US bank announces two new secured credit cards

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US Bank has launched two new secured credit cards for consumers who want the flexibility of a credit card without having the credit score to get one.

A secured credit card is a great way to help you build (or rebuild) your credit score so you can qualify for a credit card with a higher credit limit or better rewards. And if consolidating your credit takes time, the two new secured cards from US Bank are worth considering for your daily expenses.

While many secure cards do not offer rewards, the US Bank Altitude® Go Visa® Secure Card and US Bank Cash + ® Visa® Secure Card both deliver solid returns on every dollar spent.

Select the two analyzed cards to help you determine whether or not they are worth a place in your wallet and how you can choose the best secure credit card for yourself.

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US Bank Launches Two New Secured Credit Cards

Whichever card you decide is best for you, keep in mind that a secure card requires an initial deposit of $ 300 to $ 5,000. This serves as a spending limit as well as a guarantee for the bank in case you cannot pay your card. However, if you decide to cancel your card at any time, you will get your deposit back.

Cards are issued by Visa and are accepted wherever Visa is used.

US Bank Altitude® Go Visa® secure card

The Altitude Go Visa Secured card includes the following expense categories:

  • 4X points per dollar spent on meals
  • 2X points per dollar spent at grocery stores, gas stations and streaming services
  • 1X points per dollar spent on all other qualifying purchases

These points can be redeemed for travel, gift cards, cash back and other purchases and are worth 1 cent each, regardless of which redemption choice you make.

Cardholders are also eligible for a $ 15 credit for annual streaming service purchases.

The card has no annual fees or overseas transaction fees, and you can choose when your bill is due.

US Bank Altitude® Go Visa® secure card

The information on the US Bank Altitude® Go Visa® Secure Card was independently collected by Select and was not reviewed or provided by the card issuer prior to publication.

  • Awards

    4X points per dollar spent on meals, 2X points per dollar spent at grocery stores, gas stations and streaming services, and 1X points per dollar spent on all other qualifying purchases. Cardholders are also eligible for a $ 15 credit for annual streaming service purchases.

  • Welcome bonus

  • Annual subscription

  • Intro APR

  • Regular APR

  • Balance transfer fees

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

  • Foreign transaction fees

  • Credit needed

US Bank Cash + ® Visa® secure card

The Cash + Visa Secured card is a simple cash back credit card that earns rewards at the following rates:

  • 5% cash back on your first $ 2,000 of combined qualifying purchases each quarter in any two categories you choose. Some categories include: TV, Internet and streaming, home utilities, cell phone providers, fast food restaurants, and movie theaters.
  • 2% cash back on qualifying purchases in your choice of an everyday category (such as gas stations, grocery stores and restaurants)
  • 1% cash back on all other eligible purchases

The cash back you earn can be used in one of three ways: a credit to your account, a direct deposit to your U.S. bank account, your savings or money market account, or a rewards card from the US bank (similar to a Visa gift card).

This card is free and you can choose the due date of your bill.

US Bank Cash + ® Visa® secure card

The information on the US Bank Cash + ® Visa® Secure Card was independently collected by Select and was not reviewed or provided by the card issuer prior to posting.

  • Awards

    5% cash back on your first $ 2,000 of combined qualifying purchases each quarter in any two categories you choose, 2% cash back on qualifying purchases in your choice of an everyday category (such as gas stations, grocery stores and restaurants) and 1% cash back on all other eligible purchases

  • Welcome bonus

  • Annual subscription

  • Intro APR

  • Regular APR

  • Balance transfer fees

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

  • Foreign transaction fees

  • Credit needed

How to choose a secure credit card

There are dozens of secure credit cards to choose from. But with so many options, how do you choose the right one for you?

Here are some factors to consider:

  • Credit Reports: The most important part of a secure credit card is making sure your payments are reported to the credit bureaus. The more on time you make payments, the more your credit score will increase. And once your credit score is above 660 (which is considered “good”), you’ll have a better chance of being approved for an unsecured credit card like the Citi® Double Cash Card.
  • Affordable deposit: A secure credit card is obtained through an initial deposit from you. However, each secured credit card has different minimum security deposit values. Before selecting and applying for a secured credit card, check what the minimum deposit required is and make sure it fits your budget.
  • Costs: Find out if the card you selected has an overseas transaction fee or an annual fee. These fees can reduce the value of the rewards you earn and can easily be avoided by selecting the correct card.
  • Conversion: Some credit card issuers offer you the option of upgrading your secured credit card to the unsecured version once your credit score has improved. Not all issuers do this, so be sure to call the bank’s customer service department if you’re interested.
  • Awards: Some secure credit cards offer rewards, some don’t. If you’re looking to earn travel rewards or cash back rewards, be sure to find a secure credit card like the two US bank cards on offer.

At the end of the line

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.


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