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Types of Credit Cards

Before applying for a new credit card, consider learning about the different types of credit cards that are available to meet your needs. Each credit card type provides specific benefits to fit your lifestyle. The different categories also vary in how they can serve your financial goals and current financial situation.

The different credit cards available to address your financial needs will fall under two basic categories: secured or unsecured cards.

An unsecured card is more common than secured options because it does not require an initial deposit. We provide a card with a limit based on your credit history and trust that you will repay the amount according to the specific terms and conditions of the cardmember agreement.

A secured credit card requires a deposit of the limit amount before you start using the card. The deposit amount is held as a security against the possibility that you are unable to repay the amount that you use on the card. We will take this amount and deposit it into an interest-bearing U.S. Bank Secured Savings Account. In most cases, a secured credit card is used to help establish or rebuild your credit score1 when it is low.

After you determine whether you want to apply for a secured or an unsecured card, consider the types of programs that will meet your financial goals. The types of credit cards that you may consider include:

Travel Rewards Credit Cards

A travel rewards card can earn airline miles or points toward flights, hotels, car rental, seat upgrades or the use of airport amenities like a preferred client lounge. You earn rewards with every net purchase.. In general, a travel reward card is best if you travel for work or enjoy traveling and take several trips throughout the year.

Cash Back Rewards Credit Cards

A cash back rewards card can give you points for every purchase you make, from groceries to your monthly bills. The number of points can vary based on where you spend and what you are buying. With the cash rewards products you can choose to redeem for a statement credit, deposit to your checking/savings account or have a Rewards Visa card sent to you.

Retail Rewards Credit Cards

With a great selection of retail credit cards, you’re sure to find a card that fits the way you shop. From gas and groceries to clothing and sporting goods, we’ve got store credit cards with some amazing rewards for the way you shop.

First-Time Credit Cards

First-time credit cards are designed for anyone who has never used a credit card. These cards are ideal for students who may be looking to apply for a first time card and start establishing their credit history.1

These types of credit cards are designed to address specific financial goals. Learning about the benefits of a card will help you determine if it is appropriate for your needs. The key to selecting the right credit card is focusing on how you plan to use the card.

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