Are you finding it hard to qualify for a credit card due to bad credit? Turn to Wells Fargo Secured Credit Card. This card has few redeemable features and may not be as rewarding as other secured credit cards in the market.
But one distinguishing feature of Wells Fargo Secured Credit Card is that anyone can qualify even if your credit score is as low as 300.
This credit card requires a security deposit to open the account. It also counts as a major credit card, because it reports information to the major credit bureaus on a monthly basis, thereby helping you improve your credit standing.
Wells Fargo Secured Credit Card Features
- $300 to $10,000 credit line depending on the amount you deposit. Funds are set aside in a non-interest bearing collateral account until your account is upgraded or closed.
- Your usage activity shared by Wells Fargo to the card bureaus. You may become eligible for upgrade to an unsecured credit card with responsible use over time.
- Cardholders get access to Online Account, Automatic Payments and Account Alerts.
- Free access to budgeting and tracking tools to help you sort your monthly expenses against your budget.
- Benefits: Roadside dispatch, Travel and emergency assistance services, Auto rental collision damage waiver and Cell phone protection
- Zero fraud liability, Rapid Alerts and Verified by Visa to keep your account safe.
- Mobile payment options with Android Pay, Apple Pay, and Samsung Pay.
Wells Fargo Secured Credit Cards Rates/Fees
- One-Time Fees – None
- Annual Fee – $25
- Monthly Fee – None
- Regular Rate – 20.24% (V)
- Grace Period – 25 days
- MLF – $37
- Maximum Overlimit Fee – None
- Maximum Penalty APR –None
- Foreign Transaction Fee – 3%
- Cash Advance Rate – 25.24% (V)
- Cash Advance Fee– 5% (min $10)
How to Apply for the Wells Fargo Secured Credit Card
- Firstly, visit the application homepage of the Micro Center. Review the terms and tap continue.
- Secondly, in the enrollment section, fill in your personal details with the following information; First name, Middle name, Last name, Current address, City, State, Zip code, Social security number, Email Address, Date of birth, Home phone number, Cell phone number.
- Thirdly, provide the necessary details in the financial information section. This include: Housing status, Employer name, Work phone number, and Net annual income.
- Fourthly, review Terms and Conditions of the credit card, if you accept,
- Lastly, click the “Submit” button to submit the application.