U.S. Bank Cash+® Secured Visa® Card
- Best for: Building or rebuilding credit while earning 5% on bills you choose each quarter
- What Sets It Apart: Two 5% categories you pick from 12, including home utilities and cell phone; can graduate to the unsecured Cash+ Visa Signature
- Cost: $0 annual fee; $300 to $5,000 refundable deposit; 28.74% variable APR
- Features: 5% on the first $2,000 a quarter in two chosen categories; 2% on one everyday category; 1% on everything else; upgrade review after 12 months
- Pros: 5% on common bills; same rewards after an upgrade; no annual fee
- Cons: Must choose categories every quarter or earn 1%; groceries and gas top out at 2%; $300 minimum deposit; 3% foreign transaction fee
Get the U.S. Bank Cash+® Secured Visa® Card if you’re building or rebuilding credit and will pick its categories every quarter. It pays 5% in two categories you choose, like cell phone or home utilities, on up to $2,000 a quarter combined, with no annual fee. If you won’t pick categories each quarter, a flat-rate secured card pays more.
Your refundable deposit of $300 to $5,000 sets your credit line, as with any secured card for rebuilding credit, and U.S. Bank reports the account to all three major credit bureaus. Union Bank’s Secured Visa ended after Union Bank became part of U.S. Bank in 2022.
Key Features
- 5% back on the first $2,000 you spend each quarter in two of 12 categories you choose, then 1%
- 2% on one everyday category you choose: grocery stores, restaurants, or gas and EV charging stations
- 1% on everything else, including groceries and gas at supercenters and warehouse clubs
- A review after 12 months for an upgrade to an unsecured card, with your deposit returned if you qualify
- $0 annual fee and a 28.74% variable annual percentage rate (APR)
Pros
- 5% categories for common bills, such as home utilities, cell phone service, and internet
- No annual fee, so the refundable deposit is the only money you put in
- Same rewards after an upgrade to the unsecured Cash+ Visa Signature
- Cash back that U.S. Bank’s plain Secured Visa doesn’t pay, for an APR only one point higher
Cons
- Every purchase earns just 1% in any quarter you don’t choose categories
- Groceries and gas top out at 2%
- $300 minimum deposit
- 3% foreign transaction fee
It suits anyone building or rebuilding credit who’ll pick categories every quarter, since a $100 monthly phone bill in a 5% category earns $60 a year, against $18 on a card that pays a flat 1.5%. Anyone who won’t pick categories each quarter earns 1% on everything, so the Bank of America Unlimited Cash Rewards Secured, at 1.5% on every purchase, pays them more.
Learn more about the U.S. Bank Cash+® Secured Visa® Card or see how it compares to the best secured credit cards.
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