Review of the Wells Fargo Secured Credit Card

Review of the Wells Fargo Secured Credit Card

If you are a Wells Fargo customer who needs to increase his credit balance or rebuild a bad credit history, a Wells Fargo Secured card might be the right choice. Wells Fargo requires deposits to secure credit limits, which are more likely to be approved for one. Also, interest rates and annual fees are relatively low for secured credit cards.    

Wells Fargo Secured Card Eligibility 

Review of the Wells Fargo Secured Credit CardReview of the Wells Fargo Secured Credit Card

To receive a card, you must make a minimum security deposit of $ 300. Your deposit will be stored in a collateral account and stored there in case there will be default on your payment. After you make a security deposit, you will not be able to use that balance for any other purpose until your account is closed or converted to an unsecured card.

Even if you make a deposit to secure a credit limit, you still have to make monthly payments on time. If your account remains in good condition, you can qualify for an increase. The good thing is that Wells Fargo will return your security deposit when your account is updated.

Review of the Wells Fargo Secured Credit Card

The advantage of Wells Fargo is that customers can make a higher maximum deposit than most other secure credit card companies. You can make a security deposit of up to $ 10,000 and get the same amount of credit limit.

The bank also shares your credit card account activities – including credit limits, balances and payment history – with three major credit bureaus. So, if you use a responsible credit card, you can qualify for a better-secured credit card in the future.

Wells Fargo Secured Card Pricing | Wells Fargo Secured Credit Card

Interest rates for Wells Fargo Secured Cards vary. However, if you want to register for the card, you need to compare the bank’s interest rate with the current interest rate for other credit card competitors. Usually, the interest rate is 19.99%, which is considered quite high.

You also need to know the interest rates calculated by Wells Fargo for purchases, balance transfers, cash advance, and overdraft protection advances with cards. Of course, you can (and should) restrain from paying interest on your account by paying off your balance every month.

Review of the Wells Fargo Secured Credit Card

Also, make sure you specify an annual fee for a secured credit card. In most cases, this is $ 25. With the exception of annual payments, you can avoid fees for Wells Fargo Secured Cards depending on your card usage. Paying in full and on time each month will enable you to avoid interest and late fees. Avoid making transfers and cash advances (this is 5% of the balance), and do not use your card for overdraft protection, these attract interest fees that can be avoided.

Review of the Wells Fargo Secured Credit Card

Also, remember not to make a mistake in using the card for purchases in a foreign currency which can be costly.

In summary, Wells Fargo Secure Cards is an option that you should consider if you are targeting a higher credit limit. In other words, if the restriction of a secured credit card limit is not right for you and you do not meet the requirements for a traditional credit card, you will need to rebuild the old fashioned way of credit instrument. This means that you complete all your debts, check your credit report to eliminate errors, and wait for time (up to 10 years) until all of your credit report deficiencies are lost.

If you don’t think this is applicable to you, then you should reconsider your position as a secured credit card.


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