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Secured Credit Card from US Bank

Secured Credit Card from US Bank

Old May 6th 2013, 2:24 pm
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ltt
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Default Secured Credit Card from US Bank

Hi all,

I will be moving to the USA soon. I was reading that it is necessary to get a secured credit card to build up credit.

I was looking online and found that most of the secured credit card requires an annual fee. However in this link https://www.usbank.com/credit-cards/secured-card.html , some of the secured credit card does not have any annual fees.

Any possible scams or feedback on this? Is it ok?
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Old May 6th 2013, 2:50 pm
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Default Re: Secured Credit Card from US Bank

My husband got a secured credit card at Wells Fargo when he first arrived in the USA. There was no annual fee. After one year, they gave him back his secured funds and opened a regular credit card for him, again no annual fee.

Rene
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Old May 6th 2013, 3:27 pm
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Default Re: Secured Credit Card from US Bank

Originally Posted by Noorah101 View Post
My husband got a secured credit card at Wells Fargo when he first arrived in the USA. There was no annual fee. After one year, they gave him back his secured funds and opened a regular credit card for him, again no annual fee.

Rene
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Old May 6th 2013, 4:22 pm
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Default Re: Secured Credit Card from US Bank

Originally Posted by Noorah101 View Post
My husband got a secured credit card at Wells Fargo when he first arrived in the USA. There was no annual fee. After one year, they gave him back his secured funds and opened a regular credit card for him, again no annual fee.

Rene
Same here (same bank). Are you sure you're not confusing the annual fee with the initial deposit?

Have a look at the Wiki on finance and credit.
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Old May 6th 2013, 4:45 pm
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Default Re: Secured Credit Card from US Bank

Originally Posted by ltt View Post
Hi all,

I will be moving to the USA soon. I was reading that it is necessary to get a secured credit card to build up credit.

I was looking online and found that most of the secured credit card requires an annual fee. However in this link https://www.usbank.com/credit-cards/secured-card.html , some of the secured credit card does not have any annual fees.

Any possible scams or feedback on this? Is it ok?
Do you have an American Express card? If so, contact them and ask about global transfer.
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Old May 6th 2013, 8:51 pm
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Default Re: Secured Credit Card from US Bank

I didn't have to pay an annual fee. Signed up for a secured credit card and Bank of America for 300 bucks and a few month later I was able to sign up for a gas card at Shell
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Old May 6th 2013, 10:22 pm
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Default Re: Secured Credit Card from US Bank

Originally Posted by Yeehaa View Post
I didn't have to pay an annual fee. Signed up for a secured credit card and Bank of America for 300 bucks and a few month later I was able to sign up for a gas card at Shell
Yep, after a few months of having a secured credit card, my husband's second card was a Chevron gas card.

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Old May 6th 2013, 10:29 pm
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Default Re: Secured Credit Card from US Bank

I paid a $39 annual fee for a BoA secured credit card when I first arrived. I don't mind paying that fee so much as in the 8 years since then I've earned approx. 6 million air miles from my credit cards, traveled business and first class everywhere and not paid the going rate for any more than 30% of the value of any flight or hotel for the last 3 or 4 years.

In the US I believe it pays to be more value minded and less fee averse.
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Old May 8th 2013, 2:55 am
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Default Re: Secured Credit Card from US Bank

Same here. Got a secured credit card from Bank of America and put a deposit of about 300 bucks on there. Then about half a year later I was able to get approval for a Shell gas card. That's the fastest way to build a credit history.
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Old May 8th 2013, 5:10 am
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Default Re: Secured Credit Card from US Bank

Originally Posted by ltt View Post
Hi all,

I will be moving to the USA soon. I was reading that it is necessary to get a secured credit card to build up credit.

I was looking online and found that most of the secured credit card requires an annual fee. However in this link https://www.usbank.com/credit-cards/secured-card.html , some of the secured credit card does not have any annual fees.

Any possible scams or feedback on this? Is it ok?
Many of the secured credit cards with annual fees are for people with a very bad credit score that can't get a secured credit card through a major bank. Since you won't have any credit score, shop around the major banks for a secured credit card and you should be able to get one without annual fees especially if you also open a checking or savings account with them.
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Old May 8th 2013, 5:28 am
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Default Re: Secured Credit Card from US Bank

Originally Posted by ltt View Post
Hi all,

I will be moving to the USA soon. I was reading that it is necessary to get a secured credit card to build up credit.

I was looking online and found that most of the secured credit card requires an annual fee. However in this link https://www.usbank.com/credit-cards/secured-card.html , some of the secured credit card does not have any annual fees.

Any possible scams or feedback on this? Is it ok?
Just want to mention, it is not "necessary" - it is simply one option to help start building a credit history /score.
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Old May 8th 2013, 11:38 am
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Default Re: Secured Credit Card from US Bank

Yes, it's not necessary, but it's a quick and easy way to start your credit history. What are other ways to quickly start your history?
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Old May 8th 2013, 7:37 pm
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Default Re: Secured Credit Card from US Bank

I got a normal unsecured credit card from Capital One - granted, it only came with a $500 limit (since upgraded to $750), but using that up to 75% and paying off each month, led to a card from WF with a good limit, and I'm now at >700 on my credit score after 20 months.

A good start, anyway
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