The U.S. Bank Cash+® Secured Visa® Card offers a unique and potentially lucrative approach for individuals looking to build or rebuild their credit through a secured credit card that doesn’t skimp on rewards.
This card distinguishes itself in the secured card market by offering customizable cash back rewards, allowing cardholders to actively participate in managing their rewards strategy.
$0
1%-5%
N/A
Bad/Poor (0 – 649)
CreditFinder’s Rating: 4.7/5
The U.S. Bank Cash+® Secured Visa® Card earns a solid rating due to its exceptional blend of flexibility in rewards and credit-building capabilities. This rating acknowledges both the strengths and areas of improvement, highlighting its unique position in the secured card category.
Earning Rewards: Unlike most secured credit cards that offer minimal or no rewards, the U.S. Bank Cash+ allows cardholders to select two categories every quarter where they earn an impressive 5% cash back on the first $2,000 of combined purchases. Additionally, you can choose one everyday category to earn 2% cash back, such as on gas stations, grocery stores, or restaurants. All other purchases outside these categories earn a standard 1% cash back. This structure encourages cardholders to think strategically about their spending habits to maximize their rewards.
Welcome Bonus Explained: An unusual feature for a secured card, the U.S. Bank Cash+ offers a welcome bonus that rivals that of many unsecured cards—a $200 bonus after spending $1,000 within the first 120 days of account opening. This attainable bonus serves as an excellent incentive for new cardholders to utilize their card regularly while managing their spending.
APR and Fee: The card offers a 0% intro APR for 15 billing cycles on both purchases and balance transfers, which can be particularly beneficial for those who may carry a balance during the initial stages of rebuilding their credit. After the introductory period, the APR adjusts to a variable rate of 19.49% to 29.74%, depending on creditworthiness. It’s important to note that while the card does not have an annual fee, there are other fees to consider, such as a foreign transaction fee of 3%, and cash advance fees, which are standard across many credit cards.
Credit Building with Added Flexibility: The U.S. Bank Cash+ Secured Visa is designed to aid in credit building. The requirement to make a security deposit equal to the credit limit not only secures the line of credit but also minimizes risk for the issuer, making it possible to offer such a robust rewards program. Cardholders can benefit from regular reporting to the major credit bureaus, which supports building a credit history, provided that they manage their account responsibly.
Key Points: The U.S. Bank Cash+® Secured Visa® Card is an excellent choice for anyone looking to enhance their credit score while enjoying the benefits of a rewards credit card. The flexibility to choose and change cash back categories each quarter allows for tailored benefits that can adapt to changing spending patterns, making this card a versatile tool in any financial toolkit.
Furthermore, cardholders should be aware of the importance of managing their credit utilization and making payments on time, as these factors are crucial in improving credit scores. The ability to convert to an unsecured card after demonstrating responsible credit behavior is an added bonus, providing a clear path to upgrading to even better credit products.
For those who are new to credit or repairing their credit history, the U.S. Bank Cash+ offers a rare combination of control over how they earn rewards and how they progress on their credit journey. With its thoughtful design and competitive features, it stands out as a top choice among secured credit cards.
