US Bank Young Adult Visa Review | CreditShout

US Bank Young Adult Visa Review

By Dan Rafter / December 13, 2010
US Bank Young Adult Visa Review

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Verdict:

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.

Overview:

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.

Fees:

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.

Pros

  • Reasonable interest rates for card designed for people with little to no credit.
  • No annual fee.
  • Fraud protection.

Cons

  • No rewards programs or other perks.
  • Interest rate can be high depending on creditworthiness.
  • Penalty fees up to $35.
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