Harley-Davidson® Visa® Secured Credit Card Review

If you’re a motorcycle enthusiast or simply someone looking to build or rebuild your credit, the Harley-Davidson® Visa® Secured Credit Card from US Bank might be on your radar. This card offers a unique blend of brand loyalty benefits and credit-building opportunities. However, before you decide to apply, it’s essential to understand all aspects of this credit card, including its fees, benefits, and potential drawbacks. In this comprehensive review, we will dive deep into everything you need to know about the Harley-Davidson® Visa® Secured Credit Card.

Harley-Davidson® Visa® Secured Credit Card Review

The Harley-Davidson® Visa® Secured Credit Card is designed for individuals with no credit history or poor credit (credit scores below 579). As a secured credit card, it requires a security deposit, which typically becomes your credit limit. The card aims to help users build or rebuild their credit profiles while offering some rewards, especially for those who frequent Harley-Davidson® dealerships and gas stations.
One of the standout features of this card is its affiliation with the Harley-Davidson® brand. Cardholders can earn points on their purchases, which can then be redeemed for Harley-Davidson® gift cards, merchandise, and more. This can be particularly appealing for loyal Harley-Davidson® customers.
However, it’s crucial to look beyond the brand and examine the card’s overall value proposition. With a high variable APR of 28.24% and no introductory APR offers on purchases or balance transfers, the card may not be suitable for everyone. Additionally, there are fees for balance transfers and cash advances, which can add up if you’re not careful.

Harley-Davidson® Visa® Secured Credit Card Key Takeaways

Before delving into the detailed pros and cons, let’s summarize the key takeaways of the Harley-Davidson® Visa® Secured Credit Card:
– Credit Building: Designed for individuals with no credit history or poor credit, this card can help build or rebuild your credit profile.
– Rewards Program: Earn 1x points at Harley-Davidson® dealerships and gas stations, 1x points at restaurants, bars, and lodging, and 1x points on all other purchases where Visa is accepted.
– No Annual Fee: The card does not charge an annual fee, making it cost-effective for those looking to build credit without additional costs.
– High APR: The variable APR for purchases and balance transfers is relatively high at 28.24%, which can be costly if you carry a balance.
– Fees: Balance transfer fees are either 3% of the amount transferred or $5, whichever is greater. Cash advance fees are 5% of the amount advanced or $10, whichever is greater.
– Brand Loyalty: Exclusive benefits for Harley-Davidson® enthusiasts, including the ability to redeem points for Harley-Davidson® gift cards and merchandise.

Harley-Davidson® Visa® Secured Credit Card Pros and Cons

Every credit card has its strengths and weaknesses, and the Harley-Davidson® Visa® Secured Credit Card is no exception. Here’s a detailed look at what works and what doesn’t with this card:

Pros

1. No Annual Fee

One of the most significant advantages of this card is that it doesn’t charge an annual fee. For those looking to build or rebuild their credit, avoiding additional costs is essential. The absence of an annual fee makes this card accessible without adding financial strain.

2. Credit Building Opportunities

The primary purpose of a secured credit card is to help individuals establish or rebuild their credit profiles. The Harley-Davidson® Visa® Secured Credit Card reports to all three major credit bureaus (Experian, Equifax, and TransUnion), which can positively impact your credit score with responsible use.

3. Rewards Program

While the rewards program may not be as robust as some other credit cards, it does offer 1x points on purchases at Harley-Davidson® dealerships and gas stations, 1x points at restaurants, bars, and lodging, and 1x points on all other purchases where Visa is accepted. For Harley-Davidson® enthusiasts, this can be a nice perk.

4. Brand Loyalty Benefits

Cardholders can redeem their earned points for Harley-Davidson® gift cards, merchandise, and more. If you’re a loyal Harley-Davidson® customer, this can add significant value to the card.

5. No Foreign Transaction Fees

For those who travel internationally, the absence of foreign transaction fees is a notable benefit. You won’t incur extra charges when making purchases abroad, making this card a good option for international travelers.

Cons

1. High APR

The variable APR for purchases and balance transfers is 28.24%, which is relatively high compared to other credit cards. If you carry a balance from month to month, the interest charges can add up quickly, making it expensive to use this card.

