Have you fallen on tough times?
Or are you looking to improve your credit score so you can afford that new house or car?
Well it’s no surprise that you’ve come across US Bank, after all, they do have some pretty appealing offers.
Throughout this review we’re going to answer anything and everything related to US Bank and help you make the decision that is best for what you’re looking for.
US Bank operates all over the country, but has its HQ in Minnesota. The bank was founded in 1863 in Cincinnati and as a veteran company in the banking industry, is now the fifth largest bank in America.
First and foremost US Bank loves helping surrounding communities, and their impact is very much felt thanks to its 2,900 brick and mortar locations across 25 different states coupled with 4,700 ATM’s.
They really mean it when they call themselves US Bank.
Surprisingly, US Bank Is not owned by any one person in particular. Instead, they are owned by their parent company US Bancorp.
US Bancorp offers many different products and services helping with insurance, brokerage, mortgage, investment, banking, and much more!
They are also known to help out many different businesses and institutions.
Repairing your credit or establishing credit for that matter, is never easy. Thankfully, the guys over at US Bank have made it a little easier on you by offering their US Bank secured visa credit card.
The US Bank secured visa credit card makes it easy to become financially responsible with your day to day purchases leading down the road of good credit.
US Bank knows that repairing or even building credit can take a little bit of time. That’s why they have decided to make it worth it to you by offering interest on your security deposit initially.
You make your security deposit by logging into your bank account and making a transfer over from your savings account. Your credit limit / credit line is equal to your security deposit.
The Security deposit for the US Bank secured credit card is used as a collateral just in case you default on a payment.
What separates the US Bank secured visa credit card is that they’re one of the only companies to actually pay interest on the deposit…meaning if you make payments on time…you’ll earn interest.
The US Bank secured credit card only has an annual fee of $29…But that’s nothing considering the benefit of building your credit back up.
So not only is it a good idea to bank with a trusted lender like US Bank…
But their pricing is more than in line with competitors AND on top of that, eventually, you could upgrade to their rewards credit cards or balance transfer cards down the road.
The US Bank secured visa credit card comes with many different features similar to those offered with secured credit cards in general.
Some of the features and protections you’ll find are:
Yes they do!
One of the things we like most about it is that it comes with some neat tools (with no frills) that allow you to become financially successful!
One of these tools is the auto pay feature. It does exactly what it sounds, it pays bills for you automatically which helps you stay in good standing with paying on time.
However…there are some things we don’t like about it.
The credit cards interest rate is pretty high…18.99%.
They have a $29 annual fee, which isn’t bad…but it definitely makes you scratch your head when the card issuer at Citi Secured Mastercard and Secured Mastercard from Capital One have $0 in annual fees.
In fact here’s a quick rundown…
“Mastercard® $0 annual fee 22.49% variable purchase APR $200 minimum security deposit Capital One”
US Bank doesn’t offer rewards for a US Bank secured card either…
This is disappointing because the Discover It Secured Card offers 1% cash back on most eligible purchases and 2% back on expenses like restaurants and gas.
Overall, when it comes to a secured card, the secured Mastercard from Capital One may just be the better route to go.
Yes you can receive US Bank Secured Card Graduation credit card offers after 6 months, a credit score of 650, and a perfect payment history!
You can also get a receive a cash advance from just about every atm, just make sure you have your pin on hand.
The cash advance transaction fee is 4%. Take that for what it’s worth…but most people would agree a cash advance fee like that coupled with an ATM transaction fee isn’t worth it.
Is it good? Well that depends on your definition…let’s go ahead and touch on its main points as a secured credit card.
There is no annual fee. Yep you heard that right! There are no annual fees or monthly fees that the bad credit accepting companies are known for which inevitably helps you build your credit and credit history.
It does not have the best security deposit requirement though…
It requires a $300 minimum which will be your minimum credit line. It’s not the worse thing to have a $300 minimum, but some credit cards have a $100 or $200 minimum which makes it easier to “buy in”.
You also have the ability to become unsecured after 12 months if you do everything right.
This means that if you show financial responsibility for 12 months, they might decide to give you your deposit back and allow you to keep using the account!
When it comes to APR, it isn’t the best choice for secured cards. It has a rate that is well above the 17.19% APR average.
So if you plan carrying a balance…due to the APR…we recommend looking elsewhere.
A secured credit card can rebuild or start building credit up for you. The payments are included in your credit report and the managing your balance properly will help boost your credit score.
