Last updated on August 21st, 2023
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Self Visa® Credit Card
Self Visa® Credit Card
- 29.24% (Variable) Regular Purchase APR
At a Glance
The Self Visa® Credit Card is a secured credit card that pairs with an existing Self Credit Builder Account. The card has no formal approval process. Instead, hopeful consumers simply need to open a Self account and save over $100 to fund the secured Visa account.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Make at least 3 monthly payments on time, have $100 or more in savings progress in your Credit Builder Account, and be in good standing. Then, you’ll be eligible for the Self Visa Credit Card*, without a hard credit check
- Build credit and savings at the same time
- Start with a Credit Builder Account* that reports monthly payments to all 3 major credit bureaus
- At the end of your plan, unlock the savings you built — minus interest and fees
- The Self Visa® Credit Card* is accepted at millions of locations in the U.S.
- *All Credit Builder Accounts made by Lead Bank, Member FDIC, Equal Housing Lender, Sunrise Banks, N.A. Member FDIC, Equal Housing Lender or SouthState Bank, N.A. Member FDIC, Equal Housing Lender. Subject to ID Verification. Individual borrowers must be a U.S. citizen or permanent resident and at least 18 years old. Valid bank account and Social Security Number are required. All loans are subject to consumer report review and approval. All Certificates of Deposit (CD) are deposited in Lead Bank, Member FDIC, Sunrise Banks, N.A., Member FDIC or SouthState Bank, N.A., Member FDIC. The Self Visa® Credit Card is issued by Lead Bank, Member FDIC, Equal Housing Lender or SouthState Bank, N.A., Member FDIC, Equal Housing Lender. Individual results will vary. Visit self.inc for more details.
- Regular Purchase APR: 29.24% (Variable)
- Annual Fee: $25
- Late Payment Penalty Fee: Up to $15
- Return Payment Penalty Fee: Up to $15
- You're serious about raising your credit score
- You already have a Self Credit Builder Account
- You don’t mind the card's $25 annual fee
- You plan to pay your card balance in full every month
Self Visa® Credit Card Review
The Self Visa Credit Card is a secured card designed to help build credit – fast. From leading fintech, Self, the card isn’t available for direct applications, opening a Self Credit Builder Account and making on-time payments will guarantee you the credit building secured card – and the purchasing power of the visa network.
How to Get a Self Visa® Credit Card
The Self Visa® Credit Card approval process is a little different than other secured credit card accounts. Because Self is a credit builder startup, the process involves a potential applicant getting their hands dirty with the company and growing their credit portfolio.
This process begins with opening a Self Credit Builder Account. Self’s Credit Builder Account is a unique loan product where individuals with no credit history or poor credit open a loan account to “pay off” the loan into a certificate of deposit (CD) account.
|Monthly Payment||1-Time Admin Fee||Loan Length||Amount You Get Back|
Once the account holder makes three monthly payments on time – and has more than $100 in their CD account, they can select to open a Self Visa® Credit Card account. They can choose their initial deposit level (at least $100) and order their secured card.
There are no credit checks, meaning there is no impact on a person’s credit score to open the account. Because there are no credit checks and no formal application process, no one can be denied the Self Visa Secured Card. Opening the account, however, does require a $25 annual fee.
Build Good Credit with On-Time Payments
Building credit is difficult without the correct tools. Fortunately, the Self Secured Visa makes the practice much easier.
The Self Visa reports to the major credit bureaus every month. This regular reporting to Equifax, Experian, and TransUnion allow users to quickly raise their credit score through a series of on-time payments.
Payment history accounts for 35% of a FICO Score. Because this one critical factor accounts for over a third of a person’s FICO Score (the scoring model used by 90% of all lenders), paying on-time can help raise a credit score significantly within six months to a year. According to Self, responsibly using the Secured Visa touches upon over 75% of the major factors that impact a person’s FICO score.
|FICO Scoring Factor||% of Score|
|Payment history/ late payments||35%|
|Total amount owed on credit accounts||30%|
|Average length of credit history||15%|
|Types of credit accounts||10%|
|New credit applications (hard inquiries)||10%|
Chance at Credit Limit Increases Over Time
Because the card is linked to a Self Credit Builder Account, cardholders can increase their secured card credit limit as they continue to build their FICO Score with on-time payments. As their Credit Builder Account grows, that money can be moved towards the credit line with the Self Visa® Credit Card.
