Wells Fargo Secured Card – build your credit rating with bad or no credit

Wells Fargo customers with bad or no credit can build their credit rating using the Wells Fargo Secured Card. This secured Card comes with modest annual fee but high interest rate. The card also requires a security deposit just like other secured cards. Your security deposit determines your credit limit.

To get the card, you’ll need to pay a minimum security deposit of $300. Your deposit is placed in a collateral account and held there in case you default on your payments. Once you make the security deposit, you can’t use those funds for anything else until your account is closed or upgraded to an unsecured card.

Even though you’re making a deposit to secure the credit limit, you’re still required to make your monthly payments on time. Keeping your account in good standing will help you qualify for an upgrade. If your account is upgraded, Wells Fargo will refund your security deposit.

Wells Fargo Secured Card

Wells Fargo Secured Card Pricing

Interest rates on the Wells Fargo Secured Card fluctuate, but if you’re considering signing up for the card. You should compare the bank’s interest rate to current interest rates for other institutions competing for secured credit cards. Typically, the interest rate is 19.99 percent which is considered fairly high.

You should also find out the interest rate Wells Fargo has set for purchases. Balance transfers, cash advances, and overdraft protection advances made with the card. Of course, you can (and should) avoid paying interest on your account by paying your balance in full each month.

The annual fee for the secured credit card is a modest $25. With the exception of the annual payment, you can avoid fees on the Wells Fargo Secured Card based on how you use your card. If you pay in full—and on time—each month you can avoid interest and late fees. If you can, avoid balance transfers and cash advances (which are 5 percent of the balance) and don’t use your card for overdraft protection—these all incur interest fees which can add up. Also, avoid using the card for purchases in a foreign currency which can be costly.


The Wells Fargo Secured Card is an option worth considering if your goal is to build a bigger credit limit.
The advantage of going with Wells Fargo is that it has the distinction of allowing customers to make a higher maximum security deposit than most other financial institutions do for secured credit cards. You can make a security deposit of up to $10,000 and receive a credit limit in the same amount.

Also, the bank will share your credit card account activity—including your credit limit, balance and payment history—with the three major credit bureaus. Therefore, if you use your credit card responsibly. This will help you qualify for a better-unsecured credit card in the future.

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