I did a review of the AeroMexico Visa Secured Card, which is issued by U.S. Bank, a few weeks ago. The Harley-Davidson Visa Secured Credit Card is also issued by U.S. Bank. Even if you aren’t into motorcycles, you should take a look at this card. No leather jacket required.
Your security deposit can range from $300 to $5,000 and you earn interest on it, which is excellent. Your payment history is reported to all three major credit bureaus, so if you use the card responsibly, you can rebuild or establish your credit.
Here’s one thing I like about this Harley-Davidson Visa: When you’ve managed all of your credit obligations responsibly consistently for 12 months, you’ll be well on your way to a strong credit standing, and we may be able to move you to an unsecured credit card product.
That’s major incentive right there. And it’s straight from the home page of the card.
It’s really a nice bonus when a secured card offers a rewards program. Now, this section is only helpful if you have a bike or plan to get one. You can use the rewards at Harley-Davidson dealers.
Here’s what you get:
- You earn one Genuine Rewards point per $1 spent (net purchases).
- You can redeem 2,500 points for $25 in Harley Chrome Cash. This a standard point value (1 point = $.01), so you aren’t getting short-changed. You can only redeem in $25 increments.
- You have a chance to win a new motorcycle via the H-D Visa Free Ride Sweepstakes. If you don’t ride, you can sell it!
- You’ll receive a $10 Harley Chrome® Cash certificate. These expire 180 days after issuance.
Note that Genuine Rewards points expire three years from the date earned. So if you earn rewards in 2013, they’ll expire on December 31, 2016. You can get more details about the rewards right here.
Even if you can’t use these rewards, keep reading. If you don’t carry a balance, the cost of this card is zero because there’s no annual fee. Well, it’s zero if you don’t do anything that comes with a transaction fee!
Rates and fees
The rates and fees for the Harley-Davidson Visa Secured Card are decent. As with other U.S. Bank cards, the cash advance transaction fees are difficult to digest. I’m including all of it to be thorough. And everyone knows I’m neurotically through when it comes to reviews. But do yourself a favor and just decide right now that you won’t get a cash advance.
APR: You get a variable rate of 22.99 percent.
Balance transfers: You get a variable 22.99 percent. The transfer fee is 3 percent.
APR for cash advances: You get a variable 23.99 percent. Here we go: The transaction fee is 3 percent for a convenience check cash advance, a cash advance at an ATM, and a cash advance; it’s 4 percent for a cash equivalent cash advance. See what I mean? You don’t ever want to get a cash advance anyway. The interest clock starts ticking as soon as the item is posted to your account. At a 23.99 percent APR. Think about that.
Annual fee: There’s no annual fee. This is exceptional for a secured card.
Foreign transaction fees: It’s 2 percent of each foreign purchase transaction or foreign ATM advance transaction in U.S. Dollars. It’s 3 percent of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency.
Credit limit: Your credit limit is the same as your deposit amount.
The bottom line
I think the Harley-Davidson Visa Secured Card is a keeper whether you bike or not. So I’m giving it a thumbs-up. This card is kind of on the bubble between the upper tier and the middle tier on my list of The Best (and Worst) Secured Credit Cards.
It’s awesome that there’s no annual fee, but if you think you’ll carry a balance, there are better choices. Basically, the perfect cardholder is someone who has a Harley-Davidson motorcycle (or really wants one) and who doesn’t intend to carry a balance. But anyone who doesn’t carry a balance will find this card to be a low-cost option.