U.S. Bank Launches Two New Secured Credit Cards With Rewards

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U.S. Bank Launches Two New Secured Credit Cards With Rewards

U.S. Bank has introduced two new secured credit cards with enticing rewards schemes. The United States Bank Altitude Go Visa Secured Card and the United States Bank Cash+ Visa Secured Card provide the same rewards rates as their unsecured equivalents.

Key Takeaways

  • U.S. Bank has introduced two new secured credit cards for customers wishing to establish or improve their credit history.
  • The two new secured credit cards provide generous benefits that are often reserved for good-credit customers with conventional, unsecured credit cards.
  • Cardholders who exhibit solid credit practices with their secured card may “upgrade” to an unsecured card.

Secured Credit Cards With Rewards Are Becoming More Common

Cardholders have traditionally used secured credit cards to develop or rebuild their credit, after which they may be eligible for a standard, unsecured credit card. Many of the finest secured cards had no annual fee, but you couldn’t expect much more in terms of rewards or other perks.

However, prominent card issuers have recently started to add incentives to their secured cards. Secured rewards cards are available from Bank of America, Capital One, Discover, Navy Federal Credit Union, and others, and now U.S. Bank has joined the list.

How the New U.S. Bank Secured Cards Work

The Altitude Go Visa Secured Card and the Cash+ Visa Secured Card from US Bank imitate the rewards system and advantages of their unsecured equivalents, with a few exceptions. These include no sign-up incentive and increased interest rates.

Users may get a credit limit ranging from $300 to $5,000, equivalent to their first security deposit, with either card. In both circumstances, responsible card usage over time may result in the card being upgraded to the unsecured version, at which point the deposit will be repaid. Furthermore, neither card has an annual fee.

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Altitude Cardholders of the Go Visa Secured Card will get the following benefits:

  • 4 points for every dollar spent on dining and takeaway.
  • 2 points per dollar spent at grocery shops, petrol stations, and streaming services
  • All other purchases get 1 point per dollar.
  • A $15 yearly credit for some streaming services

The Cash+ Visa Secured Card offerst:

  • 5% cash back on the first $2,000 spent quarterly in two areas selected by the cardholder from a selection of 12. 2
  • 2% cash back on purchases made in one of the cardholder’s preferred categories, such as grocery shops, petrol stations, and restaurants.
  • All other purchases get 1% cash back.

If you want to start a credit history or rehabilitate your credit after a mistake, you have more alternatives than ever, especially for cards that don’t impose outrageous interest rates and fees. However, take your time and investigate both secured and unsecured choices to find the best match for you. If you need some assistance, Investopedia provides a monthly list of the Best Secured Credit Cards.

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