If you end up establishing or rebuilding your credit standing, you might discover that it isn’t solely troublesome to acquire a bank card, however much more troublesome to discover a card that gives 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 listing of 5 Greatest Secured Playing cards)
Why We Like This Card
- No annual charge.
- 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 no less than $300 which determines your credit score restrict. This residue is held in an curiosity bearing financial savings account with U.S. Financial institution. You need to use 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 via making well timed funds and staying inside your credit score restrict, might 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 may be redeemed at 2,500 factors for a $25 Harley-Davidson reward card that can be utilized at Harley-Davidson dealerships for objects similar to elements and equipment, attire, and down funds. You’ll be able to earn an infinite variety of H-D factors, which expire in three years. Reward playing cards redeemed with factors don’t expire, however should be requested by telephone.
Professionals
No annual charge. There isn’t any annual charge, which is uncommon particularly amongst secured bank card choices. Most secured bank cards cost an annual charge of no less than $20 to as a lot as $50 per yr, whether or not you employ the cardboard or not. (Additionally try this listing of secured bank cards with no annual charge.)
Earn rewards. Rewards applications with secured bank cards are extraordinarily uncommon, however this card means that you can earn some extent for every greenback spent along with your card on all purchases. These factors can then be redeemed for Harley-Davidson merchandise, which might add up relying on how typically 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 extra cash whereas it’s being held. That is additionally an possibility not typically offered by different secured card issuers. (See additionally: Greatest Secured Credit score Playing cards that Pay Curiosity on Your Deposit)
Alternative to earn an unsecured card. In case 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 signifies that after you’ve got rebuilt or constructed a constructive credit standing, it’s important to apply and qualify for an unsecured card with a very 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 prices in your purchases when you pay your steadiness in full every month, however when you 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 means 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.
International transaction charge. In case you continuously want a card for international purchases or journey overseas, it’s best to as an alternative carry a card with no international transaction charge for these purchases.
Who This Card Is Greatest For
The Harley-Davidson Visa Secured Card is finest 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 various perks and has no annual charge, these perks lose a major quantity of worth in case you are paying a excessive APR. Moreover, this card is finest for individuals who don’t make international purchases due to the international transaction charge, which might additionally devalue any of the perks offered.
