When you’re establishing or rebuilding your credit standing, you might discover that it’s not solely tough to acquire a bank card, however much more tough to discover a card that provides additional perks and advantages. The Harley-Davidson Visa Secured Card from U.S. Financial institution is one possibility amongst secured bank cards which supplies card customers with a few of these additional card advantages. (See our record of 5 Finest Secured Playing cards)
Why We Like This Card
- No annual price.
- Earn factors for Harley-Davidson merchandise.
- Safety deposit earns curiosity.
- Alternative to earn an unsecured card after 12 months.
How This Card Works
The Harley-Davidson Visa Secured Card requires a safety deposit of not less than $300 which determines your credit score restrict. This layer is held in an curiosity bearing financial savings account with U.S. Financial institution. You should utilize your card simply as you’d any bank card. Your account exercise is reported to the three main credit score bureaus, which if managed responsibly by way of making well timed funds and staying inside your credit score restrict, will help enhance your credit standing. After 12 months, your account is reviewed and you might qualify for an unsecured bank card.
Harley-Davidson Rewards Program
You earn one Harley-Davidson (H-D) Real Rewards level for every greenback spent with the cardboard. These factors could be redeemed at 2,500 factors for a $25 Harley-Davidson present card that can be utilized at Harley-Davidson dealerships for objects corresponding to components and equipment, attire, and down funds. You’ll be able to earn a vast variety of H-D factors, which expire in three years. Reward playing cards redeemed with factors don’t expire, however have to be requested by cellphone.
Professionals
No annual price. There isn’t a annual price, which is uncommon particularly amongst secured bank card choices. Most secured bank cards cost an annual price of not less than $20 to as a lot as $50 per yr, whether or not you employ the cardboard or not. (Additionally try this record of secured bank cards with no annual price.)
Earn rewards. Rewards applications with secured bank cards are extraordinarily uncommon, however this card permits you to earn a degree for every greenback spent together with your card on all purchases. These factors can then be redeemed for Harley-Davidson merchandise, which may add up relying on how usually you employ your card.
Deposit earns curiosity. The safety deposit earns curiosity in a U.S. Financial institution financial savings account, permitting you to earn somewhat more money whereas it’s being held. That is additionally an possibility not usually offered by different secured card issuers. (See additionally: Finest Secured Credit score Playing cards that Pay Curiosity on Your Deposit)
Alternative to earn an unsecured card. Should you handle your account responsibly and make your funds on time, you might qualify after 12 months for an unsecured card with U.S. Financial institution. Many different secured bank card issuers can not present this chance, which implies that after you will have rebuilt or constructed a optimistic credit standing, you must apply and qualify for an unsecured card with a totally totally different financial institution or card issuer.
Cons
Excessive APR. The APR is among the many highest APRs charged by secured playing cards. You’ll be able to keep away from paying excessive finance costs in your purchases if you happen to pay your steadiness in full every month, however if you happen to carry a steadiness from month to month, that is going so as to add up. The rewards program provided can not offset this expense in any manner and isn’t of any worth in case you are constantly paying an APR in your purchases. If you are going to carry a steadiness, join a secured card that has a low APR.
Rewards just for H-D purchases. It is good to have the ability to earn rewards however the rewards for this card solely advantages the H-D fan who need numerous H-D merchandise.
Overseas transaction price. Should you incessantly want a card for overseas purchases or journey overseas, you need to as an alternative carry a card with no overseas transaction price for these purchases.
Who This Card Is Finest For
The Harley-Davidson Visa Secured Card is greatest for Harley-Davidson followers within the course of of building or rebuilding credit score, and are diligent in paying their balances in full every month. Though the cardboard gives quite a lot of perks and has no annual price, these perks lose a major quantity of worth in case you are paying a excessive APR. Moreover, this card is greatest for individuals who don’t make overseas purchases due to the overseas transaction price, which might additionally devalue any of the perks offered.
