Here’s What No One Tells You About US Bank Secured Credit Card

US Bank Secured Credit Card is one of the products in the U.S. Bancorp. It has a huge audience in the United States nowadays. The people who are engaging in traveling and shopping, US Bank Secured Credit Card is the best option. Not only that but also, the credit card is carrying the Visa Benefits and rewards.

Furthermore, the U.S. Bancorp is an American Bank located in Minneapolis, Minnesota. The Chief Executive Officer is Andrew Cecere since April 18, 2017.

In addition to that, the subsidiaries of this company are U.S. Bank, Elavon, Syncada, talech, and U.S. Bank Home Mortgage. Most importantly, U.S. Bancorp is one of the largest Banks in the United States. The Capital Ratio according to 2017 calculations is 10.8%.

US Bank Secured Credit Card Rates and Fees

  • The Annual Percentage Rate is 18.99%. (variable)
  • $29 is the Annual Fee for the credit card.
  • There is a minimum-security deposit for the card. It is $300.
  • The Penalty APR (Annual Percentage Rate) is not applicable.
  • The credit line will be equal to the amount of the security deposit amount.
  • The Balance Transfer fee is 3% of the amount of each transfer or 5$ minimum whenever the amount is greater.
  • The Cash Advance fee is 3% of the amount in each advance amount or 5$ minimum will be applicable if the amount is greater.
  • The Foreign transaction fee also relevant for the card. The Charging amount is 2% of each foreign purchase transaction. 

( if you are looking for the zero annual fee credit cards then Ally Credit CardIKEA Credit CardBlair Credit CardABOC Credit Card are the best option for you )

Benefits of US Bank Secured Credit Card

  • The Auto Rental Collision Damage Waiver is one of the benefits granting by the Bank.
  • Extended warranty coverage is including in the benefit bundle.
  • Protection against fraud is at a higher level on US credit cards.
  • The US credit card gives free monthly TransUnion credit scores to their customers.
  • You can experience travel and emergency assistance services by acquiring the card.
  • One of the special advantages is you will be able to re-establish your credit history. If you increase the number of deposits in the account, the credit limit is increased with the same amount.

Disadvantages

  • Unlike other cards, the cardholder must pay an annual fee for acquiring the card. Because of that, there might be less attractive to the US card rather than other credit cards.
  • No Sign-up bonus is applicable. If you sign-up with other credit cards there is a possibility to receive a sign-up bonus.
  • Most of the rewards giving by other credit cards are not available in the US credit card.
  • Without the minimum deposit, you do not have access to the credit card.

Requirements 

The applicant must be a resident in the United States. And also, he/she should have a valid identity card and a valid Social Security Number. In addition to that, the applicant must be at least 18 years old. In the meantime, your credit score must be 700 or greater than that.

How to Apply for the US Bank Secured Credit Card?

the applicant will be able to apply for the US Bank Secured Credit Card Online or by the nearest US Bank branch. You have to include personal information. Then the household details. The next step is filling your employment and income details.

The most important thing is providing the minimum deposit. The amount is $300. Then you have to wait until the application gets approved.

The Processing time and the Application status of your request will be able to review online. Not only that but also, the Balance checks and the bill payments can process online with the newly introduced app. 

Unfortunately, the Virtual credit card offer is not available for the US credit card.

Customer Service

The cardholder can ring the number mentioned below for assistance regarding secured credit cards. To increase your credit limit, please contact a customer service agent. They will help you with the process.

  • 800-872-2657

How to cancel?

To cancel the secured credit card please call 800-285-8585. Based on the account balance, the cardholder will be able to get his/her deposit back or a part of it.

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