US Bank Secured Visa

[matthewscott]

Anyone have this card? I haven't seen it mentioned here before.

US Bank Secured Visa

I applied and sent my application in the mail today. I wanted a card from a traditional bank so that it didn't obviously look like it came from a sub-prime credit rebuilder bank.

I don't really NEED a card. However, I can use that for little items and hopefully I can budget better from month to month. I figure I'll use it for traveling and small emergencies as they come up.

Just curious to see if anyone had one of these or had experiences with this bank.

[SecretAgentWoman]

The terms look reasonable to me, the annual fee is fairly decent. The APR is high, but what do you expect? I say it's a good choice.

Oh, and you are wrong about the forum not talking about this card before, the problem is the search discards "US" as the common word "us" and no matter how I tried, it will NOT include "US" in the search and thus there is no way to search it. All the other keywords "bank" "secured" "card" bring too many results.

That sucks. I wonder why the forum doesn't allow exact term matches like "us bank."

[matthewscott]

Thanks for explaining the search to me.

I tried searching about every way I could think of. I'm sure it has come up before but I couldn't find it. That certainly doesn't mean it hasn't been discussed. I thought I would post and see what feedback that I could get.

Everything that I have read looked good with the card so far.

[matthewscott]

I thought I would post an update in case anyone was considering this card.

I got my card and information in the mail fairly quickly. I have already used the card and got my first statement. It included the 35.00 annual fee. I'm happy with the terms. I really wanted a card that wouldn't look secured or from a sub prime lender. I'm curious on the reporting. I'm waiting on some replies to some letters that I sent out before I pull my fico reports. I'm curious about my scores as well.

I'm very happy so far. I hope it stays that way.

[matthewscott]

I was wondering how my new secured card would report.

I pulled equifax. I got denied for another card around the same time so I should be getting the other reports soon. It did list it as a secured card. I guess that is common and probably not such a bad thing in my current situation. I assume I can get that removed if/when it goes unsecured.

I'm still happy and I think I made a good choice.

[onthedot]

Does anyone know if the following cards report as secured?

US Bank

Wells Fargo

Bank of America

[direred]

BofA: yes. Don't know about the others.

National City does not.

[redberry]

usbank reports as secured

[siaan]

I currently have a secured visa credit card with US Bank. The only draw back is that they hike the interest rate up when you are late on making a payment. I have been late one time and it jumped drasstically. So I am going to wait continue to make my payments on time and then request a lower interest rate. If they decline then I will pay it off, get my secured deposit back and obtain another credit card. So please check the terms of your card application as I have had this card for almost a year now and have only had one hiccup which is pretty good. Plus US Bank as a bank period is good at getting you on banking fee's from all aspects. So I should have expected it with the secured credit card. Good Luck.

[matthewscott]

Sorry for bringing this thread back from the dead.

Wow, I can't believe it's been over a year since I got this card. It's been a very good card and it has served it's purpose. I felt that the terms were acceptable. (Just in case anyone is looking for a good secured card.)

I did make one additional payment into the secured savings account. It doubled my limit from $300 to $600. I've been very consistent with paying on time, etc.

I called today and asked if they could try to upgrade the account. She said that she would put in the request. At the same time, she verified my information and asked how the funds should be returned to me. I'm pretty confident that they will upgrade me. I'm not sure how the upgrade process works. I hope they return the funds to me regardless if I get upgraded. I probably won't use the account much going forward. Actually, I've already slowed down on using it. I have other cards that I like better. I would like to keep it and not have to close it down just to get the money back from the savings account. I should know something in a few days.

Thanks again to everyone for making this board possible. It's amazing how I've progressed in the last year.

[matthewscott]

Here is the post from my progress thread.

Well, they did unsecure it for me. I got a new card and a new account number. I'm wondering exactly what that will do to my scores. I might loose a little bit of history there. It's shouldn't be a drastic change for me. Also, I wasn't able to find the new card listed on the website. I'm not sure what that is all about.

They didn't give me a CLI. I'm still at $600. I'm glad I made that extra deposit or I might still be stuck at $300. I'm kind of surprised they didn't give me a CLI. I'll try working on this with them to get it increased further.

They did pull EQ so that may be the reason.

I should get the check soon for the deposit soon.

I just wanted to follow up with everyone in case you're considering them as a bank for you. Overall, I think this was a good decision for me to get the card and carry it through the process of getting it unsecured. I feel they treated me very well. Please look into one of these banks for a secured account before you go into something subprime with bad fees, etc.

[whocares]

Excellent follow up, I like to see these and maybe this card will work for someone else...Good Choice