| Last updated on December 12th, 2023
Wells Fargo Secured Credit Card
Wells Fargo Secured Credit Card
- 20.49% variable based on the Prime Rate Regular Purchase APR
- 20.49% variable based on the Prime Rate Balance Transfer APR
- 25.49% variable based on the Prime Rate Cash Advance APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Card activity is shared with major credit bureaus to help build credit history
- Your security deposit is equal to your credit line – if you deposit $300, your credit line is $300
- Available to both U.S. citizens, permanent residents, and nonresident aliens
- Sort your monthly expenses against your budget with free access to budgeting and tracking tools: My Spending Report and Budget Watch through My Money Map
- Regular Purchase APR: 20.49% variable based on the Prime Rate
- Balance Transfer APR: 20.49% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Up to 5% for each balance transfer, with a minimum of $5
- Cash Advance APR: 25.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each advance, whichever is greater
- Annual Fee: $25
- Foreign Transaction Fee: 3% of each transaction converted to U.S. dollars
- Late Payment Penalty Fee: Up to $37
- Return Payment Penalty Fee: Up to $37
- Minimum Deposit Required: $300
At a Glance
The Wells Fargo Secured Card is a secured credit card designed to help you repair your credit or establish a credit history for the first time. Wells Fargo targets this card not only at U.S. Citizens looking to boost their credit scores, but also nonresident aliens and U.S. residents with a Social Security Number or tax ID number.
Ideal for Those Who:
- Already bank with Wells Fargo
- Want to repair their credit or establish a credit score for the first time
- Don’t mind paying an annual fee for the chance to upgrade to an unsecured Wells Fargo card in the future
Wells Fargo Secured Card Review
The Wells Fargo Secured Card is the ideal way to establish or rebuild credit, particularly if you are a foreign national new to U.S. credit. The card is available to not only U.S Citizens but also permanent U.S. residents and nonresident aliens, making it a great option for those new to the country and wanting to build their credit score in America. Wells Fargo requires applicants to have a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), meaning not everyone will qualify, however.
To open the account, applicants must also be a current Wells Fargo checking account or savings account holder. They will then need to fill out their application and ensure that their account has at least $300 to serve as a security deposit. This security deposit (which has a maximum limit of $10,000) acts as the security on the credit card account and serves as the credit limit.
As with other secured credit cards, Wells Fargo regularly reports to all three major credit bureaus: Equifax, Experian, and TransUnion. If you make your payments on time, you can quickly build up your credit score. With proper use, you may even graduate to an unsecured credit card in time. If you don’t pay on time, however, Wells Fargo may garnish or claim the entirety of your security deposit and close the account.
While the Wells Fargo Secured Card doesn’t offer any fancy perks or rewards, it does come with Wells Fargo’s suite of financial education tools and guides, as well as complimentary access to your FICO credit score. Additionally, you can expect the usual array of Visa perks, including travel and accident coverage, and more. The annual fee with the card is $25.
Should You Apply for the Wells Fargo Secured Card?
So, is it worth applying for the Wells Fargo Secured Card? If you are a current Wells Fargo customer, the answer is yes. After all, Wells Fargo offers some excellent rewards credit cards, meaning biting the bullet and building your credit history with the bank is a great way to show them you can be trusted with another of their credit products.
For non-Wells Fargo customers, however, there are better secured card options available. The Discover It Chrome Secured, for example, earns 2% cash back on gas station and restaurant purchases and 1% back on everything else. Discover will even match your total cash back after the first year – all for no annual fee. The Wells Fargo Secured simply cannot compete with its lack of perks and a $25 annual fee.
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