US Bank Cash+ Secured Credit Card Review

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The U.S. Bank Cash+® Visa® Secured Card
is one of the best secured credit cards for earning cash back. You’ll earn up to 5% cash back on eligible categories that you choose, giving you the potential to earn several hundred dollars in cash back each year. That’s a higher earning potential than you’ll find on most cash back credit cards — let alone other secured credit cards.

Review: Is the US Bank Cash+ Visa Secured Card the Best Credit Card for You?

If you’re looking for a secured credit card, it likely means one thing — your credit score isn’t where you’d like it to be. There are a few reasons you might find yourself in this situation:

• You’re new to credit and therefore have no credit history
• You’ve made some mistakes with your credit in the past (paying bills late, defaulting on loans, etc.)
• You’re new to the country and do not have a FICO credit score

If one of these scenarios describes you, the $0-annual-fee U.S. Bank Cash+® Visa® Secured Card is a perfect fit. It’s got surprisingly high earning rates for a secured credit card, it’s advantageous for travelers, and its rewards are super easy to redeem.

If you’re looking to build your credit with a secured card that competes with some of the best cash back credit cards, this is one to consider. However, you might also look at a card like the Discover it® Secured Credit Card, which earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases per quarter (then 1%) and 1% back on all other eligible purchases. Discover will match all the cash back you’ve earned during your first 12 billing cycles, effectively boosting your earnings to 4% and 2%, respectively, during your first year of card membership.

How Does the US Bank Cash Plus Secured Card Work?

To open the U.S. Bank Cash+® Visa® Secured Card, you must deposit a minimum of $300 or a maximum of $5,000 in cash to a U.S. Bank secured savings account. You’ll receive a credit line equal to your deposit — meaning if you want a credit line of $500, you’ll have to hand over $500 when opening your account.

If you choose to cancel your card,  you’ll get your deposit back. U.S. Bank holds these funds in case you’re unable to pay your card bill.

As you use your secured card, U.S. Bank will watch your activity and report to the three major credit bureaus (TransUnion, Equifax, and Experian). After a streak of good habits, you may eventually be eligible to “graduate” to the non-secured U.S. Bank Cash+® Visa Signature® Card. You’ll then receive your security deposit back.

We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

How to Earn Rewards With the US Bank Cash+ Visa Secured Card

The U.S. Bank Cash+® Visa® Secured Card has a better cash back earning rate than you’ll find on most credit cards — making it a screaming deal for a secured credit card.

You’ll earn 5% cash back on up to $2,000 in combined purchases each quarter in two categories of your choosing. Eligible categories include:

• Fast food
• TV/internet/streaming
• Cell phone providers
• Home utilities
• Department stores
• Electronic stores
• Sporting goods stores
• Movie theaters
• Gyms/fitness centers
• Furniture stores
• Ground transportation
• Select clothing stores

You’ll also earn an uncapped 5% cash back on prepaid airfare, hotel stays, and car rentals booked through the U.S. Bank Rewards Travel Center.

Next, this card earns 2% cash back on purchases in one category of your choosing. Eligible categories are:

• Grocery stores/grocery delivery
• Restaurants
• Gas stations/EV charging stations

You’ll earn 1% cash back on everything else.

How to Use Rewards

Because you’re earning cash back, you’re not relegated to using it in a certain way. There are three easy ways to redeem — either directly into a U.S. Bank checking or savings account, as a U.S. Bank Rewards Card (a sort of cash gift card), or as a statement credit. You must have at least $25 in cash back to redeem — which you can easily achieve after spending just $500 in eligible 5% bonus categories.

US Bank Cash Plus Secured Benefits and Features

Choose your payment due date

To help you ensure you’ve got the funds to pay your card bill each month, this card lets you decide which day you’d like for your bill to be due. A smart choice would be shortly after your pay period ends, as you’re guaranteed to have money in the bank to throw toward your balance.

Autopay

If you focus on achieving just one good credit habit, let it be paying your bills on time. You don’t even have to pay them in full (though you really shouldn’t be meddling with credit if you’re spending above your means). As long as you make the minimum payment each month, you’ll remain on good terms with your credit issuer.

This card gives you the ability to link your bank account to automatically pay your bill each month — ensuring that you’ll never have a late payment. You can set your autopay for the minimum payment or the full balance.

Zero fraud liability

If your card is stolen or misplaced, you won’t be on the hook for transactions you didn’t make. You must contact U.S. Bank immediately upon realizing your card is gone.

Fees and Costs

The U.S. Bank Cash+® Visa® Secured Card is a $0-annual-fee card. Aside from that, you’ll be charged for foreign transaction fees (spending outside the US) and for balance transfers, cash advances, late payments, and returned payments.

You’ll also pay 29.24% Variable APR, reinforcing the fact that you should strive to pay your balance in full each month. Interest fees can swallow you up if you’re not careful.

Compare US Bank Cash+ Visa Secured Card vs Other US Bank Secured Credit Cards

*Eligible 5% categories include fast food, home utilities, TV/internet/streaming, department stores, cell phone providers, electronic stores, sporting goods stores, gyms/fitness centers, ground transportation, movie theaters, furniture stores, and select clothing stores.

**Eligible 2% categories include grocery stores and grocery delivery, restaurants, and gas stations/EV charging stations.

US Bank Cash+ Secured Visa Card vs Other Secured Credit Cards

US Bank Cash+ Visa Secured Card Frequently Asked Questions (FAQ)

Joseph Hostetler, CEPF

Credit cards reporter