Helps you establish a credit history that will benefit you now and in the future.
You deposit anywhere from $300 up to $10,000 into a Bank of America security deposit account. Your credit line will directly reflect the amount of your deposit.
Then make purchases with your card up to the amount you have in your security deposit account.
Pay at least the minimum payment before the due date each month. Paying off your credit card balance in full each month instead of carrying a balance may help. Your security deposit does not cover minimum payments.
Based on your credit and payment history with your secured card, you may qualify for an unsecured card at a later date.
It's easy. All you need to do is send us a cashier's check, a certified check, or a money order with your credit card application (from $300 to $5,000) to open a savings account. Then, once you're approved, we'll send you a credit card. Your credit line will be the same amount as your deposit. It looks and works just like any other credit card when you use it at a restaurant or store.
Your deposit is used to open a savings account which assures your credit card can be paid. The money in your savings account is there to "secure" your credit line. The money in your savings account is FDIC insured and won't be touched as long as you make all of your credit card payments on time and your account remains open. Plus, you will earn interest on the money in your savings account.
Your purchases are billed to you each month. Payments are not automatically deducted from your savings account. You are responsible for making at least your minimum payment by the due date each month.
Once you've demonstrated good credit habits, you'll be well on your way to getting a good credit rating. When you have managed all of your credit obligations responsibly for 12 months, we may be able to move you to another great credit card product without requiring you to secure your credit line.
A good credit rating gives you the freedom to make choices. You'll find that you need good credit to do almost everything from buying a car or a home to ordering merchandise through the mail. So whether you're just starting out, or making a fresh start, the U.S. Bank Secured Visa® Credit Card offers you a chance to begin on the right foot.
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