U.S. Bank Secured Visa Card Annual Fee, Interest Rate, Comparison and Reviews

By | July 13, 2018
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U.S. Bank Reward Visa Card

U.S. Bank Secured Visa Card Annual Fee, Interest Rate, Comparison and Reviews: A secured credit card comes as a rescue for those customers who are finding ways to build or re-build credit. If you too are looking for such credit card, The U.S. Bank Secured Visa Card is a right choice for you. It not only has low annual fee but also has decent interest rate.

Paying Deposit of Your U.S. Bank Secured Visa Card

U.S. Bank Reward Visa CardYou can use your checking or savings account money to pay deposit of your U.S. Bank Secured Visa Card. You should keep in mind that The U.S. bank will not accept personal check for our deposits. You need to print or mail your application in case you want to pay deposit through cashier check or money.

After your application is approved, the bank will issue you a credit card that will have the credit limit equal to the amount you have deposit. The deposit done by you is send to U.S. Bank savings account and will secure your credit limit in times when you fail to do payment. However, you will receive the bill every month and you will have to pay the monthly payment of the card too. If you successfully do payments for several months, your card may be converted to unsecured one. You are allowed to deposit between $300 and $5000 in hundred increments only.

Prices

The annual fee for The U.S. Bank Secured Visa Card is $29. The interest rate will not increase in case you do late payment. For purchases and balance transfer, APR is 19.24%. APR for cash advance is 24.24%.

There are fee for few transactions done using card. These are as follows:

  • Balance transfers fee is 3% or $5
  • Convenience check cash advance fee is 3% or $5
  • Cash advances fee is 4% or $10 that includes ATM cash advances and cash equivalent advances
  • Foreign transactions fee is 2% if made in U.S. dollars, if it is made in a foreign currency then 3% fee is charged
  • Late payments fee is up to $35 and Returned payments fee is up to $37

Customers do not earn any rewards with the U.S. Bank secured Visa Card but other facilities like auto rental insurance, online banking and automatic bill payment is available. It also has 0% fraud liability. Other facilities that one gets includes Flex Control tools of the U.S. Bank that helps you set due date and set up automatic payments too that reduces balance.

Comparison of U.S. Bank Secured Visa Card with Other Secured Credit Cards

There are number of credit cards available in the market and the U.S. Bank Secured Credit card is one of the good options available. The annual fee and interest rates are competitive. If you wish not to pay interest on your credit card balance then you should pay full balance every month.

However, the minimum security deposit is higher as compared to other secured cards like Capital One Secured MasterCard and Discover it Secured Card.

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