2. Security Deposit Requirement

As a secured credit card, you must provide a security deposit, which typically becomes your credit limit. This can be a drawback for individuals who don’t have extra funds to allocate as a deposit.

3. Limited Rewards

While the card does offer a rewards program, the earning rate of 1x points on all purchases is relatively modest compared to other rewards credit cards. If you’re looking for a card with higher rewards rates, this may not be the best choice.

4. Balance Transfer and Cash Advance Fees

The card charges fees for balance transfers and cash advances. Balance transfer fees are either 3% of the amount transferred or $5, whichever is greater. Cash advance fees are 5% of the amount advanced or $10, whichever is greater. These fees can add up if you frequently use these features.

5. No Introductory APR Offers

Unlike some other credit cards, the Harley-Davidson® Visa® Secured Credit Card does not offer introductory APR promotions for purchases or balance transfers. This means you’ll be subject to the high variable APR from the start.

Harley-Davidson® Visa® Secured Credit Card Benefits

Understanding the benefits of the Harley-Davidson® Visa® Secured Credit Card can help you determine if it’s the right fit for your financial goals. Here are some of the key benefits:

1. Credit Building

The primary benefit of the Harley-Davidson® Visa® Secured Credit Card is its ability to help you build or rebuild your credit. By making on-time payments and keeping your credit utilization low, you can improve your credit score over time. The card reports your activity to all three major credit bureaus, which is crucial for building a positive credit history.

2. Rewards Program

The card’s rewards program allows you to earn points on your everyday purchases. While the earning rate is not the highest, it can still provide value, especially if you frequently shop at Harley-Davidson® dealerships or gas stations. Here’s a breakdown of the rewards:
– 1x Points at Harley-Davidson® Dealerships and Gas Stations: Earn 1 point for every dollar spent at Harley-Davidson® dealerships and gas stations.
– 1x Points at Restaurants, Bars, and Lodging: Earn 1 point for every dollar spent at restaurants, bars, and lodging establishments.
– 1x Points on All Other Purchases: Earn 1 point for every dollar spent on all other purchases where Visa is accepted.

3. Redemption Options

Cardholders can redeem their earned points for a variety of Harley-Davidson® rewards, including gift cards, merchandise, and more. This can be particularly appealing for Harley-Davidson® enthusiasts who want to use their points to enhance their riding experience.

4. No Annual Fee

The absence of an annual fee is a significant benefit, especially for individuals looking to build or rebuild their credit without incurring additional costs. Many secured credit cards charge annual fees, so the Harley-Davidson® Visa® Secured Credit Card’s $0 annual fee is a notable advantage.

5. No Foreign Transaction Fees

For those who travel internationally, the lack of foreign transaction fees is a valuable benefit. You won’t incur extra charges when making purchases abroad, making this card a suitable option for international travelers.

6. Access to Online Account Management

US Bank provides cardholders with access to online account management tools. This allows you to monitor your account activity, make payments, and track your rewards points conveniently from your computer or mobile device.

7. Customer Service

US Bank offers customer service support to assist cardholders with any questions or concerns they may have. Whether you need help with your account, rewards redemption, or any other issue, you can reach out to their customer service team for assistance.

Conclusion

The Harley-Davidson® Visa® Secured Credit Card from US Bank offers a unique combination of credit-building opportunities and brand loyalty benefits. It is designed for individuals with no credit history or poor credit, providing a pathway to improve their credit profiles. The card’s rewards program, while not the most lucrative, can be appealing to Harley-Davidson® enthusiasts who want to earn points on their everyday purchases and redeem them for Harley-Davidson® rewards.
However, it’s essential to consider the card’s high variable APR of 28.24%, which can be costly if you carry a balance. Additionally, the requirement for a security deposit and the fees for balance transfers and cash advances may be drawbacks for some users.
Overall, the Harley-Davidson® Visa® Secured Credit Card is a solid option for those who are committed to building or rebuilding their credit and have a passion for the Harley-Davidson® brand. By using the card responsibly and taking advantage of its rewards program, you can work towards improving your credit score while enjoying the benefits of being a Harley-Davidson® cardholder.
Before applying for any credit card, it’s crucial to assess your financial situation and goals. If the Harley-Davidson® Visa® Secured Credit Card aligns with your needs and preferences, it can be a valuable