The US Bank secured credit card gives you a great opportunity to advance towards acquiring an unsecured card quickly. However, you need to have a decent credit behavior for it. The card is ideal for people who want to rebuild their credit or who are being denied a credit card.
Advantages Of A US Bank Secured Credit Card
- Interest will be earned on your security deposit
- The annual fee is small
- There is no account processing fee
- You will get access to an unsecured card quickly, provided if you qualify for it
- The card helps to detect fraud and notifies you instantly whenever such activity takes place
- You will get a grace period of 24 to 30 days, which is incredibly generous. Most of the other cards only give a grace period of 20 to 25 days.
While the US Bank was secured, the credit card has high-interest rates and is not available in all of the states, the benefits that the card provides far outweigh the disadvantages of it. To acquire the card, you will have to give a security deposit of $300 to $5000, and the cardholder will not be provided with any rewards.
Also, the US bank is a great option when it comes to acquiring a secured card with the benefit of converting this card into an unsecured one within 12 months, provided the user handles the card well. This service will be a great opportunity for users to improve their credit score. The rest of the secured cards might not give you this much of leverage.
You can also increase your credit score at a faster pace by depositing a large amount of cash so as to increase your credit line. This information is because the bank will then be reporting to the credit agencies a lower balance to the credit line.
- Annual fee of the card is $35
- Balance transfer fee for the card is 3% of the balance
- Late payment fee will be $19 – $39
- An over-limit fee of the card is $39
- Returned payment fee of the card will be $39
The US Bank secured credit card provides some of the most incredible opportunities and the advantages of getting this card to outweigh the disadvantages. You should consider getting this card if you are looking towards making your credit score better.
If you are still confused about the benefits that the card provides or would like to know more about what a secured credit card can do for you, then feel free to contact us. We would be more than happy to help you out and answer any of the questions that you might have. It is always better to get all of your confusions cleared out before finalizing on the card you want and you should make an attempt to find out all about it to avoid any troubles later on.
Hope this US Bank Secured Credit Card post help your understanding.