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Need to build your credit? The U.S. Bank Young Adult Visa credit card might be one solution.
By using this card wisely — which means paying your bill on time every month and not running up a huge amount of credit card debt — you can steadily build a strong credit history.
This will give you a solid credit score, and the opportunity to successfully apply to credit cards that come with more perks.
This card is specifically designed for younger consumers who have not yet developed much, if any, credit history. These borrowers might not even own a car yet, and have not yet proven to lenders that they can handle credit.
By using the U.S. Bank Young Adult Visa card in a responsible fashion, and by paying their bill on time very month, these borrowers can take the first steps in building their creditworthiness.
How This Card Works:
If you don’t have enough credit to qualify for other cards, you might be able to nab a U.S. Bank Young Adult Visa.
You will, though, need a co-signer, one who will agree to pay your bills if you default on them. This offers protection to U.S. Bank, the issuer of this card.
Travel and Shopping Perks:
Because this is a basic card for young adults with little to no credit, this card does not come with rewards, miles or cash-back bonuses.
However, the card does come with fraud protection. It also allows users to manage their credit card accounts online.
There is no annual fee with this card.
You will have to pay a purchase interest rate — on any balance you carry from month to month — of 11.99 percent to 20.99 percent, depending on your creditworthiness. These aren’t terrible interest rates for consumers with little or no credit histories.
You’ll also have pay fees of up to $35 if you pay your bill late, charge more than your card’s spending limit or send in a payment that has to be returned because of a lack of funds in your bank account.
You’ll also pay a fee for cash advances of $10 or 4 percent of the advance amount, whichever is higher.
- Reasonable interest rates for card designed for people with little to no credit.
- No annual fee.
- Fraud protection.
- No rewards programs or other perks.
- Interest rate can be high depending on creditworthiness.
- Penalty fees up to $35.