Questions about getting a secured acct from US Bank

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Questions about getting a secured acct from US Bank

Postby shoptalk01 » Tue Sep 11, 2012 11:34 pm

I never thought about asking at US Bank until the other day but drive past a branch every day so thought they might be worth a shot. As it turns out, they do have a secured Visa card and the security deposit does earn interest. Annual fee is $35. One thing they told me is by applying for the secured card first, I have a good shot of being invited to upgrade to an unsecured card after only 12 months. There is a couple things with US Bank, (1) in order to qualify for a secured card you will need to have a mailing address in a state that has a branch and (2) Bankruptcy is likely to get you a denial. They said since I haven't ever filed bankruptcy and I was standing in one of their branches, I had a decent shot of being approved. They did tell me I could apply online and transfer the security funds from my bank account via their website.

Here's my reasoning for applying for the card, I wanted to establish a relationship with a bank that is within driving distance. While I like the checking account that I have with my local bank, they don't issue credit cards. I guess one of the things with me, I've never had a MasterCard before and neither has anyone in my family, we've all had Visa cards. The big problem is you don't have a lot of choices when it comes to secured cards, I was able to get a secured MasterCard from CapitalOne, I just got the card the other week and I just added $600 to my security deposit to bring my credit limit up to $800. I've since been looking at USAA and Merrick Bank because they have secured visa cards but then I decided to go with US Bank.

Without thinking about it, I sent US Bank $300 for my security deposit and I forgot to ask a couple of things. Does anyone here know if I can add to my security deposit after I get the card? I really wanted to end the last couple of months of my year with a much higher credit limit so hopefully when I make the move to an unsecured card they offer me a respectable limit. I also didn't ask and they didn't say, but do I need to have a checking account with them to pay my bill online? If anyone has a card with them, secured or otherwise, what has been your experience?

My mom wanted me to try Wells Fargo because that's the bank she uses but there you have to be a current customer to get a credit card. Just FYI, I have a Wells Fargo about 30 miles from me. My current goal is to have 2 secured cards each with about a $1,000 limit about a year from now. Then after 12 months to try to get at least 1 unsecured card with a similar limit.

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Postby DavidNY » Wed Sep 12, 2012 10:10 am

I recommend the secured card from Bank of America, which sounds similar to the one from US Bank. In BofA's case, you can increase the credit limit by making additional deposits to a special account.

With the ability to pay online from your local bank's checking account, it really doesn't matter where the bank offering your credit card is located.

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