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The US Bank Harley Davidson Visa Secured Card – Establish Credit & Win A New Harley?

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The US Bank Harley Davidson Visa Secured Card will help you establish or repair your credit, while you earn rewards points to spend at your local dealership, when you use it to make purchases. There is also a sweepstakes draw each month in 2014 for a new Harley Davidson motorcycle.

As everyone knows, there are two kinds of people in the world: Harley Davidson riders, and everyone else. So it makes perfect sense that there’s a credit card that supports a lifestyle about which so many people are so passionate.

The US Bank Harley Davidson Visa Secured Card is secured by funds held on deposit and is suitable for people who need to repair or build credit. This isn’t the only option for a US Bank card co-branded with Harley Davidson. They have a better offer for bikers who already have the good credit to qualify.

US Bank is the fifth largest commercial bank in the United States. They offer a range of cards suitable for all levels of credit. Many of them are associated with well-known brand names such as Kroger and Ace Hardware. They have several that are specifically designed to help consumers build credit. The US Bank Harley Davidson Visa Secured Card is one of them.

Building Credit With The US Bank Harley Davidson Visa Secured Card

There are two kinds of situations where you might consider getting a secured card like the US Bank Harley Davidson Visa Secured Card. First, if you have yet to establish credit. Second, if you have had some credit troubles in the past and you are now attempting to rebuild a good credit history. If you have good credit and want a Harley Davidson related card the Signature Rewards Visa Card with up to 3% rewards is a better option.

These days, to qualify for many things, you’re required to have a credit history. It determines how much interest you are going to pay when you approved for financing. Landlords use it to decide to whom they rent. Employers are now pulling credit histories when they hire new employees as part of the background checks. They rely on your credit report to judge your character and decide on if they are going to hire you.

With the US Bank Harley Davidson Visa Secured Card you can build credit, get rewards to spend and enter a monthly sweepstakes contest to win a new Harley. If you haven’t started to build a positive credit history already then now is the time to do so! If you own a motorcycle or you are just a fan of the Harley Davidson brand, why not tie that goal to your passion?

Even bad credit is better than no credit. If you can’t show a credit history then you are effectively a ghost in modern America. If there have been events in the past that reflect badly on your current credit report and credit score don’t give up hope; the secret is that time heals all financial wounds.

Events in your credit history are weighted against time, the older they are the less they matter. Conversely, more recent positive entries on your credit record will matter more. A secured card simply means that you have to give a security deposit that is held in a savings account. In the case of the US Bank Harley Davidson Visa Secured Card it would be a US Bank savings account with a market rate of interest. The account is locked until you close the card account and pay the balance, or you get approved for unsecured credit. Your credit limit is then equal to the amount you have held on deposit.

The whole point of a secured card is that it lets you build up a history of making on-time payments. You have to make the payments or you’ll just end up with more bad credit. You’re not allowed to make your payments from your security deposit. After at least a year of on-time payments they will consider you for one of the other unsecured Visa cards on offer.

Some Points About Rewards

Here is a summary of the main pros and cons of the US Bank Harley Davidson Visa Secured Card:

  • Earn one Harley Davidson Genuine Reward Point for every dollar you spend
  • There is no special introductory offer with this card
  • It will help you to establish or repair your credit rating
  • There is no annual fee for the secured card
  • These rewards expire after a defined period of time
  • There are strict limits on how you can claim them

The US Bank Harley Davidson Visa Secured Card lets you redeem 2,500 points at a time for a $25 Harley Davidson gift card. The real value of the card is in creating a good credit record. If you want to use it to support the Harley lifestyle then you might want to have it with the goal of upgrading to the Signature Visa Card. That would enable you to get your deposit back and earn more points toward Harley Davidson rewards.

There is no annual fee with the US Bank Harley Davidson Visa Secured Card. However, the APR on the secured card is high, at 22.99%. If you carry a balance on the card month-to-month, the high interest rate will quickly eat up any reward points you earn.

As the rewards amount is equal to 1% of your monthly spending it may only be a modest amount unless you make a lot of purchases. You’ll need to keep an eye on your statement to track when points will expire.

Rewards points from US Bank do tend to come with strings attached and this card is no exception to the rule. Reviewers on creditkarma.com tell it like it is but still seem to like the card over all. You have to take the rewards $25 at a time as gift cards to spend at the dealership. If the items and services you want to buy cost more than what’s on your gift cards then you have to pay the balance on your US Bank Harley Davidson Visa Secured Card. You can’t use cash or some other card. The last thing to watch out for is that the cards expire after 180 days. It’s a kind of “use it or lose it” deal.

Motorcycle Sweepstakes Every Month in 2014

Every month in 2014 there will be a draw for a new Harley. This isn’t just for secured card customers but all cards in the Genuine Rewards Program and anyone else who fills in an entry form (it’s one of those “no purchase required” type offers). So, presumably the odds of winning are pretty low.

If you are an enthusiast for Harley Davidson and you intend to upgrade to the Signature Visa Card once you can qualify, you may get higher rewards for spending at the dealership and on HD merchandise down the road. If your objective is just to establish credit then you might want to shop around for an alternative offer that’s more compelling. This is part of a lifestyle brand and the US Bank Harley Davidson Visa Secured Card is a great way for someone who can’t qualify for unsecured credit to join the club.

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