Additional information of Secured Visa Credit Card
Like other financial institutions in the country, US Bank also offers the possibility of signing up for a credit card even if you have no credit history or if your score is low. This is the Secured Visa card, with which you can improve your score or start to create one.
The way this card works is very simple: in order for the bank to ensure that you will pay back the money even if you have financial problems, it asks you to make a deposit at the financial institution for the amount you want to use as a credit limit for your card.
In this way, this money serves as a guarantee and remains immobilized in the bank as long as your card remains active. This deposit will only be used in the event that you can no longer pay the monthly installments corresponding to the expenses you have incurred with the credit card, settling the debt and canceling the card contract.
This is a product designed for people who do not yet have a credit score or who want to improve it. However, when you sign up, you must be responsible and comply with your payments to prevent your credit history from worsening.
Once you sign up, you will be able to check your TransUnion score for free and you will receive alerts in your e-mail when your score changes significantly.
With Busconómico you can check other secured credit card options, such as TD Cash from TD Bank or Enjoy Cash from Truist Bank.
Español: Tarjeta Visa Asegurada de U.S. Bank