Verdict: The Harley-Davidson Visa secured credit card comes with some nice perks, especially for fans of the iconic motorcycle brand. Unfortunately, it also comes with some negatives, too, such as a high purchase interest rate and an annual fee. Unless you need to rebuild your credit — and have few other options to do so — this is one card that should be avoided.

Overview: Secured credit cards are designed to help consumers boost their ailing credit scores. By paying their credit card bill on time every month, they’ll gradually raise their score. Once their score is high enough, they’ll be able to apply for cards with better rewards programs and lower interest rates. The drawback, unfortunately, is that these cards usually come with high purchase interest rates. The Harley-Davidson Visa Secured credit card is no exception.

How This Card Works: When applying for this card, you’ll have to send, with your application, a certified check, money order or cashier’s check in any amount from $300 to $5,000. US Bank, the issuer of this card, will then create a savings account for you, and will deposit this money in the account. Your card’s credit limit is equal to whatever that deposit is. This acts as collateral, and provides the credit card company financial protection for lending to you, a consumer with bad credit.

Travel and Shopping Benefits: For every dollar that you charge with your card, you’ll receive one Harley-Davidson Genuine Rewards point. After you earn 2,500 of these points, you can redeem them for $25 in Chrome Cash, which you can spend at any participating Harley-Davidson dealership. You’ll also receive a $10 Harley-Davidson cash certificate upon approval. Finally, the card provides you with chances to win a Harley-Davidson motorcycle. You’ll receive one sweepstakes entry for every dollar that you charge with your Harley-Davidson Visa secured card.

Fees: The fees are where this card falls. The purchase interest rate of 22.99 percent is simply too high, even if you have weak credit. A $30 annual fee isn’t excessive, but it is one more fee to pay. Cash advances cost either $10 or 3 percent of the advance amount, whichever is higher, while returned-payment and late-fee penalties are an industry standard $35.

Pros:

  • Can use card to build your weak credit.
  • Can earn Harley-Davidson rewards points with each purchase.
  • Can win a free Harley-Davidson motorcycle.

Cons:

  • High purchase interest rate of 22.99 percent.
  • Annual fee of $30.
  • Credit is limited by how much collateral you can provide.