U.S. Bank Secured Visa® Card (2024)

FAQs

Is US bank secured credit card hard to get? ›

That means people with credit scores below 640 have a shot at getting approved for the U.S. Bank Secured Visa® Card. Secured cards are easier to get than unsecured cards because they require a deposit to open the account, which U.S. Bank will use as collateral to secure the account.

You need a credit score of at least 750 to get most U.S. Bank credit cards, but the actual credit score requirements vary by card. One of the easiest U.S. Bank credit cards to get is the U.S. Bank Secured Visa® Card, which accepts applicants with bad credit and has a $0 annual fee.

The savings account is FDIC-insured, earns interest and won't be touched as long as the credit card account remains open and in good standing. The deposit will be returned if the account is upgraded or closed.

The credit limit on your Secured credit card is the same amount as your total deposit, with a maximum of $5000. Any request to increase the credit limit may result in an inquiry to your consumer credit report.

Cons of secured credit cards

Like any type of credit card, secured cards are not without their risks. Secured credit cards tend to have: High fees and interest rates. Secured credit cards may charge high application, processing or annual fees.

If you have a long history of late or missing payments, delinquent accounts and/or bankruptcy, a prospective lender will have a harder time taking a chance that you'll be a reliable borrower. In this case, the lender may say no and you'll need to rely on other means to build your credit history.

That means people with credit scores below 640 have a shot at getting approved for the U.S. Bank Secured Visa® Card. Secured cards are easier to get than unsecured cards because they require a deposit to open the account, which U.S. Bank will use as collateral to secure the account.

The Discover it^® Secured Credit Card is our top pick for easiest credit card to get because it's geared toward those with limited/poor credit. It offers great rewards and charges a $0 annual fee.

The U.S. Bank Cash+® Visa® Secured Card is easy to get, even with poor credit or no credit, because it is a secured credit card and requires an upfront deposit. But unlike many other secured credit cards, it has a generous rewards structure.

Does U.S. Bank Give Instant Approval? Yes, U.S. Bank credit cards may give instant approval when you apply for one of their cards online, though getting approved for an account immediately is never guaranteed.

What is the 300 limit on a secured credit card? ›

A $300 secured credit card requires the cardholder to pay a $300 deposit to open the account, which will be held as collateral by the credit card issuer. Due to the $300 deposit, the secured credit card is likely to have a $300 credit limit. It will work like a regular credit card otherwise.

Using a secured credit card responsibly can help you build credit to the point where you qualify for a regular "unsecured" card. You may be able to upgrade your secured card to an unsecured option from the same issuer, or you can apply with a different issuer.

You are also required to have a SSN linked to your account and not have any recent bankruptcies. Other eligibility criteria may exist, too, but they are not disclosed by U.S. Bank. Time Needed: Your secured credit card is eligible to graduate to a better offer after twelve months of account history.

How long does it take to get approved for the U.S. Bank Secured credit card? You can get instantly approved for the U.S. Bank Secured Visa® Card, if you apply online. In case you would like to fill out an application in person, you will receive a decision in 2 business days.

Applying for a U.S. bank business credit card is quick and easy. In addition to questions about yourself such as your name, address, date of birth, Social Security number/ITIN and personal income, you'll be asked questions about your business.