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Secured Credit Cards With Rewards - US Bank Secured Cards - YouTube
Channel: CreditFast
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last week i did a video talking about
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five secured cards that earn rewards
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great news i've got three more secured
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cards that will earn you rewards that
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are issued by u.s bank
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and i do recommend that you watch both
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videos because
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by doing that you're going to have eight
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solid options to help you build your
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credit with a secured credit card that's
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going to earn you rewards have no annual
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fee and these cards all eight
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will graduate in time
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when viewers leave comments i do my best
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to read them and if i can i do
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comment back
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and
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this week i came across a really good
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comment from jeremy moore that inspired
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this video
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after i did my video on five secured
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cards with rewards jeremy alerted me to
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two u.s bank secured credit cards that
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just came out on october 10 5th actually
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and i made the video on october 10th so
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that's why i never came across
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those secured cards but jeremy knew
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about them and he alerted me to that and
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then i thought this is a perfect time to
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do a quick
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follow-up video
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from last week to give you a few extra
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secured cards to know about
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and
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they just came out and in my research i
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found another u.s bank secured credit
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card that earns rewards so i'm going to
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be talking about that one too that
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particular card cannot be found on the
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u.s bank website but i'll tell you where
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you can find it once i get to that point
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in the video
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so what jeremy told me was that through
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his own experience he believes that
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having a u.s bank account
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can help you get approved
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and i spoke to a banker directly at us
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bank so i know the answer on whether it
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helps or not and i'll go into that later
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in this video
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so like i said i did call us bank
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directly i called a branch and spoke to
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a banker
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i had questions and i wanted to clear it
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up so i can make a better video for you
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by the end i hope you learned so much
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about these u.s bank secured credit
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cards that you can't help but hit that
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like button
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i did spend more time than i usually do
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researching for a video
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and a lot of the information i found on
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the us bank secured card the one that
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didn't have rewards
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um the information was older
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and there was
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videos like the one from how to build
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credit tv
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keep in mind this video came out in 2018
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and back at that time
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the u.s bank secured card had an annual
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fee
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back then they had an annual fee of 29
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i want to clear up
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that
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all
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u.s bank secured credit cards now have
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no annual fees
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so if you were thinking about that in
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the past and that was what was holding
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you back
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just know that every card i'm talking
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about today has no annual fee
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the first card i'll be talking about is
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the u.s bank altitude go
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visa secured card
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this card will earn you 4x on dining and
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takeout besides that you get 2x rewards
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on your grocery store gas station and
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streaming services purchases
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then you earn 1x on everything else
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what's interesting about the secured
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reward card that is not offered by any
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other of the reward secured cards that i
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talk about is that it offers a
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credit
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a 15 streaming credit for annual
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streaming service purchases like netflix
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and spotify
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so that's a great added bonus for a
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secured credit card with no annual fee
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so you're probably asking what can i use
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my reward points for well i'm glad you
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asked good questions
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because you can choose reward options
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like travel merchandise cash back and
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gift cards or redeem points instantly
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for nearly any purchase with real-time
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rewards
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as long as you keep your account open
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and in good standing your rewards will
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not expire
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so now i will be talking about the u.s
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bank cash plus visa secured card
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with this one you earn five percent cash
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back on eligible purchases each quarter
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in two categories you choose
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earn two percent cash back on eligible
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purchases in your choice of one everyday
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category
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such as gas stations grocery stores and
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restaurants
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unlike the u.s bank altitude go visa
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card
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cash rewards will expire at the end of
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the calendar month 36 months after the
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billing cycle in which they were earned
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so you really want to be careful that
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you don't let these rewards expire so
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these do
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expire for this secured card while the
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other one does not so keep that in mind
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okay so the next card is a branded card
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and
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it is a name brand that you have heard
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of it's called the hd visa secured card
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and hd stands for harley davidson
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to make this simple you basically earn
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1x on your purchases that you can redeem
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for harley merchandise and gear like i
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said in the beginning of this video you
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cannot apply for the secured card on the
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u.s bank website
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if you type this address
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here
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you can reach the application page and
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learn more about this offer they even
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have a calculator you can use to see how
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much you can potentially earn in rewards
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so even though this u.s bank secured
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card is a little different than the
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others your account is still up for
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review in about 12 months on whether it
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can reach unsecured status
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so now it's time for the pros and cons
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list when i spoke with a banker he told
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me that
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this card is really good for people with
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no credit some established credit or if
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you are a
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immigrant new to this country with a
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social security number
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these are people that often time times
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get approved but he also said that if
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your
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your
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credit is not so good you're still you
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should have a good chance of getting
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approved however if you have a really
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difficult time right now with your
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credit score
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you can't apply but you do run the risk
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that you can be denied for this offer
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and like i said before there's two
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really good cards that can help you get
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credit
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if you have really bad credit i always
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put it on the home page of my website
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and
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if you use those links that does help my
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channel and i i thank you for that
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but
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regardless whether you want to use them
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or not they are the open sky visa and a
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self-credit builder alone
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those two offers really do
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approve
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the vast majority of people there's very
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few cases where they don't and it's
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usually maybe an application is not
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completely correct
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but if you have really bad credit and
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you've tried the different secured cards
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i've been talking about in these two
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videos without a success you can apply
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for those two offers
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and you have a very very good chance of
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getting approved for those so keep that
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in mind open sky visa or self credit
