To help the United States fight the funding of terrorism and money laundering activities, U.S. law requires U.S. Bancorp, like other financial institutions, to obtain, verify, and record information that identifies each customer that opens an account.
What this means for you: When you open an account with us, we will ask for your and/or your business's legal name, address, date of birth, tax identification number, and other identifying information that will assist us with identifying you and/or your business. We may also ask to see your photo identification (driver's license) or other identifying documents. For businesses, we may ask for copies of certified articles of incorporation, an unexpired government-issued business license, a partnership agreement, or other documents that indicate the existence and standing of the entity.
We may change APRs, fees, and other Account terms in the future based on your experience with U.S. Bank National Association and its affiliates as provided under the Cardmember Agreement and applicable law.
Interest Rates and Interest Charges | U.S. Bank Secured Visa® Card |
Annual Percentage Rate (APR) for Purchases | U.S. Bank Secured Visa® Card: 29.24% This APR will vary with the market and is based on the Prime Rate. |
APR for Balance Transfers | U.S. Bank Secured Visa® Card: 29.24% This APR will vary with the market and is based on the Prime Rate. |
APR for Cash Advances | U.S. Bank Secured Visa® Card: 29.99% This APR will vary with the market and is based on the Prime Rate. |
Penalty APR and When it Applies | Not applicable |
How to Avoid Paying Interest on Purchases | Your due date is 24 – 30 days after the close of each billing cycle. We will not charge you interest on new Purchases if you pay your entire balance, or Plan Adjusted Balance if you have any Fixed Payment Program balance(s), in full by the due date each month. |
Minimum Interest Charge | If you are charged interest, the charge will be no less than $1. |
For Credit Card Tips from the Consumer Financial Protection Bureau | To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at http://www.consumerfinance.gov/learnmore |
Fees | U.S. Bank Secured Visa® Card |
Annual Fee | |
• Annual Membership Fee
|
None |
Transaction Fees | |
•
Balance Transfer
|
Either 3% of the amount of each transfer or $5 minimum, whichever is greater. |
•
Convenience Check Cash Advance1
|
Either 3% of the amount of each advance or $5 minimum, whichever is greater. |
•
Cash Advance ATM
|
Either 5% of the amount of each advance or $10 minimum, whichever is greater. |
•
Cash Advance
|
Either 5% of the amount of each advance or $10 minimum, whichever is greater. |
•
Cash Equivalent Advance
|
Either 5% of the amount of each advance or $10 minimum, whichever is greater. |
•
Overdraft Protection
|
None |
•
Foreign Transaction
|
3% of each foreign transaction |
•
U.S. Bank ExtendPay® Fees
|
A monthly fee not to exceed 1.6% of the original principal amount in a U.S. Bank ExtendPay® Plan or U.S. Bank ExtendPay® Loan.2 This fixed fee is disclosed upon enrollment and charged each month that you owe the applicable ExtendPay balance. |
Penalty Fees | |
•
Late Payment
|
Up to $41 |
•
Returned Payment
|
Up to $41 |
•
Overlimit
|
None |
Fixed Payment Programs: From time to time we may offer to you the benefit of our Fixed Payment Programs, including ExtendPay® Plans and ExtendPay® Loans, which allow you to pay off balances in fixed monthly payments over time. See your Cardmember Agreement for more information.
Balance Transfer Information: Balance transfer transactions from other U.S. Bank National Association accounts are not permitted. You may cancel a balance transfer request within 10 days of account opening by calling 800-285-8585. After 10 days from account opening, requests to stop payment on Balance Transfer Check(s) issued by U.S. Bank shall not be honored unless the check(s) has been stolen, lost or destroyed.
In connection with my application for a U.S. Bank Secured Visa® Card (the "Credit Card Account"), I request that U.S. Bank National Association ("you") establish a Secured Savings Account* ("SSA") for me as the Primary Applicant for the funding amount I have provided (approved check or electronically). I understand that the SSA will be subject to the terms of a Secured Savings Account Agreement which will be provided to me, as may be revised from time to time. I agree that if I have funded the SSA with an approved check, (1) you will hold the funds in trust for me without interest until the credit decision is made and that the SSA will be established with U.S. Bank National Association with the funds if my Credit Card Account application is approved, and (2) if this Credit Card Account application is not approved you will return the full amount of the check to the Primary Applicant at the address shown on this application. I agree that if I have funded the SSA electronically through an online application for the Credit Card Account, (1) I will ensure that the funding amount is in my funding account when I submit my application until I receive your decision, (2) that I am a named account holder on the funding account and authorize the withdrawal, and (3) you will establish the SSA and the funds will be withdrawn if this Credit Card Account application is approved. Funds from business accounts are not accepted. If the SSA is established, I understand that no withdrawals will be allowed from the SSA without your consent, and if the Credit Card Account is closed, the funds will be used to pay the balance in full. I understand that the funds in the SSA will not be used to pay any Credit Card Account obligations except when the Credit Card Account is closed. I agree that if the Credit Card Account is closed or I request a credit limit decrease, funds may be held for the later of (a) 60 days, or (b) two billing cycles after the date the Credit Card Account is closed, or (c) two billing cycles after the last item is posted to the Credit Card Account, as described in the Secured Savings Account Agreement.
Security Agreement
As a condition to obtaining a U.S. Bank Secured Visa® Card (the "Credit Card Account"), I hereby grant to U.S. Bank National Association ("you") a security interest in, and assign and transfer to you all rights, title, and interest in my Secured Savings Account (the “SSA”) held at U.S. Bank National Association and all interest, additions, and proceeds therein to secure the payment and performance of my obligations to you under the terms of the Credit Card Account Cardmember Agreement. I hereby instruct U.S. Bank National Association to open the designated SSA in the name of "U.S. Bank (Primary Applicant's name) Secured Credit Card Collateral Account" using the Primary Applicant's name and Social Security Number or Taxpayer Identification Number provided on this application. I agree that while this security interest is in effect, you will have the exclusive dominion and control and you will have the sole right and power to redeem, collect, and withdraw any part or the full amount of the SSA. If I am in default under the terms of my Credit Card Account Cardmember Agreement, I agree that you will have all rights the law allows, including the right to take funds from the SSA and apply them to my Credit Card Account balance without notice to, or further consent from, me. I understand and agree that, based upon your periodic review of my overall credit history (including this Credit Card Account and other credit cards and loans), I may qualify to have the funds in the SSA released. I understand that if you determine that the funds from my SSA may be released, you will release the funds to the Cardmember(s) and this Credit Card Account will no longer be a secured credit card account.