U.S. Bank announces 2 new secured cards: Build your credit and earn rewards at the same time

U.S. Bank launched two new secured credit cards for consumers who want the flexibility of a credit card but don't yet have the credit score to get one.

A secured credit card is a great way to help build (or rebuild) your credit score to be able to qualify for a credit card with a higher credit limit or better rewards. And while improving your credit takes time, the two new secured cards from U.S. Bank are worth considering for your daily expenses.

While many secured cards do not offer rewards, the U.S. Bank Altitude® Go Visa® Secured Card and U.S. Bank Cash+® Visa® Secured Card both offer a solid return for every dollar you spend.

Select analyzed both cards to help determine whether or not they are worth a spot in your wallet, and how you can pick the best secured credit card for yourself.

Regardless of which card you decide is best for you, keep in mind that the U.S. Bank secured cards require an initial upfront deposit of $300 to $5,000. This serves as your spending limit as well as collateral for the bank in case you cannot pay off your card. However, if you decide to cancel your card at any point, you will receive your deposit back.

The cards are issued by Visa, and are accepted anywhere Visa is.

U.S. Bank Altitude® Go Visa® Secured Card

The Altitude Go Visa Secured Card comes with the following spending categories:

• 4X points per dollar spent on dining
• 2X points per dollar spent at grocery stores, gas stations and streaming services
• 1X points per dollar spent on all other eligible purchases

These points can be redeemed for travel, gift cards, cash back and other purchases and are worth 1 cent each, regardless of the redemption choice you make

Cardmembers are also eligible for a $15 credit for annual streaming service purchases.

The card doesn't have an annual fee or foreign transaction fees, and you can choose the due date for your bill.

U.S. Bank Cash+® Visa® Secured Card

The Cash+ Visa Secured Card is a simple cash-back credit card that earns rewards at the following rates:

• 5% cash back on your first $2,000 in combined eligible purchases each quarter in two categories you choose. Some categories include: tv, internet and streaming, home utilities, cell phone providers, fast food restaurants and movie theatres.
• 2% cash back on eligible purchases in your choice of one everyday category (like gas stations, grocery stores and restaurants)
• 1% cash back on all other eligible purchases

The cash back you earn can be redeemed in one of three ways: A statement credit to your account, direct deposit to your U.S. Bank checking, savings or money market account, or a U.S. Bank rewards card (similar to a Visa gift card).

This card has no annual fee, and you can choose the due date for your bill.

There are dozens of secured credit cards available to choose from. But with so many options, how do you pick the right one for you?

Here are a couple factors to consider:

• Credit reporting: The most important part of a secured credit card is to ensure your payments are reported to the credit bureaus. The more payments you make on time, the more your credit score will increase. And once your credit score is above 660 (which is considered "good"), you will have better odds of being approved for an unsecured credit card like the Citi Double Cash® Card (see rates and fees).
• Affordable deposit: A secured credit card is obtained through an upfront deposit on your end. However, each secured credit card has varying security deposit minimums. Before selecting and applying for a secured credit card, check to see what the minimum deposit requirement is, and be sure it fits into your budget.
• Fees: Find out to see if the card you selected has foreign transaction fees or an annual fee. These fees can eat into the value of the rewards you earn, and can easily be avoided by selecting the right card.
• Conversion: Some credit card issuers give you the option of upgrading your secured credit card to the unsecured version after your credit score has improved. Not all issuers do this, so be sure to call the bank's customer service line if this is something you're interested in doing.
• Rewards: Some secured credit cards offer rewards, while others do not. If you are interested in earning travel rewards or cash back, be sure to find a secured credit card like the two U.S. Bank cards offered.

The Altitude Go Visa Secured Card and the Cash+ Visa Secured Card are both solid secured credit cards. They give you spending flexibility without an annual fee, and the power to earn rewards while building your credit score.

As you improve your credit score with a secured credit card, be sure to take advantage of a credit monitoring service to track your progress. Additionally, review your credit report closely to see if there are any possible errors, as millions of Americans currently have inaccurate remarks.

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