance transfer fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, applies, so you’ll want to avoid carrying a balance on it.
This card requires a minimum security deposit of $300. Like the U.S. Bank Secured Visa Card, the Altitude Go Secured includes autopay capabilities and allows cardholders to choose a preferred payment due date.
If you want to build credit while earning rewards, the Altitude Go Secured is clearly the better choice than the U.S. Bank Secured Visa.
U.S. Bank Secured Visa vs. Capital One Platinum Secured Credit Card
*
The information for the Capital One Platinum Secured Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
If you’re not set on getting a card from U.S. Bank, the Capital One Platinum Secured Credit Card
*
The information for the Capital One Platinum Secured Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
is another secured credit card to consider — particularly if you don’t have $300 to set aside for the U.S. Bank Secured Visa’s minimum security deposit. The Capital One Platinum Secured offers the unique feature of a $49, $99 or $200 minimum security deposit, which the issuer determines once you’re approved for an account, with a $200 starting credit limit no matter your minimum deposit.
It’s almost unheard of for a secured card to allow a lower deposit amount than your desired credit limit, so that sets this card apart from the competition. However, beware that you’re not guaranteed one of the lower minimum deposits, so be ready in case you have to tie up the higher minimum deposit amount.
This card charges no annual fee and reports to the three major consumer credit bureaus. Plus, you can check if you’re preapproved without impacting your credit score.
In as little as six months of responsible card use, the issuer will evaluate your account for a possible credit limit increase. Plus, it’s possible to get your security deposit refunded after demonstrating good behavior.
The card does come with a high 30.49% variable APR on purchases and balance transfers. And you will not earn rewards with the Capital One Platinum Secured. However, there’s no foreign transaction fee, so it’s a fine choice to take if you’re traveling abroad.
U.S. Bank Secured Visa vs. Petal® 1 “No Annual Fee” Visa® Credit Card
*
The information for the Petal® 1 “No Annual Fee” Visa® Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
The Petal® 1 “No Annual Fee” Visa® Credit Card
*
The information for the Petal® 1 “No Annual Fee” Visa® Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
(issued by WebBank) is another no-annual-fee credit card targeted toward people who want to build credit. One thing that sets the Petal 1 card apart from the U.S. Bank Secured Visa Card is that no security deposit is required. Your credit limit may range from $300 to $5,000, depending on creditworthiness. The card earns 2% to 10% cash back at select merchants.
If you don’t have prior credit history, Petal can use other financial factors to evaluate your application by means of a Cash Score. This can be useful if you’ve responsibly managed your finances but don’t have any experience with credit cards or loans. Payment activity is reported to all three credit bureaus and if you make on-time payments for at least six months, you may qualify for a credit limit increase.
The Petal 1 card also includes tools useful to new credit card users, like a payment strategy calculator, so you can see how different payment amounts will impact your account balance and what interest you might pay if you don’t pay your entire balance in full. You can also track your credit score.
Should you get the U.S. Bank Secured Visa?
If you want to build or rebuild your credit and don’t require a card with extensive perks, the U.S. Bank Secured Visa Card is worth your consideration. It has no annual fee and includes credit-building and payment tools that can help you succeed as you build credit history.
But, it’s worth noting that the $300 minimum security deposit is higher than some other competing secured credit cards. For example, the Capital One Platinum Secured has a minimum security deposit requirement of $49, $99 or $200, depending on an applicant’s creditworthiness.
Another notable downside is that the U.S. Bank Secured Visa doesn’t earn rewards. In short, you’ll want to look elsewhere if you desire more perks, rewards or a lower minimum security deposit.
U.S. Bank Secured Visa summary
Frequently asked questions (FAQs)
Secured credit cards are typically aimed at people with poor or fair credit, or people who have no credit history. According to the FICO credit scoring scale, poor credit typically means a score of 300 to 579, while fair credit typically means a score of 580 to 669.
Yes, you can get a cash advance with the U.S. Bank Secured Visa Card. However, we recommend avoiding credit card cash advances in almost all situations. They tend to be expensive because you’ll typically pay a cash advance fee and start accruing interest immediately, whereas normal purchases have a grace period that generally allow you to avoid interest by paying in full.
Yes, a hard pull will occur when you apply for the U.S. Bank Secured Visa.
No, the U.S. Bank Secured Visa doesn’t offer rental car insurance or any other travel perks.
