The U.S. Bank Altitude Go Secured Visa Card is a secured credit card designed for U.S. consumers who wish to establish or rebuild their credit history. A key differentiator of this product is its integration of a robust rewards program, a feature not commonly found on secured cards. This guide provides a structured and detailed explanation of the card’s mechanics, features, eligibility, and application process.
Detailed Breakdown of Cardholder Benefits
- Security Deposit: An applicant must provide a refundable security deposit between $300 and $5,000. This deposit is held in an FDIC-insured savings account with U.S. Bank.
- Credit Limit: The amount of the security deposit is equal to the credit limit on the Visa card. For example, a $1,000 deposit provides a $1,000 credit limit.
- Functionality: The card is used for purchases like a standard credit card. The cardholder receives a monthly statement and is required to make payments on the balance.
- Refund of Deposit: The security deposit is returned to the cardholder if the account is closed in good standing or if the cardholder graduates to an unsecured version of the card.
- Tiered Rewards Program: The card allows users to earn points on all eligible purchases.
- 4X Points: Earn four points per dollar on dining, takeout, and restaurant delivery.
- 2X Points: Earn two points per dollar at grocery stores, grocery delivery services, gas stations, EV charging stations, and on eligible streaming services.
- 1X Point: Earn one point per dollar on all other eligible purchases.
- Points Redemption: Points are valued at 1 cent each and can be redeemed for cash back, travel booked through the U.S. Bank portal, gift cards, or merchandise.
- $0 Annual Fee: The card has no annual fee.
- Annual Streaming Credit: A statement credit of up to $15 is provided annually after 11 consecutive months of eligible streaming service payments are made with the card.
- Credit Bureau Reporting: Account activity is reported to all three major credit reporting agencies: Equifax, Experian, and TransUnion.
- Potential for Graduation: U.S. Bank will periodically review accounts for potential graduation to an unsecured U.S. Bank Altitude® Go Visa Signature® Card. This is typically considered after 12 months of positive payment history.
- Free Credit Score Access: Cardholders can view their credit score for free through their online account.
Eligibility Criteria for Applicants
To be eligible to apply for the U.S. Bank Altitude Go Secured Visa Card, an individual must:
- Be at least 18 years old.
- Be a resident of the United States with a valid physical address.
- Have a U.S. Social Security Number.
- Be able to provide a security deposit of at least $300 from a U.S. bank account.
- Meet the bank’s identity verification requirements.
- The card is intended for individuals with poor, limited, or no credit history.
The Application Process
The process for obtaining the card is completed online.
- Submit the Online Application: Visit the U.S. Bank website and fill out the secure application form with all required personal and financial information.
- Receive Credit Decision: After the application is submitted, U.S. Bank will provide a credit decision.
- Fund the Security Deposit: If approved, the applicant must provide their security deposit. Instructions will be given on how to transfer the funds from a checking or savings account.
- Card Issuance: Once the deposit is received and processed, the physical card will be mailed to the applicant’s address.
Frequently Asked Questions
- What is the primary function of this credit card?
Its primary function is to help individuals build or rebuild their credit history by reporting their payment activity to the three major credit bureaus. Its secondary function is to provide a competitive rewards program. - How does this card’s rewards program compare to other secured cards?
Its rewards program is superior to that of most other secured cards. The majority of secured cards on the market offer no rewards at all. The 4X points on dining is a rate that is competitive even with premium, unsecured travel cards. - Is graduation to an unsecured card guaranteed?
No, graduation is not guaranteed. It is based on a periodic review of your account and your overall credit profile by U.S. Bank. Consistent on-time payments and responsible use of credit will increase your eligibility. - Are there any significant fees associated with this card?
The card has a $0 annual fee, which is a significant benefit. However, like most cards, it does have potential fees for actions such as late payments and returned payments. It also has a foreign transaction fee, making it less suitable for international purchases.