If done properly, after raising your credit score you should be a shoe in for a regular credit card!
You can build credit with a US Bank Secured Visa Card in as little as a month…but it will take months and potentially years to build that good or excellent credit score you’re looking for.
The time also depends on factors like if you’re building credit from scratch or rebuilding it.
If you follow these 7 steps to a T, you will have a good chance at raising your credit score back up and not requiring a payment fee.
On average, along with your bank secured visa card application, you will need to deposit at least $100-$300. The more you deposit, the higher limit for credit you will have.
How much you put on it could also effect later card offers down the road once you get out of bad credit.
Your credit will drop if the loan or balance you just paid off was your only open account. This is one of the bigger factors that effects your credit score. Always try to keep a mix of accounts with low balances open.
Even though one might think that it would be best to pay off any and all debts you have…it’d be a mistake ironically enough…
Credit card companies and banks find it important to see a consistent and recent payment history. So if you just paid something off and haven’t had debt for a while…they won’t play nice.
The first debt you should pay off first is the smallest. By doing so, you’ll accomplish two key things…
First, you’ll reduce the total number of loans and balances you have…
And second, you bring that revolving utilization ratio down to a nice and pretty 0%!
Your credit score can go up fairly quick, however it is important to understand that it won’t happen right away.
At least not in the sense you want it to…
It can take months or years to reach a “good” or even “excellent” fico score. Love it or hate it, the fico score is what’s most important to these credit card companies…especially when it comes to rewards cards.
When you have to rebuild your credit, there is no free credit to come by except a free credit score check here and there.
Luckily, a bank secured credit card or bank secured visa card with security features, late payment detection, zero fraud liability, and auto pay will help you build solid credit card activity and a good looking fico score!
Over here at Scam Risk, we get it, credit cards are often used when in a pinch and used a little too frequently and in doing can create some unwanted bad debt.
You’ll never get the freedom you want in life when you’re bogged down by credit card debt or bad debt in general…
We do have an alternative though that will make your bad credit score and reliance on credit cards a thing of the past.
Or local lead generation as some people like to call it…
It’s the process of building websites that generate leads for small service based businesses.
You see, when you’re at the top of page one on google, you’ll get the lions share of the calls and visits to the web page.
All these calls and all these visits have value, in fact, this is exactly how home advisor built their business to well over a million dollars today!
The difference is you would be doing it at a much more local level where the competition is virtually non existent…
But at this point you’re wondering how can I even make money with this leads are great and I like helping small businesses as much as the next guy…but how does this benefit me?
Remember home advisor?
They charge business owners per lead and they’re not even exclusive, which a lot of business owners really hate.
Just ask lol!
So when you can bring them in exclusive leads, they really see the value in that.
How much is a lead worth?
It depends on the industry to be completely, but let’s use the tree service industry as an example.
The average job in tree service is worth anywhere from $500-$2,000, as you can see it ain’t cheap…now this is where you come in and separate yourself…
Home advisor charges by lead regardless, you can go and build trust off of commission and eventually they’ll be begging for a flat rate.
Let’s just your tree service brings in 10 calls a month in the very worst case scenario…
It’s not uncommon for service based contractors to pay a 10-20% referral fee or finders fee depending on who you talk to…
So going off worst case scenario here…you’re looking at a digital asset that’s paying you $500 a month consistently!
Now imagine at scale, what if you had just 10 of these bad boys?
That’s 5k a month in pure passive income! And it only goes up from there because that’s the worst case scenario!
Oh I don’t know how to build a website…let alone rank one!!
Don’t worry we did the research for you, we got you covered!
Our team at Scam Risk has taken the time and done the due diligence for many different courses and programs related to lead generation / digital real estate.
We’ve seen our fair share of scam courses and programs and have developed a very thorough check list that programs need to hit to earn our recommendation.
We have found a program that walks you through how to build a website step by step, rank it, and start bringing in the passive income!
This program not only teaches you how to build and rank…but it also provides live calls twice a week where you can talk with different coaches and members about questions you may have.
On top of that you will get access to a very active Facebook group that is literally active 24/7, just in case you miss the live streams.
Our review was very impressed with how active and supportive this group / program was!
Most groups just have the videos and webinars and then die off soon after, these guys are still going strong!
Some students are making 15k a month in just 90 days!!
If digital real estate and passive income sound like something you would be interested in, fill out the application to schedule a call today for the only Scam Risk Approved Program!
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