Harley-Davidson® Visa® Secured Card Review

harley-davidson-secured-card

The Harley-Davidson secured card is offered by U.S Bank & the only one they offer without an annual fee. It’s by far their best offering and is also one of our favorite secured cards. If you’re unfamiliar with secured credit cards, we’d recommend you reading our introduction to them.

 harley-davidson-secured-card-review

Interest Rates

Fees

Card Pros

  • Security deposit earns interest
  • Graduates to unsecured card
  • Rewards program
  • No annual or sign up fees

Card Cons

  • Rewards program can only be used for chrome cash
APR: 22.99% Annual Fee: None
Introductory APR: None Balance Transfer Fee:3% or $5 whichever is greater
Introductory APR Length: None Cash Advance Fee: 3 or 4% (depending if it’s a cash equivalent or cash advance) or $10 whichever is greater
Cash Advance APR: 23.99% Foreign Transaction Fee: 2% in US dollars, or 3% in foreign currency
Penalty APR: None specified Late Payment Fee: Up to $35
Grace Period: 24-30 days Over The Credit Line: None
Minimum Interest Charge: $2 Returned Payment: Up to $35

This card has all of the features that we look for in secured cards; it has no annual or sign up fees, a rewards program and it graduates to an unsecured card (more on this later). Another great feature of this card is the ability to add funds to your account and increase your credit limit without being hit with a hard credit pull.

There are a few downsides to this card, whilst it does have a rewards program which is unusual for secured cards the program they offer isn’t great. It earns Harley Davidson chrome cash which can only really be redeemed for Harley Davidson products.

That being said, this is an extremely solid product and one that we recommend to those who have no or bad credit history.

Quick Facts:

  • Card can graduate to an unsecured card
  • Reports to all three credit bureaus, reports as a secured card
  • You can add funds at any time to increase your credit limit, without a hard credit pull
  • Security deposit does earn interest
  • No annual or sign up fees

Card Graduation

This card can graduate to an unsecured card, but card holders MUST call U.S bank to request this graduation (make sure to ask to graduate, rather than apply for a new card). To be eligible cardholders must have the following: had the card for a minimum of one year, a FICO score of 680 or above and a good history of paying the secured card on time.

If an application for graduation is successful then cardholders will receive Harley-Davidson® Visa® Credit Card. This card has an annual fee of either $0 or $29 depending on credit history. Most secured card holders that have been approved have had the annual fee set at $0. When this card graduates, it keeps it’s account age which helps to increase your average age of accounts which is a scoring factor in the FICO score.

Application Information

This is a secured card, so even if you have a history of bad credit (e.g not making payments on time) then you should still be approved for this card. U.S bank usually will not approve you even for their secured products if you have a bankruptcy on file, if this applies to you we’d recommend looking at our list of bankruptcy friendly card issuers. U.S Bank also has an issue if you have a lot of recent charge offs on your account

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What Credit Limit Will I Receive?

The credit limit you receive on this card is dependent on the security deposit you give U.S bank. There is a minimum deposit of $300 and a maximum deposit of $5,000. These deposits do earn interest as the money is put into a FDIC insured savings account. Rates change regularly so we’d recommend viewing the rates here. It is possible to add funds (thus increasing the credit limit), the minimum amount that can be added is $100. Some cardholders were able to add funds immediately, whilst others had to wait a period of six months. As far as we are aware adding funds is a soft credit pull and doesn’t affect your credit score.

Minimum Credit Limit Highest Reported Credit Limit
$300 $5,000

Rewards Program

Earning Rewards

This rewards program is targeted at Harley Davidson fans (thus the name of the card). Cardholders earn 1 point per $1 spent. 2,500 points = $25 in chrome cash. Chrome cash can be used to purchase products from participating Harley Davidson stores & outlets.

This card also gives it’s cardholders $10 in chrome cash when they sign up and enters them into a sweepstakes to win a Harley Davidson motorcycle. Most secured cards don’t offer a rewards program, so it’s great to see one that does (especially one that doesn’t charge an annual fee). Unfortunately it’s not that useful unless you’re a HD fan.

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Card Alternatives

This card is best suited to somebody who wants a no nonsense secured credit card without any hidden fees that can graduate to an unsecured card if they show they are capable of making on time payments. Other cards might be better options depending on your unique circumstances.

  • Discover it Secured: This card has a more flexible rewards program and can earn up to 5% in cash rewards per $1 spent.
  • SDFCU Secured: This card has no annual fee, comes with an EMV chip (with PIN capability) and no foreign transaction fees. It does not graduate to an unsecured card.
  • Navy Federal nRewards secured card: This card has it all, no annual fee, generous rewards program & it graduates. The only downside is that not everybody is eligible for it.