How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).

Advertising Disclosure

LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).
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American Express Disclosure
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American Express Disclosure

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U.S. Bank Secured Visa Card Review

LendingTree's Review

How LendingTree Rates Credit Cards?

Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.
3.7
U.S. Bank Secured Visa Card
Annual fee
$0
Regular purchase APR
29.24% variable
Minimum deposit
$300
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It was not reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Our take: The U.S. Bank Secured Visa Card is a good choice for building or rebuilding credit, since it doesn’t charge an annual fee. It’s a secured card without any extra benefits or rewards, but there’s a path to graduate to an unsecured card after 12 months.

Pros and cons

Pros

  • No annual fee
  • Flexible billing due date
  • Chance to graduate to an unsecured card
  • Reports to all three credit bureaus
  • Free credit score access

Cons

  • Requires a security deposit
  • No rewards
  • High APR
  • Foreign transaction fee
  • Balance transfer fee

Is the U.S. Bank Secured Visa Card good?

If you’re looking for a basic credit card to help you build credit, the U.S. Bank Secured Visa Card is an affordable option. While you’ll need to put down at least a $300 deposit to open the card, you won’t have to pay annual fees or maintenance fees to keep your account open. The card reports to all three credit bureaus, and there’s potential to upgrade to an unsecured card and have your deposit refunded if you keep your account in good standing.

The downside is this card doesn’t come with rewards or many benefits. There are better cards out there for people with poor or limited credit that offer rewards on every purchase.

How much does it cost to own?
You’ll pay $0 in fees and earn $0 in rewards, for a total cost of $0, versus $3 for the average credit building card.*

*Based on LendingTree’s value methodology

Quick facts

    • No annual fee.
    • Minimum deposit of $300.
    • Chance to upgrade to an unsecured credit card after 12 months.
    • Choose when your payment is due.
  • Recommended Credit
    Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion
  • N/A
  • Zero fraud liability
  • Contactless payment
  • ID Navigator Powered by NortonLifeLock™
  • 24/7 access to your account
  • Contactless payments
  • Mobile wallet

Intro Purchase APR

N/A

Regular Purchase APR

29.24% variable

Intro BT APR

N/A

Regular BT APR

29.24% variable

Annual Fee

$0

Cash Advance Fee

Either 5% of the amount of each advance or $10 minimum, whichever is greater.

Foreign Transaction Fee

3% of each foreign purchase transaction or foreign ATM advance transaction in U.S. dollars; 3% of each foreign purchase transaction or foreign ATM advance transaction in a foreign currency

Balance Transfer Fee

$5.00 or 3% whichever is greater

U.S. Bank Secured Visa Card benefits

  • No annual fee

    Many credit cards for people with low credit scores come with expensive fees, like a monthly maintenance fee or annual fee. The U.S. Bank Secured Visa Card comes with a $0 annual fee, making it an affordable option to start building credit.

  • Flexible billing due date

    The U.S. Bank Secured Visa Card allows you to choose when your payment is due. This can be helpful if you want to plan your credit card payments around paychecks or other payment due dates. When you’re approved for the U.S. Bank Secured Visa Card, you can contact U.S. bank to set up your payment due date. Not all payment due dates may be available.

  • Chance to graduate to a secured card

    The U.S. Bank Secured Visa Card offers a path to upgrade to an unsecured credit card with responsible credit use. U.S. Bank will start reviewing your account after 12 months of account history to determine if you’re eligible. If you qualify, your account could be automatically upgraded and your security deposit will be returned to you within one to two billing cycles. To determine if you qualify, U.S. Bank may look at things like your payment history.

    A card with a clear path to upgrade can save you from having to apply for an unsecured card later on, and generating a hard inquiry on your credit history.

  • Reports to all three credit bureaus

    The U.S. Bank Secured Visa Card is a great credit-building tool. U.S. Bank will monitor your credit activity and regularly report your card status to the three major credit bureaus — Equifax, Experian and TransUnion. These reports are used to generate your credit score. If you use your card responsibly and make on-time payments, you’ll see positive results in your credit score.

    You can also check your credit score anytime with U.S. Bank’s mobile app or online banking. This feature is completely free to use with the U.S. Bank Secured Visa Card.

U.S. Bank Secured Visa Card drawbacks

  • Requires a security deposit

    The U.S. Bank Secured Visa Card is a secured credit card, meaning you’ll be required to put down a security deposit upfront to own the card. You’ll need to deposit at least $300, with a maximum of $5,000. Your security deposit will become your credit limit. The security deposit is refundable and you’ll get it back when you close the card or upgrade to an unsecured card.

    The upper end of its credit limit is high compared to other secured cards. For example, the Discover it® Secured Credit Card has a maximum security deposit of only $2,500. But there are many cards that offer a lower minimum deposit. For example, the Capital One Platinum Secured Credit Card allows you to make a deposit of $49, $99 or $200 to get a credit limit starting at $200, depending on your credit history.

    Secured credit cards are generally a better choice than unsecured credit cards for bad credit. Unsecured cards for people with low credit scores often come with expensive (and nonrefundable) fees that can amount to more than $100 each year. Secured cards tend to be much more affordable over the long term, and may be easier to get approved for.
  • No rewards

    The U.S. Bank Secured Visa Card doesn’t come with a sign-up bonus or rewards program, which is pretty common for secured cards. If you’re focused on credit building, rewards shouldn’t be your top priority, but they are a nice-to-have that can add significantly to the value of a card.