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builder loans
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a pro is that you can either apply
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online or you can go inside a branch and
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speak with a banker directly they can
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help you
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apply
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and if you're going to go into a branch
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make sure you have your
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routing number and account number either
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to a u.s bank account or it doesn't have
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to be it could be from another bank and
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they can assist you in applying
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and when you're making a payment you can
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make that at a branch or even at an atm
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so they're really helping with the
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convenience factor if you don't want to
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make your payments online if you have a
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bank branch near you you can go inside
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and take care of it
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now the last one i'm
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leaving at the end because it could be
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either considered a pro or con depending
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on how you feel
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but
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this card these cards will graduate but
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generally it'll take about a year for
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that to happen and if you watch my other
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video my first video that i have linked
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in the description
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you'll see that there are cards that i'm
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talking about that graduate a lot faster
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like as short as six months
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so if times an issue for you
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then i would look into some of those
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cards i talked about in the other video
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so the first thing that i consider a con
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and it's it's not even a bad con is that
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the security deposit is three 300 which
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is not necessarily bad because back in
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the day minimum deposits generally were
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at least 500 so this is still pretty low
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at 300 but in my other videos i had
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cards that only required
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200 security deposits and one only
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required a hundred dollars so if
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a security deposit how much you put down
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is a factor and you want the lowest
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possible you'll need to check out the
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other video video but i think 300 is not
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bad
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so it's up to you to make that decision
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so the second con for us bank secured
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cards is that these cards don't have
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pre-qualification applications so when
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you apply when you choose to go through
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the full application process
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if your credit score is not high enough
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you will get denied with that hard
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credit inquiry on your reports it's fine
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if you get approved good payment history
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can offset
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your
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credit score going down a few points but
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if you get denied you're going to have
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no secured card
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and you're going to have a few points
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lower in your credit score so be mindful
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of that
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so if you remember in jeremy's comment
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he said that he believes that ultimately
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the reason he got approved for a u.s
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bank secured card was because he opened
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a bank account and held it for one month
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before he applied
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so i had the opportunity this week to
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ask a banker whether that does
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factor into approvals and the answer is
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it does
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but only slightly
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he wanted to stress that it is a factor
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but other factors weigh in more heavily
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for an approval so basically opening an
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account will put you
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over the edge to the approval side if
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you have
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um
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okay
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like not so bad credit this could be the
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little boost you need to get you an
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approval
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but generally speaking
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i wouldn't recommend opening a u.s bank
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account unless you plan
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to use it because you might end up
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having an a useless account
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just used for an application
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or you can open an account now
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and then get one of those credit
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rebuilding offers i talked about earlier
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wait about six months so you're boosting
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your credit score a little bit more so
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you're going to have a higher credit
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score and you're also going to have a
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u.s bank account try applying then and
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you'll probably have a lot better chance
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of getting approved
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so there are people right now that have
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the u.s bank secured card without the
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rewards and if you're one of those
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people like jeremy i would suggest
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trying to do a product change even when
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it's secured i don't know if you can
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but i would try and if you are able to
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do that or not please leave a comment
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and let everybody know
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if they're able to do that
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otherwise
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typically when a card graduates to
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unsecured many
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credit card companies allow you to do a
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product change i'm letting you know that
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because there are people
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that either
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keep the card using it without rewards
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or cancel it and reapply for a rewards
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card through the same bank i'm telling
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you
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many times you don't have to do that you
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can do a product change and keep the
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same account number on your credit file
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so a question you may have is how does
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the security deposit actually work
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so the answer to that is your refundable
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deposit is held in a secured u.s bank
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savings account the savings account is
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fdic insured
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earns interest and won't be touched as
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long as your account remains open
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and in good standing
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also this is some information i received
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when i spoke to the banker and with
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on-time payment history you have the
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chance of receiving an invitation to
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convert and have your u.s bank secured
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card graduate to unsecured in about a
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year i was told by the banker once your
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account graduates in about two billing
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cycles after your money gets returned
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and the savings account gets cancelled
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one thing i don't like is that they
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close the savings account rather than
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allowing the customer to decide whether
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they want to close it or have it
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remained open but this could have been
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based on regulation and they need to
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close that account
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one reason i'm glad i talked to a banker
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from u.s bank is that he told me that if
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you don't get an invitation offer to
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upgrade your account to unsecured you
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can actually call up and request that
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i
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am going to give a little tip here
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because i think what you should do is
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ask if they're going to do a hard credit
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inquiry when they look into your account
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usually banks these days do not
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but some still do and they may not tell
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you so you want to ask so you know where
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you stand and then you can make a
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decision or
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yes or no if you want to go forward
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okay so i told you about these three us
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bank secured cards that are earning
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rewards these rewards are pretty
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impressive so the question i have now to
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you is what do you think
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about these cards do you think they're
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better than the discover it secured card
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that we're so familiar with the one that
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earns two percent cash back at gas
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stations and grocery stores and one
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percent on everything else what do you
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think about these these offers i'm
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talking about today are they better than
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the discover it secured card let us know
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in the comment section
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hit that like button if my guide to us
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bank secured credit cards with rewards
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was helpful to you check out the other
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video i did for five more secured cards
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with rewards
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and
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hit that subscribe button if you want to
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see me next time take care
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