SKYPASS Visa Secured Credit Card
SKYPASS Visa Secured Credit Card
What we like:
Solid intro bonus after first purchase
|Intro Offer||5,000 SKYPASS Bonus Miles after first purchase|
1,000 Bonus Miles on renewal
|Rewards Rate||1 mile for every $1 spent in eligible net purchases|
U.S. Bank, based out of Minneapolis, Minnesota, offers financial banking solutions in 25 different states across America. They have over 3,133 bank offices and nearly 5,000 ATMs. Whether you are looking for banking services, investments, loans, payment service products or credit cards, they have something to offer that will meet your needs. One of their cards available for consumers with less than great credit is the SKYPASS Visa Secured Credit card.
Security Deposit and Credit Line
- Min: $300
- Max: $5,000
Building your credit isn’t always the easiest task, and if you already have taken a few hits to your credit it may be hard to find a company willing to extend you credit.
The good news is that the SKYPASS Visa Secured Credit card gives you all of the benefits of a credit card, allowing you to build or rebuild your credit safely.
One of the biggest perks with this card is the ability to earn sky miles. Once you open the card and make your first purchase, you will receive 5,000 SKYPASS bonus miles. Every $1 you spend with your card will earn you another mile. Each year, when you renew the card, enjoy 1000 bonus miles to go towards your next flight. Redeem your miles for travel and upgrades with SkyTeam and their partners. There is no cap on the number of miles that you can earn.
Aside from the ability to earn SKYPASS miles, you will also be protected with their zero fraud liability protection. That means that you are never responsible for unauthorized charges to your card. They also help to protect you against fraud by monitoring your account closely. You can never be too careful these days, which is why they also have the EMV chip technology that gives you added security protection when using the card.
Other benefits of being a cardholder include bilingual 24/7 account access, bilingual customer service, travel and emergency assistance, and auto rental collision damage waivers. For your convenience, they also offer online banking and automatic bill pay, making it easier than ever to manage your account and pay your bills.
Rates and Fees
- Min APR: 16.49%
- Max APR: 16.49%
- Balance Transfer: 16.49%
- Cash Advance: 20.99%
- Annual: $50
- Late Payment: $37
- Balance Transfer: $5 or 3%
- Foreign Transaction: 2% – 3%
Before we get into all of the fees, we need to first take a look at how a secured credit card actually works. To be approved for the SKYPASS Visa Secured credit card, you have a couple of options. First, you must pay the $50 annual membership fee, and then secure it with a deposit. You can fund your account with your checking or savings account with U.S. Bank, or you can send a check or money order in for the deposit. The account will be secured with a deposit for at least 12 months, and after keeping your account in good standing you may be able to get an unsecured card.
With this secured card, you will pay a 16.49% annual percentage rate on purchases and balance transfers, based on the Prime Rate. If you get a cash advance, the APR will be 20.99%. To avoid paying these interest rates, just make sure that you pay your bill in full before it is due each month.
Aside from compounded interest, you will also find that there are fees with certain transactions. For balance transfers and convenience check cash advances, the fee is either 3% or $5. For regular cash advances, or advances at an ATM, the fee is either 4% or $5. Foreign transactions also have a fee of 2% if the purchase is in U.S. dollars, and 3% if the purchase is in foreign currency.
With late payments and returned payments, you may also be subject to penalty fees. These fees range from up to $35 for returned payments, and up to $37 for late payments. With a secured card, however, it is really important to make your payments on time to help build your credit, also allowing you to avoid these extra fees. The good news is that if you do have a late payment, there is no penalty APR, so your APR won’t go up as a result.
With all things considered, the SKYPASS Visa Secured credit card is a great card for those trying to build or repair their credit. Credit is really easy to destroy, but pretty hard to gain – kind of like trust with people. Getting a credit card with sub par credit isn’t easy, which means a secured card may be the way to go. If you have to have a secured card, at least make sure that it comes with some rewards like this one!4.08 SKYPASS Visa Secured Credit Card
Author: Jeff Gitlen
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