The secured Self Visa® Credit Card
- Best for: People with damaged credit or little credit history who want no credit check and can fund $100 at once or over time
- What Sets It Apart: A deposit you can build from a Self Credit Builder Account’s savings instead of paying it all at once
- Features: Reporting to Experian, Equifax, and TransUnion, normally monthly; possible unsecured limit increases after on-time payments
- Annual Fee: $0 the first year for new customers, then $25, charged to the card
- Security Deposit: $100 minimum, up to $3,000; paid by debit card, bank account, or Credit Builder Account savings
- APR: 27.74% variable
- Cost: Up to $15 for a late or returned payment; $3.50 for an expedited debit card payment through an agent
- Credit Needed: No credit check or minimum score; Self verifies income and expenses
- Pros: No credit check or credit score needed; limit can rise as you add to the deposit
- Cons: $25 annual fee from the second year, charged to the card; deposit held until you close the account; no rewards; U.S. purchases only
Get The secured Self Visa® Credit Card if you want a card that doesn’t check your credit and can put down a $100 deposit, at once or over time. Its $25 annual fee starts in the second year. With $200 to spare, choose a no-fee secured card whose application doesn’t affect your score.
Self runs this secured card, and Lead Bank, First Century Bank, or Sunrise Banks issues it. Instead of pulling your credit report, Self verifies your income and expenses to decide whether you qualify.
Key Features
- Refundable deposit of at least $100, which sets your credit limit
- Deposit paid by debit card, from a bank account, or from a Self Credit Builder Account, a small loan whose monthly payments build savings
- $0 annual fee the first year for new customers, then $25 a year
- 27.74% variable APR, the interest rate on balances you carry
- Reporting to the three credit bureaus (Experian, Equifax, and TransUnion), normally monthly
Pros
- No credit check, and no credit score needed to apply
- Limit can rise as you add to the deposit, up to $3,000
- Possible unsecured limit increases after on-time payments, adding credit beyond your deposit
Cons
- $25 annual fee after the first year, charged to the card, so it uses a quarter of a $100 limit until you pay it
- Deposit held until you close the account and pay off the balance
- Credit Builder Account savings that secure the card become its deposit when the loan ends, rather than coming back to you
- No rewards
- Purchases only in the U.S. and its territories, with no cash advances
The Self Visa suits someone with damaged credit or little credit history who wants no credit check and can’t spare more than $100 for a deposit, or needs to save it over time. If you can put down $200, the First Latitude Assent charges no annual fee, and applying won’t affect your credit.
Learn more about The secured Self Visa® Credit Card or see how it compares to the best secured credit cards.
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