Wells Fargo Secured Visa Card Review
| Card Category: | Consumer |
|---|---|
| Card Type: | Secured |
| Credit Needed: | Excellent / Good Credit Credit |
| Card Rating: |
So who is this new player in town? Credit cards are shooting up right and left, making a choice has never been harder. Well, sit back and let me introduce the Wells Fargo secured credit card. This is a card that runs on the VISA platform, thus allowing it transactions where Visa is acceptable. Want to achieve a great credit history, this is a wonderful place to start.
Wells Fargo Secured Visa Card Details
CARD DESCRIPTION:
- Your secured credit card activity is shared with major credit bureaus to help build your credit history. Over time, you may be eligible for an upgrade to an unsecured credit card.57
- Use it anywhere Visa is accepted®.57
- Available to both U.S. and temporary residents.57
AVAILABLE REWARDS
| Max. Rewards: | N/A |
|---|---|
| Sign-up Bonus: | No |
RATES & FEES
| Purchase Intro APR: | n/a57 |
|---|---|
| Purchase Regular APR: | 19.24%57 |
| Cash Advance Fee: | 5% min $1057 |
|---|---|
| Cash Advance Regular APR: | 24.24%57 |
| Balance Transfer Intro APR: | n/a57 |
|---|---|
| Balance Transfer Regular APR: | 19.24%57 |
| Balance Transfer Fee: | 5%57 |
| Annual Fee: | $2557 |
|---|
Wells Fargo Secured Visa Card Benefits
One of the biggest issues with credit cards is the history and credit records we have kept over the years. One of the greatest benefits to this particular card is the ease of qualification, anyone can. All that is required is a 300 dollar deposit that is not affected by interest.
They are further backed by three credit bureaus that assure you a security deposit back with built credit score. The better you are, the greater the rewards. With an upgraded account, it's easy for one to move from an ordinary credit card to a platinum one, ridding you of the annual fee.
Not an American citizen? Not a problem, as stated earlier, this card is available for everyone, including non-residents or temporary citizens.
They are further backed by three credit bureaus that assure you a security deposit back with built credit score. The better you are, the greater the rewards. With an upgraded account, it's easy for one to move from an ordinary credit card to a platinum one, ridding you of the annual fee.
Not an American citizen? Not a problem, as stated earlier, this card is available for everyone, including non-residents or temporary citizens.
Wells Fargo Secured Visa Card Drawbacks
One of the disadvantages that may be considered significant is the pure value. Other cards tend to come with no annual fee, a 1:1 credit line ratio to the security deposit.
Another drawback would probably be the no percentage of cash back rewards, whereas, in other credit cards, you can find a 2% cash back policy at gas stations or cafes.
The annual fee of 25 dollars is a further disadvantage as other cards will get you a cash back reward with no fee.
This card is however not advisable for consumers who have bad credit and want to earn rewards. This is better if you have no credit score.
Another drawback would probably be the no percentage of cash back rewards, whereas, in other credit cards, you can find a 2% cash back policy at gas stations or cafes.
The annual fee of 25 dollars is a further disadvantage as other cards will get you a cash back reward with no fee.
This card is however not advisable for consumers who have bad credit and want to earn rewards. This is better if you have no credit score.
Contact Information
TELEPHONE
For existing cardholders: 1-800-642-4720
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User Comments about Wells Fargo Secured Credit Card
Really BUILDS credit
Oct 18, 2016 by Jack Cellino:
I got card when i had poor credit. They reported my card activity and that helped me to built decent credit and I even got upgraded later for better credit line
no change to unsecured
Oct 20, 2016 by Ben:
Thought that they will change my card to unsecured after some time but it has been almost three years and i have no upgrades
builds credit
Oct 26, 2016 by Frank :
This card really serves its purpose. i used it and my score went up so i could apply for amex card with premium rewards
way to improve credit
Nov 02, 2016 by Robert Riddle:
Great card for those who start to built credit. its easy to pay to, has great customer service and really builds credit. After a short period i could apply to the unsecured card even with rewards on purchases. Thanks WF! )
Recommended
Nov 09, 2016 by Joseph Garfield:
It is extremely easy to qualify for this card. It brings hope for anybody who is serious about establishing decent credit history. This card helped me greatly in the past and i highly recommend it.