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US Bank AeroMexico Visa Secured Card | Looking For A Good Secured Card?

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To be clear from the start, the US Bank AeroMexico Visa Secured Card is just that: a secured card. What that means, in a nutshell, is that it’s not really a credit card at all. There is no “credit” extended. This is a debit card that is only good for the amount of funding that you load onto it. You deposit funds on it through your bank account. Optionally, you can mail in a cashier’s check or money order, but that process probably takes a really long time to complete. Anyway, once you get the card loaded, you can use it anywhere Visa is taken, and it can definitely be helpful in your life.

Imagine what everyday life would be without some type of electronic card to conduct your affairs with. It’s almost a complete necessity. If you don’t have at least a secured debit card, like the US Bank AeroMexico Visa Secured Card, then life’s going to be rough and inconvenient. I mean, without a card, you can’t rent a car, shop online or even get 20 bucks out of the ATM. I’m certainly old enough to remember the days before electronic cards were used more than cash. It wasn’t as fast, or efficient, or anything except, slow and costly in terms of business.

So, the US Bank AeroMexico Visa Secured Card comes with promises of helping you to build or rebuild your credit – and to give you some “superior” travel rewards. Well, they may be superior if you have no other card to work with at all. But, when compared to other cards, this one is just OK; nothing great. You see, when a card is branded partially on the premise that it “helps to build credit”, that basically is synonymous with “presents very high APRs”. Credit cards, secured cards and all other cards are designed and put in circulation for a singular purpose, and it’s not to make the lives of cardholders easier. That’s a facade. Credit and charge cards are printed and distributed to the public to generate profits for the issuers. That’s really it.

But they have to sell you on something. I mean, there are hundreds of cards out there, all competing to get the most cardholders. More cardholders means more card usage and that means more interest charges, more fees and more profits. The US Bank AeroMexico Visa Secured Card is certainly no different. It too has been created solely for the gains of US Bank. However, that doesn’t mean that there is no value at all in it for the cardholders. Of course there is or nobody would ever even apply for cards.  SO how does this card stack up in the fees and interest departments? Let’s have a look:

APRs and Transaction Fees for the US Bank AeroMexico Visa Secured Card

I just now reviewed the interest rates and fees for the US Bank AeroMexico Visa Secured Card. Surprisingly, they aren’t that bad, especially considering that this card is targeting people who may not have any established credit whatsoever. Normally when a card is attempting to entice a lower credit score crowd, the rates and fees are set very high. As stated, these aren’t so bad.

  • APR for general purchases and balance transfers is 22.99%.
  • Cash advance APR is 24.24%.
  • Minimum interest charge is $2.
  • No annual fee for 12 billing cycles, then $25 yearly.
  • Balance transfers cost 3% of the transaction amount or $5, the greater of.
  • Convenience cash advances also cost 3% or $5.
  • ATM cash advances cost $5 or 4% of the amount advanced.
  • Cash equivalent advances cost 4% or $10, whichever is more.
  • Foreign transaction fees are 2% of the transaction amounts after conversion to US dollars.
  • Late payments and returned payments both incur $35 penalty fees.

Cardholders of the US Bank AeroMexico Visa Secured Card also enjoy several other complimentary benefits. For instance, there’s coverage for any unauthorized fraudulent charges made with your card. This is called Zero-Liability and ensures that you never have to pay for items your card may be used to purchase without authorization. In addition, the following benefits are in place:

  • Emergency travel benefits including lost/stolen card replacement services, emergency cash advances and more.
  • Collision and damage insurance for any cars that you may rent with the card.
  • Insurance for any accidents you may be involved when traveling, as long as the tickets were purchased with the card, of course.
  • There’s also comprehensive Internet banking services included. You can also set up automatic bill pay where your monthly balance is withdrawn from your bank account each month. This stops you from ever incurring any interest charges.

The US Bank AeroMexico Visa Secured Card Rewards Program

When you shop with the US Bank AeroMexico Visa Secured Card, you earn Club Premier Mile points. These points accumulate and can then be redeemed for various travel discounts and other enticements. Here’s the way the points earning breaks down:

  • 1 Club Premier Mile earned for every dollar spent;
  • 2 points for every dollar spent on groceries and fuel;
  • 5000 bonus points awarded when you use your card for the first time;’
  • Free companion ticket as a sign-up bonus;
  • $99 companion ticket every time you renew your card;
  • Constant 10% discount off all travel via AeroMexico;

If you want to check out the rewards system more specifically, then please visit the US Bank website.

Overall, this card is presented very well, especially when you consider its targeted audience. Secured cards very often have excessively high APRs and transaction fees. Not so here. In fact the US Bank AeroMexico Visa Secured Card offers the fee schedule of some considerably more tough-to-get unsecured credit cards. If you’re in the market to build your credit score up, then this card could be a nice fit. And it goes without saying that people who frequently travel back and forth to Mexico are going to be the biggest winners here.

 

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