One of the biggest downsides of the Self Secured Visa is the less-than-stellar APR on purchases. That rate is approximately five-percentage points higher than the national average of 18%.
Fortunately, avoiding interest is as easy as paying the balance in full every month. But, if you plan to carry a balance, expect a larger than normal interest charge. This charge won’t be excessive, just more than the average consumer would expect.
Visa Protections and Benefits
The Self Visa also provides holders with the basic benefits and protections of a Visa credit card. These features include:
|Zero Fraud Liability||Cardholder Inquiry Services||Emergency Card Replacement|
|Roadside Dispatch and Auto Collision Damage Waiver||Lost/Stolen Card Reporting||ID Navigator from Norton|
Chime Credit Builder Secured Visa® Credit Card
Self Visa® Credit Card
|No annual fee||$25 annual fee|
|No credit check performed when applying||No credit score is needed to get started|
|No minimum security deposit required||Start with a Credit Builder Account that reports monthly payments to all 3 major credit bureaus|
|Checking account required||Your money is secured and protected in a bank account|
Frequently Asked Questions (FAQs) About Self Credit Builder and Self Visa
Because the Self Visa is a unique way to establish a good credit history, there are many questions that often arise from interested consumers. Here are some of the most commonly asked questions about Self, as well the answers:
The Application Process and Getting Around with Self
No, this is a secured credit card with no hard credit check.
No. Self can’t guarantee you’ll be approved for the Self Visa, as that is not the process. But once you meet the eligibility requirements, the choice is yours whether to open the Self Visa Credit Card account.
Yes. The whole mission of Self Financial is to help people build credit and save money. That’s why our credit builder card can be a great way to improve poor credit. This secured credit card was designed for people whose credit is bad or poor (as defined by FICO) and is meant to be another tool for you to use to work on improving your credit.
The minimum security deposit is $100.
Since the Self Visa is a secured credit card, you set the credit limit. Opening a Self Secured Visa account requires a Self Credit Builder account. Once that account has a minimum of $100, you can open a Self Credit Card account.
No. Self does not permit Self Secured Cardholders to use their card for cash advances.
The Self Card features an annual fee of $25, which is very reasonable when compared with other secured credit cards for building credit.
Self Visa Credit Cardholders can contact Self through their website, via the company’s live chat, or by calling 1-877-883-0999.
Yes. For those ready to rebuild their credit – or establish a strong credit history for the first time – the Self Credit Builder account and Self Secured visa are excellent tools for learning sound financial habits.
- Self is available in all 50 US states and the District of Columbia.
Should You Apply for the Self Visa® Credit Card?
The Self Credit Builder Account and associated Secured Visa® Credit Card are an excellent combination for quickly building a positive credit history. Because the two accounts work together seamlessly, meeting the minimum requirements and paying on-time doubles the impact on your credit score.
While the Self Visa isn’t a spectacular credit card (the APR is below average, and the $25 annual fee isn’t great), it comes with no hard inquiries on your credit report and no fears of rejection. Because of this, it is one of the best options available for credit repair.
All Credit Builder Accounts made by Lead Bank, Member FDIC, Equal Housing Lender, Sunrise Banks, N.A. Member FDIC, Equal Housing Lender or Atlantic Capital Bank, N.A. Member FDIC, Equal Housing Lender. Subject to ID Verification. Individual borrowers must be a U.S. Citizen or permanent resident and at least 18 years old. Valid bank account and Social Security Number are required. All loans are subject to ID verification and consumer report review and approval. Results are not guaranteed. Improvement in your credit score is dependent on your specific situation and financial behavior. Failure to make monthly minimum payments by the payment due date each month may result in delinquent payment reporting to credit bureaus which may negatively impact your credit score. This product will not remove negative credit history from your credit report. All loans subject to approval. All Certificates of Deposit (CD) are deposited in Lead Banks, Member FDIC, Sunrise Banks, N.A., Member FDIC or Atlantic Capital Bank, N.A., Member FDIC.
The Self Visa® Credit Card is issued by Lead Bank, Member FDIC, Equal Housing Lender.