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The U.S. Bank Secured Visa Card is a poor credit card by most standards. It doesn’t give consumers enough benefits to warrant its $29 fee. There are plenty of better options for consumers with bad credit, including the Discover it® Secured, that don’t charge annual fees and actually provide rewards on everyday purchases.
This card is good for...
- People with bad credit who need a credit card
- Individuals building out their credit history
This card is bad for...
- Consumers who want rewards on their purchases
- Those who want to avoid fees
Review: Should You Apply For The U.S. Bank Secured Visa Card?
The U.S. Bank Secured Visa Card is a run-of-the-mill credit card, and most consumers can do better by seeking out other offers. The card is targeted at people with bad credit, however, that’s no excuse to offer so little to consumers in terms of benefits, especially in today’s card market. There are plenty of secured credit cards, including the Discover it® Secured or the Capital One® Secured Mastercard®, that provide you with significantly better perks at a lower cost.
The major problem with the Upromise Mastercard® is its $29 annual fee. Despite paying that much per year, you don’t get many benefits that justify paying extra. A few years ago, this was the standard for secured credit cards. However, today you can sign up for credit cards with no annual fee that will give you cash back rewards – even if you are someone with bad credit. This is especially key for the type of demographic that needs a secured card. Individuals who find themselves applying for the U.S. Bank Secured Visa Card are likely to be in challenging economic circumstances. They don’t need an extra annual charge weighing them down, especially when it can be avoided.
All this is not to say the U.S. Bank Secured Visa Card has nothing to offer. The card does provide their user with the standard slew of benefits you’d get with most credit cards in the United States. If, for some reason, none of the no-fee secured credit cards don’t appeal to you, this is still a valid option. Using this card responsibly, over a long period of time, will still improve your credit score. When it comes to secured cards, we often don’t ask for much more than that.
Bottom Line: Even if you have a bad credit score, you can get significantly better credit cards than the U.S. Bank Secured Visa Card. The Discover it® Secured and Capital One® Secured Mastercard® both come with no annual fee, and are an arguably better deal for consumers. Read more in our comparison section below.
U.S. Bank Secured Visa Card Benefits & Features
The U.S. Bank Secured Visa Card provides a line of credit to people with bad credit -- those who have never before had any other credit card or have a FICO score below 600. The card has no rewards and doesn’t offer any promotional interest rates, like you might find with most credit cards these days. Instead, the major benefit of the U.S. Bank Secured Visa Card is that it allows you to build or re-establish your credit history.
Before you open this card, you need to put up a minimum deposit of $300. The most you can deposit in an account is $5,000. Your line of credit will be equal to the amount you deposit.
Having a U.S. Bank Secured Visa Card account also affords you other types of credit card benefits, including zero fraud liability, fraud protection and auto rental insurance. These are perks that come standard with most credit cards in the U.S.
- Zero Fraud Liability: If you lose your U.S. Bank Secured Visa Card or have it stolen, you won’t be responsible for any unauthorized transactions – provided the bank catches them or you report it.
- Auto Rental insurance: Whenever you rent a car, and charge the full price to the U.S. Bank Secured Visa Card, you can automatically receive free collision insurance. However, you need to turn down the collision damage waiver offered by the rental company. Make sure you call U.S. Bank and confirm what types of things are and aren’t covered under your policy. You can check out our guide on credit card rental insurance to learn more.
How Does The U.S. Bank Secured Visa Card Compare To Other Credit Cards?
You can only judge a credit card to be good or bad in the context of other available options. To that end, we compared the U.S. Bank Secured Visa Card to some other credit cards for people with bad credit.
U.S. Bank Secured Visa Card vs Discover it® Secured
The Discover it® Secured is one of our favorite credit cards for people with bad credit. It does a few things significantly better than the U.S. Bank Secured Visa Card. First of all, there is no annual fee on this card. Therefore, provided you always pay off your balance in full and on time, the Discover it® Secured won’t become an extra financial burden for you. On top of that, the card also provides cash back rewards for its users. With the Discover it® Secured, you get 2% cash back at restaurants and gas stations on up to $1,000 in combined purchases each quarter. All other purchases will get you 1% back. This is unusual for secured credit cards. Most other cards, including the U.S. Bank Secured Visa Card, don’t offer any rewards. These two factors alone are enough of a reason to recommend the Discover it® Secured over the U.S. Bank Secured Visa Card.
U.S. Bank Secured Visa Card vs Capital One® Secured Mastercard®
The Capital One® Secured Mastercard® is another solid option for anyone looking for a secured credit card with no annual fee. While this card doesn’t have any rewards program, it does have a more flexible credit line. The minimum deposit is just $49 – significantly lower than what you have to put down for the U.S. Bank Secured Visa Card. Your credit line can also be greater than your deposit. Depositing more than the $49 minimum can get you up to $3,000. Lastly, it’s worth noting that the Capital One® Secured Mastercard® comes with all the other bells and whistles of a credit card, including auto rental insurance and fraud coverage, as we discussed above. Therefore, you won't be missing out on anything significant if you go with the Capital One® Secured Mastercard® over the U.S. Bank Secured Visa Card.
U.S. Bank Secured Visa Card vs AeroMexico Visa Secured Card
Those who want to stick to U.S. Bank for their credit card have other, better options. For example, the AeroMexico Visa Secured Card comes with an annual fee $4 lower than the U.S. Bank Secured Visa Card. You also get a $0 introductory annual fee during your first year. On top of this, you also get a ton of extra rewards when you choose the Aeromexico card. First, you earn 2 miles per dollar when shopping at grocery stores and gas stations, and 1 mile per dollar everywhere else. When you first use the card, you get 5,000 bonus miles and a complimentary companion certificate that allows one person to travel with you on qualifying itineraries for just $99. You get another certificate upon renewal. If you can make use of these benefits, and don’t mind flying with Aeromexico, you can potentially get hundreds of dollars in value out of the card each year. It’s simply a much better value proposition than the U.S. Bank Secured Visa Card.