    There are a few secured cards with good rewards programs. For example, the Discover it® Secured Credit Card offers bonus rewards on purchases at gas stations and restaurants plus additional rewards on everyday purchases. The Capital One Quicksilver Secured Cash Rewards Credit Card offers bonus rewards on hotels and restaurants booked through Capital One Travel and on everyday purchases.

  • High interest rate

    The U.S. Bank Secured Visa Card comes with a high 29.24% variable APR. This APR is high compared to the average APR for secured credit cards. It’s best to pay your balance in full each month to avoid paying interest. However, if you have a tendency to carry a balance on your accounts, you might want to steer clear of this card, as it will be costly.

  • Additional transaction fees

    While the U.S. Bank Secured Visa Card comes with no annual fee, there are a few other fees to be aware of including:

    Foreign transaction fee: 3% of each foreign purchase transaction or foreign ATM advance transaction in U.S. dollars; 3% of each foreign purchase transaction or foreign ATM advance transaction in a foreign currency.

    There are similar cards that don’t have a foreign transaction fee, that can save you money if you use your card while traveling outside the U.S. This includes:

    *To see rates & fees for Capital One Platinum Secured Credit Card, please click here.
    *To see rates & fees for Capital One Quicksilver Secured Cash Rewards Credit Card, please click here.

    Balance transfer fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater.

    If you’re planning to use your card for a balance transfer, you may want to consider the Discover it® Secured Credit Card. This card offers a 10.99% Intro APR for 6 months on balance transfers, followed by a 28.24% Variable APR.

    Cash Advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater.

U.S. Bank Secured Visa Card vs. Discover it® Secured Credit Card

| Disclosures
Discover it® Secured Credit Card
Discover it® Secured Credit Card
apply-now-icon Apply Now
on Discover's secure site
Rates & Fees
N/A
28.24% Variable APR
$0
Earn 2% cash back at Gas Stations and Restaurants on up to
  • No credit score required to apply.
  • No Annual Fee, earn cash back, and build your credit history.
  • Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
  • Terms and conditions apply.
300 600
Limited/Poor

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

The Discover it® Secured Credit Card is one of the best secured cards for building credit. It offers much more value than you’ll get with the U.S. Bank Secured Visa Card. You can earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.

You’ll also qualify to upgrade to an unsecured card quicker than with the U.S. Bank Secured Visa Card. Discover will conduct monthly reviews starting at seven months to see if you’re eligible to upgrade. There’s also a lower minimum security deposit of $200 and a $0 annual fee.

U.S. Bank Secured Visa Card vs. Capital One Platinum Secured Credit Card

| Disclosures
Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card
apply-now-icon Apply Now
on Capital One's secure site
Rates & Fees
N/A
29.99% (Variable)
$0
Non-rewards Card
  • No annual or hidden fees. See if you're approved in seconds
  • Building your credit? Using the Capital One Platinum Secured card responsibly could help
  • Put down a refundable security deposit starting at $49 to get a $200 initial credit line
  • You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • Monitor your credit score with CreditWise from Capital One. It's free for everyone
  • Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
  • For Capital One products listed on this page, some of the benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
300 600
Limited/Poor

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

The Capital One Platinum Secured Credit Card is another $0 annual fee secured card. What makes this card stand out is that there’s an opportunity to put down a lower security deposit. Depending on your credit profile, you’ll pay a deposit of either $49, $99 or $200 to get a $200 starting credit limit.

In any case, you can pay a lower deposit to open the card versus the $300 minimum deposit for the U.S. Bank Secured Visa Card.

*To see rates & fees for Capital One Platinum Secured Credit Card, please click here.

U.S. Bank Secured Visa Card vs. Capital One Quicksilver Secured Cash Rewards Credit Card

| Disclosures
Capital One Quicksilver Secured Cash Rewards Credit Card
Capital One Quicksilver Secured Cash Rewards Credit Card
apply-now-icon Apply Now
on Capital One's secure site
Rates & Fees
N/A
29.99% (Variable)
$0
1.5% Cash Back on every purchase, every day; 5% Cash Back on
  • No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
  • Put down a refundable $200 security deposit to get a $200 initial credit line
  • Building your credit? Using a card like this responsibly could help
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
  • Monitor your credit score with CreditWise from Capital One. It's free for everyone
  • Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
  • For Capital One products listed on this page, some of the benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
300 600
Limited/Poor

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

The Capital One Quicksilver Secured Cash Rewards Credit Card is another secured credit card option that offers cash back. You’ll earn 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply). This card also offers a $0 annual fee. Its rewards make it a better choice than the U.S. Bank Secured Visa Card.

*To see rates & fees for Capital One Quicksilver Secured Cash Rewards Credit Card, please click here.

Is the U.S. Bank Secured Visa Card right for you?

The U.S. Bank Secured Visa Card is a decent option if you’re looking for an easy-to-use credit card to build credit. It’s worth it if you plan to use it responsibly for a potential upgrade to an unsecured U.S. Bank card.

But, if you’re looking for a secured credit card to help you build credit, there are better secured credit cards that let you earn rewards while you work toward a higher credit score.

Looking for a card that earns rewards?

The information related to the U.S. Bank Secured Visa Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.