Secured Visa Credit Card from USBank

This is another secured credit card, for persons that have a bad or not credit history.

It is a secured Visa Credit Card from USBank.

This card is available only in the one of the following states: AR, AZ, CA, CO, IA, ID, IL, IN, KS, KY, MN, MO, MT, ND, NE, NV, OH, OR, SD, TN, UT, WA, WI, WY.

Annual Percentage Rate for Purchases: 20.99% variable
Other Annual Percentage Rates1	Balance Transfers: 20.99% variable Cash Advances:20.99% variable Delinquency Rate: 28.99% variable
Variable Rate Information	Your annual percentage rate may vary monthly. The rate is determined by adding a margin to the Prime Rate. The margin used is as follows: Purchases and Balance Transfers: 16.99% Cash Advances: 16.99% Delinquency Rate: 23.99%
Grace Period	20 - 25 days for purchases only
Method of Computing the Balance for Purchases	Average Daily Balance Method (Including new purchases).
Annual Membership/Program Fee	$35.00
Minimum or Fixed Finance Charge	$2.00 minimum finance charge when interest is due, $0.00 closed Account management fee if you voluntarily close your Account with a balance.
Other Fees	Balance Transfer Fee:v3.00% of the transaction amount, $5.00 minimum Cash Advance Fee:v4.00% of the transaction amount, $10.00 minimum Cash Equivalent Fee:4.00% of the transaction amount, $20.00 minimum Late Payment Fee:vBalance up to $100.0: $19.00 Balance from $100.00 up to $250.0: $29.00 Balance of $250.00 or more: $39.00 Overlimit Fee : $39.00 Convenience Check Advance Fee: 3.00% of the transaction amount, $5.00 minimum Overdraft Protection Advance Fee: $10.00 per occurrence Foreign Transaction Fee: Less than or equal to 3% of the amount of your transaction in U.S. Dollars.

All interest rates are minimum interest. Information valid as of today and subject to any change anytime!!!

How to apply?

1. Complete an application.
2. Print and sign the U.S. Bank Secured Visa® Credit Card application.
3. Prepare a check for $300 to $5,000 made payable to U.S. Bank National Association. The check MUST BE a certified check, money order, or cashier's check.
4. Mail your application along with your check to :

U.S. Bank National Association ND
P.O. Box 6363
Fargo, ND 58125-6363

Good luck!

Secured Credit Cards

Secured credit cards offer credit to persons with poor or even no credit.

• Poor credit means that a person has had some negative issues in it's credit history. Most likely payments were no made in full or not made at all, or that a person may have even filed bankruptcy to clear all credit obligations.
• No credit means that a person has absolutely no credit relevant information at any of the existing credit bureaus. Therefore a bank may not easily evaluate the credit offer a person, as no information is available.

A secured credit card is a type of credit card, which is secured by a deposit account (e.g. special savings account) by the cardholder. The cardholder deposits between 100% and 200% of the total amount of the desired credit amount.

If a cardholder deposits $2000, he may get a line of credit between $1000 and $2000.

If such an deposit is put into a special account of the bank, even lower deposits may be required.

There is no difference in the payment of secured credit cards vs. non-secured cards. The security is not meant to be used a regular payment of purchases made on the card, but rather a backup, if the cardholder defaults. Therefore the overall risk for the bank is nearly nonexistent.

The advantage of the secured card for an individual with negative or no credit history is that most companies report regularly to the major credit bureaus. This allows for building of positive credit history.

Secured credit cards are available with both Visa and MasterCard logos.

Offers of secured credit cards by major banks:

• Bank of America
  
• Wells Fargo