U.S. Bank holds your refundable security deposit in a savings account. This account is FDIC-insured and earns interest. The bank won’t touch the money as long as your account is active and in good standing. Once you upgrade to a secured card or close the account, you can have the amount back.

You can redeem your points in a number of different ways. U.S. Bank offers cash back, gift cards, merchandise and travel redemptions. You can also redeem your points instantly on purchases with their Real-Time Rewards program.

As long as your account is open, your points don’t expire. You can redeem them anytime you want.

If you apply online, you’ll get an instant approval or rejection. However, if you choose to apply in person on a physical branch, it might take up to 2 business days for the bank to make a decision.

Since this is a secured card, it requires a security deposit which will work as your spending limit. You can choose any amount between $300 and $5,000.