Secured Visa credit card - US bank H-D Visa
H-D stands for Harley-Davidson and this secured Visa credit card allows you to safely build or reestablish your credit, and in the same time earn exclusive H-D reward points and entries to win a new bike each month. Developed by US Bank specifically for those who want to establish credit or have had previous credit problems and want to reestablish credit rating, the H-D Visa secured credit card is easy to get and joins two other US Bank secured credit cards designed to rebuild credit. To start, simply send a money order, cashier or certified check for amount ranging from $300 to $5,000 with your credit card application to open a savings account. Once US bank approves you, you will receive a secured Visa credit card with the credit line equal to the amount of your deposit. In spite of being secured, this Visa looks and works just like any other credit card.
Your check or money order must be payable to U.S. Bank National Association and sent to
U.S. Bank National Association ND
P.O. Box 6363
Fargo, ND 58125-6363
Your FDIC insured deposit is used to secure your credit line. The money won't be touched as long as you make all of your credit card payments on time and your account remains open. You will also earn interest on this deposit. The important thing to realize is that no payments are automatically deducted from your savings account. It is there just because your Visa is secured credit card. Your must make at least a minimum payment by the due date each month.
Once you prove that you can handle a secured credit card without any problems for 12 months and your credit rating improves, US Bank may decide to extend you an unsecured Visa. Now, before we talk about Harley Davidson related rewards and other little perks, you must know that there is a very reasonable - for a secured credit card, either Visa or MasterCard -, annual fee of $30 and the following penalty fees,
- late payment up to $35
- returned payment up to $35
- over limit up to $35
The annual interest rate on purchases with the Harley-Davidson Chrome Visa Card, yes that is the full name, is steep 19.99%, so it makes perfect sense to pay balance in full monthly, especially if you can afford a large credit limit and thus will be tempted to make large purchases. The same 19.99% applies to the balance transfers whereas cash advance annual percentage rate is 23.9% and should be avoided at all costs. You are going to have grace period between 24 and 30 days after the close of each billing cycle, so as long as you pay off entire balance by the due date each month, US Bank secured Visa credit card will not charge you interest on purchases.
All transaction fees are either $5 to $10 or 3% of the amount involved, e.g cash advance, whichever is greater. Finally, the H-D secured Visa credit card offers these Harley related rewards,
- earn 1 point per $1 net purchase
- get chances to win a new H-D motorcycle each month with one sweepstakes entry for every $1 you spend
- receive a $10 Harley Chrome Cash Certificate upon approval
- redeem 2,500 points for $25 in Harley Chrome Cash
Then, there are benefits you can typically expect with any Visa card, like Travel and Emergency Assistance, Travel Accident Insurance, Accidental Death and Dismemberment Insurance, Auto Rental Collision Damage Waiver, Roadside Dispatch - Get convenient towing and locksmith referral services in the U.S. and Canada, available 24/7 and 100% Fraud Protection. Apply here. See also secured credit card to build credit.
Sun Oct 24, 2010 01:10PM | Copyright: www.bad-credit-advisor.com | More in Credit Repair Tips | Comments (0)
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