If the thought of having a Harley-Davidson credit card gets your engine revving, you should slow down and apply the brakes. Although the card, which is issued in collaboration with U.S. Bank and offers plentiful rewards on all Harley-Davidson purchases, including the bikes themselves, sturdy gear sporting the brand name, and gas stations as well, it is likely that you would be better off with a flat-rate card that can be used for a variety of purchases.
This is because even the most devoted followers of the motorcycle lifestyle will still have costs associated with their lives outside of the world of Harley-Davidson. Although it is conceivable that someone is purchasing the full collection of gear and a new bike each year, it is more likely that most people will spend their money on other necessities that are not available inside that ecosystem.
Your financial attention is likely required for expenses such as food, entertainment other than what may be experienced on the open road, apparel that does not have the HD brand, and stuff around the home. And when they do, a card that offers 1.5% or 2% cash back will likely net you higher benefits than the Harley Davidson Card would.
It is important to bear in mind that you may only use the points you earn on the Harley-Davidson credit card to make further purchases from Harley-Davidson. This is true even if you believe you would earn more rewards with the Harley card than with any other alternative. A better strategy would be to request a refund of your money, which you could use in whatever manner you see fit.
Pros
A Method to Establish or Reestablish Credit
One of the benefits of using a secured credit card, such as Harley Davidson Visa Secured card, is that it allows you to establish or restore your credit history. Having a secured credit card that reports to the main credit agencies will assist you in raising your credit score and make it possible for you to eventually qualify for an unsecured credit card, even if you cannot meet the requirements for an unsecured credit card.
It Provides Rewards
If you use your secured credit card responsibly, most of them, like Capital One Platinum, will help increase your credit score, but they often don't let you earn rewards like regular credit cards. Even though the incentives offered by Harley Davidson Visa Secured card may only be used for Harley-Davidson merchandise, the card does give rewards.
Security Deposit Earns Interest
You will accrue interest on the security deposit you make when you use Harley Davidson Visa Secured card, even though you will be required to make one. When you turn in your card and get your security deposit returned, you will have earned interest as long as the issuer does not have to take money out of your account to satisfy delinquent debts.
Cons
You May Only Redeem Rewards for Harley-Davidson Merchandise
Redeeming points with Harley Davidson Visa Secured card is limited to only being able to be done for gift cards or purchases made at Harley-Davidson. There are no additional redemption alternatives available, such as cashback, in contrast to a few other secured credit cards that give rewards. You are only eligible for statement credits to cover purchases made with your Harley Davidson credit card.
Foreign Transaction Fees
There are costs associated with making purchases overseas with this card. If you use it in another nation, you will be subject to a charge of 2% on transactions that are conducted in U.S. dollars and 3% on transactions conducted in currencies other than the U.S. dollar.
Best For
Harley Davidson Visa Secured card is geared for die-hard Harley fans who desire to grow their credit but cannot qualify for a credit card that does not need a security deposit owing to a low history or poor credit. This card does not have an annual fee, making it a more wallet-friendly choice, and it offers rewards.
Discover it is one option worth considering for those looking for a secured credit card that offers rewards with more flexibility. Not only does it not charge annual fee, it also provides important cash-back benefits that may be used against any purchase.
Security Features
You won't be responsible for any illegal charges made with your Harley Davidson Visa Secured card since Visa has a policy that states there is no responsibility for fraudulent charges made with their cards. In addition, you will feel more confident about the safety of your financial dealings since this card has chip technology.
