As one of the top banks in the United States, US Bank provides a range of features for all members and those who want to use the personal services of the bank such as online and mobile banking, credit cards, checking and savings accounts, mortgages and lines of credit. Collaborating with Korean Air – the primary airline for South Korea – US Bank has created the US Bank Korean Air SKYPASS Visa Secured Card for personal use.
What is a secured card, as opposed to a traditional debit card? A secured card is ideal for those trying to boost up a lower credit history or needing to establish a line of credit. The secured card is also a sufficient option for those who are new to living in the United States and need a way to establish credit and unable to apply for any major or retail credit cards. The US Bank Korean Air SKYPASS Visa Secured Card not only allows cardholders with no credit to gain access, but it provided reward benefits too – an ideal way to establish credit history while also earning a range of benefits and rewards.
How does the US Bank Korean Air SKYPASS Visa Secured Card work?
The secured Visa card works easily and efficiently for all users as long as the cardholder has access to a savings or checking account, or can provide a money order or cashier’s check. The steps to opening a secured credit card work like this:
- Fund the account – If you have a checking or savings account, you can fund the US Bank Korean Air SKYPASS Visa Secured Card online; otherwise, you can print out the application from the US Bank website and mail it in along with a cashier’s check or money order in the amount desired to be used on the card. The amount of money used for the initial sign-up is the designated line of credit for the secure card.
- Open savings account – Once the application is approved, the amount of money provided to open up the account is deposited into a savings account with US Bank. This amount of money sits there collecting interest and ensures backing with the FDIC – it is only used should a cardholder miss or default on payments. As long as all of the payments are met on time and the account remains in good standing, the money will not be touched.
- Monthly billing – In many respects, the US Bank Korean Air SKYPASS Visa Secured Card works just like a credit card. Each month, the cardholder receives a bill requesting a minimum payment on the open balance. The balances must be paid like any other card – it is not automatically covered with the balance in the savings account.
- Future options – Whether the cardholder needs to improve credit standing or simply needs to establish a line of credit within the United States, a cardholder with the US Bank Korean Air SKYPASS Visa Secured Card has the ability to move on to unsecured lines of credit after 12 months of good standing. This means that making monthly payments on time increasing the chance of moving to other US Bank lines of credit in just a short time.
Benefits with the US Bank Korean Air SKYPASS Visa Secured Card
One major benefit to applying and using the US Bank Korean Air SKYPASS Visa Secured Card is the ability to earn points and rewards while building up a credit line. The basic benefits of the card include:
- 5,000 SKYPASS Bonus Miles upon the first purchase with the card
- 1 miles earned for every $1 spent in purchases
- The range of credit limit for the US Bank Korean Air SKYPASS Visa Secured Card is between $300 and $5,000
- 1,000 Bonus miles are rewarded at the time of renewal
- The card provides $250,000 for Travel Accident Insurance
Additional benefits with the US Bank Korean Air SKYPASS Visa Secured Card include no cap on the number of miles that can be earned with the card, as well as the ability to redeem the miles for upgrades and travel with the prestigious Korean Airlines and any SkyTeam partners. Being a Visa card, there are associated benefits that make holding the card secure and easy to use anywhere around the world. EMV chip technology in the US Bank Korean Air SKYPASS Visa Secured Card provides safe and secure access throughout destinations in the world. Bilingual customer services are also provided to cardholders, if needed. Since the secured card is designed to help cardholders boost or establish credit, members are entitled to monthly credit scores at no cost – perfect to keep an eye on how the card is working to boost credit standing.
Terms and Conditions for the US Bank Korean Air SKYPASS Visa Secured Card
When it comes to secured card, there are various terms and conditions to compare and contrast, as some might have outrageous annual percentage rates or additional fees. It’s always important to look at these numbers when finalizing the decision. For the US Bank Korean Air SKYPASS Visa Secured Card, the annual percentage rate on purchases and balance transfers is 16.24% — not too bad for someone who needs to establish or boost credit, as countless cards offer higher rates of 20% or more.
The annual fee for holding the US Bank Korean Air SKYPASS Visa Secured Card is $50 each year – still substantially low compared to other airline rewards card. Late and penalty fees run $35, which is standard in comparison with other Visa or related credit cards. It is important to remember that when a payment is missed, the funds are taken from the US Bank savings account – but it’s harmful to the credit standing if the cardholder wishes to eventually move away from secured credit cards.
The US Bank Korean Air SKYPASS Visa Secured Card offers a good number of benefits with low fees – perfect for those who need to boost or establish a line of credit.