Top perks
The U.S. Bank Secured Visa® Card doesn't have a ton of features, but it has what you need to build credit.
Flexible approval requirements
Since this is a secured credit card, it's much easier to get than most credit cards. You can qualify for it if you don't have any credit history yet, or if you have a low credit score due to previous issues.
No annual fee
When you're building or rebuilding credit, this is one of the most important features to look for. You don't want to get stuck paying an annual fee as you work on your credit score.
Another reason it's good to build credit with no annual fee cards is that you can keep your card account open as long as you want. The age of your credit cards is a factor in your credit score. If this is your first or only credit card, you'll be able to keep it and continue building your credit history without paying a yearly fee.
RELATED: What First-Time Credit Card Users Need to Know
Reports to all three credit bureaus
U.S. Bank reports your card status and activity to all three of the consumer credit bureaus, which are Equifax, Experian, and TransUnion. This is another important feature. Each bureau calculates a credit score for you. To improve your credit score with all three, you need your card activity reported to each of them. If you use your card responsibly, and most importantly pay its bills on time, you'll improve your credit and eventually be able to qualify for the best credit cards.
Choose your credit limit
When you open this U.S. Bank card, you need to make a refundable security deposit. You can choose to deposit between $300 and $5,000 (in $100 increments). Your deposit amount becomes your card's starting credit limit. This gives you control over a key feature of your credit card. If you need a higher limit, you can get it, as long as you have enough money to deposit.
Upgrade to unsecured credit card
The security deposit for this card is refundable, and one of the ways to get it refunded is by upgrading to an unsecured credit card. U.S. Bank gives you that option, and it actively monitors your account to see if you're eligible for an upgrade. It first reviews your account after 12 months if all of the following are true:
- Your account is in good standing.
- You don't have any recent bankruptcies.
- You have a Social Security number connected to your account.
The other way to get your deposit back is to close the card. Upgrading is better, because it allows you to keep the card open and continue building your account history.
Credit score monitoring
U.S. Bank offers a free credit score tool you can use through your online account or the mobile app. It provides your VantageScore, which is updated monthly, and the factors affecting your score. It also has other useful tools, including CreditCompass℠. That allows you to set a credit score goal, and then it tells you the steps you can take to get there.
It's worth mentioning that another type of credit score, FICO® Score, is the most widely used by lenders. VantageScore isn't, so this tool isn't quite as useful as it would be if it provided your FICO® Score. But it's still helpful, especially the advice on improving your credit score.
