Wells Fargo Secured Credit Card
Wells Fargo Secured Credit Card
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Our Take
If you're an existing Wells Fargo customer and want to establish credit history, consider the Wells Fargo Secured Credit Card, as you'll need just a security deposit as low as $300.
Total Rewards
No rewards
Bonus Amount
$0
sign-up bonus
Annual Fee
$25
annual fee
Apr
21.24% variable APR.
Fees
$25 annual fee. 3% foreign transaction fee.
Summary
The Wells Fargo Secured Credit Card offers cardholders the opportunity to build or rebuild their credit history with a $300 minimum security deposit. Although the card doesn't offer no rewards, it does offer a free FICO score and credit education tools. You’ll need an existing checking or savings with Wells Fargo to qualify.
Wells Fargo will report any activity on your card to the three major credit bureaus. With time, you may qualify for other Wells Fargo unsecured credit cards, though there’s no predetermined amount of time and requirements may vary. Your account will be reviewed for factors such as your credit profile, payment history and other financial relationships.
The card's standard features include zero liability purchase protection, travel and emergency dispatch services, as well as auto collision damage waivers. There’s also a surprisingly good cell phone protection: Pay your bill with the Wells Fargo Secured Credit Card and you'll receive up to $600 in insurance against damage and theft after a $25 deductible.
For more information, check out the full review of the Wells Fargo Secured Credit Card.
Required Credit Score
Average 620
Pros
- Access to FICO score
- Card activity shared with all three major credit bureaus
- $600 cell phone protection
Cons
- Credit line equal to your security deposit
- High APR
- Only available to existing Wells Fargo checking or savings account customers
- No rewards
Earn, Redeem, and Optimize Your Rewards
Optimize
Make regular, small purchases and pay off your balance in full each month on the Wells Fargo Secured Credit Card. That way, you can build positive credit history, as Wells Fargo will report your activity to all three major credit bureaus. Use the FICO score monitoring tools to track your credit score. After you've made regular, on-time payments for a few months, you have the opportunity to upgrade to an unsecured card with Wells Fargo, assuming you meet the minimum requirements.
Benefits
Opportunity to build credit history
The Wells Fargo Secured Credit Card reports activity to all three major credit bureaus. With responsible use, you can establish positive credit history and, in time, graduate to an unsecured credit card.
Available to foreign nationals
Aside from U.S. citizens, permanent residents and nonresident aliens can apply for the Wells Fargo Unsecured Credit Card.
Up to $600 in cell phone insurance
Pay your cell phone bill with the Wells Fargo Secured Card and you'll qualify for up to $600 in cell protection against damage and theft. You'll just need to pay a $25 deductible.
Additional Benefits
- Zero liability purchase protection
- Travel and roadside emergency assistance services
- Auto rental collision damage waiver