Wells Fargo Secured Credit Card Review and Comparison

Wells Fargo Secured Credit Card has a credit limit of $300 to $2,500. This is a relatively low credit limit compared to other secured credit cards.

The card requires a security deposit, which is refundable if you close the account and pay off the balance. This deposit can be as low as $300 or as high as $2,500.

Wells Fargo reports your payments to the three major credit bureaus, which can help you build credit. This is a key benefit of using a secured credit card.

The card has a variable APR of 24.99% (Variable). This is higher than some other secured credit cards on the market.

A fresh viewpoint: Secured Credit Card Bad Credit with No Security Deposit

The Wells Fargo Secured Credit Card has a credit line ranging from $300 to $10,000, depending on the amount you deposit.

You can upgrade to an unsecured credit card with responsible use over time, which is a great opportunity to improve your credit score.

The Annual fee is $25, which is a relatively low fee considering the benefits you'll receive.

There's no maximum penalty APR, which means you won't be hit with an extremely high interest rate if you make a late payment.

Foreign transaction fees are 3%, which is higher than some other credit cards, so be mindful of that when traveling abroad.

The cash advance APR is 25.24% (Variable), and cash advance fees are 5% (minimum $10), so try to avoid using the card for cash advances whenever possible.

You'll have 25 days of grace period before interest starts accruing, which is a decent amount of time to pay off your balance.

The card comes with online access, automatic payments, and account alerts, making it easy to stay on top of your finances.

You'll also get free access to budgeting and monitoring tools, which can help you track your expenses and stay within your budget.

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The Wells Fargo Secured Credit Card has relatively lenient approval requirements.

You don't need a perfect credit score to get approved, but you will need to make a $300 deposit to open the account.

The credit card is designed for people with bad credit, with a credit score range of 300-619.

A secured card is a great tool for rebuilding credit because it minimizes risk for the issuer.

The deposit serves as your credit line, so you can't spend more than you can afford to repay.

Approval isn't guaranteed, but making a deposit can increase your chances of getting approved.

The Wells Fargo Secured Credit Card has an APR of 18.99%, which is one of the higher APRs currently available for secured credit cards.

These cards usually have lower APRs than traditional cards due to their being less risk for lenders.

You can manage your Wells Fargo Secured Credit Card account online or through the mobile app.

To get started, sign on to Wells Fargo Online or download the Wells Fargo Mobile app to make same-day payments, schedule future payments, and manage your credit card payments from your mobile device.

With Autopay, you can set up automatic payments, and we'll deduct your payment from the account you choose. No need to add your credit cards - they're already there.

You can also view your account activity, payment history, and credit score all in one place.

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With the Wells Fargo Secured Credit Card, you can have peace of mind knowing your account is secure. You'll receive text notifications when your password is updated, helping to keep your account secure.

You can also set up alerts to track your purchases and stay within your budget. For example, you can receive text notifications when you make a purchase that exceeds a set amount.

Here are some of the alerts you can set up:

And if something does go wrong, Zero Liability Protection has got you covered. As long as you report any unauthorized transactions promptly, you won't be held responsible.

You can get text or email notifications for various transactions with your Wells Fargo Credit Card. These alerts can help you stay on top of your spending and account activity.

Declined transactions are one type of alert you can receive. Foreign transactions and online, phone, or mail purchases are also tracked with notifications. You can even set a specific amount for purchases that trigger an alert.

If you're concerned about unauthorized transactions, you'll appreciate the Zero Liability Protection offered by Wells Fargo. This protection feature is built into your credit card and helps ensure you're not held responsible for any unauthorized transactions.

Here are some of the alerts you can receive:

Sign-up may be required to receive these alerts, and availability may be affected by your mobile carrier's coverage area.

Reporting is a crucial aspect of credit cards, and this card reports to all three nationwide credit bureaus. It's reported as "secure" to these credit bureaus.

Your credit score can fluctuate, as seen in the example where a credit score went from 563 to 670 and then down to 634. This card was used for 9 months before being upgraded to a regular credit card.

The credit score increase from 563 to 670 in a relatively short period is impressive, and it's worth noting that the cardholder's credit score went down to 634 after that.

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If you're considering the Wells Fargo Secured Credit Card, you might want to check out some of its competitors.

The Discover it Secured Credit Card has a significantly higher WalletHub rating of 4.7, indicating it's a great option for improving credit by paying in full each month. It also offers 1 - 2% Cash Back rewards, which is a nice perk.

Another alternative is the OpenSky Plus Secured Visa Credit Card, which has a WalletHub rating of 3.9 and offers no annual fee. However, its regular APR is 29.24% (V), which is higher than the Wells Fargo Secured Credit Card's 20.49% (V).

If you're looking for a card with a high rating and no annual fee, the Discover it Secured Credit Card might be the way to go.

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There are 1,192 reviews of the Wells Fargo Secured Credit Card available online.

Many users have shared their experiences with the card, but one user's story stands out. They've had the card for 2 years, made 100% on-time payments, and paid the whole amount off when due, yet it's still secured.

Qualifying for the card is relatively easy, even with bad credit, which is a major pro for those looking to rebuild their credit.

However, the card requires a security deposit, which may not be ideal for everyone.

According to one user, it's possible to have the card unsecured after 6 months, but this may not always be the case.

The Wells Fargo Secured Credit Card is indeed a major credit card, belonging to the Visa network and issued by one of the major credit card companies, Wells Fargo.

However, it's worth noting that this card is no longer available to new applicants, so if you're in the market for a secured credit card, you'll need to look elsewhere.

Wells Fargo Secured Credit Card is no longer available to new applicants, so it's not a viable option for those who are just starting to build or rebuild their credit.

If you're considering the Wells Fargo Secured Credit Card but want to explore other options, you've come to the right place. Here are some popular alternatives to consider.

The Discover it Secured Credit Card has a significantly higher WalletHub rating of 4.7, indicating it's a top choice for improving credit by paying in full each month.

The OpenSky Plus Secured Visa Credit Card has a lower WalletHub rating of 3.9, but still offers a decent option for rebuilding damaged credit by paying in full each month.

Here's a brief comparison of the three cards:

The Discover it Secured Credit Card has a notable advantage with a $0 annual fee, making it a more cost-effective option in the long run.

You can transfer balances from other higher-rate credit cards to a Wells Fargo credit card to pay less interest. This can also help lower your overall monthly payments and turn multiple bills into one easy payment.

Balance transfer fees may apply, but a balance transfer can give you the flexibility to pay off another credit card or tax bill, fund large expenses, cover emergencies, or pay an individual.

You can request a balance transfer if you already have a Wells Fargo credit card, or you can apply for one and request to transfer a balance when you apply.

For your interest: Balance Transfer Credit Cards for Fair Credit

Annual fees can be a significant expense for credit card holders. The annual fee for this card is $25, which is relatively low compared to other secured cards.

However, there are even lower annual fees available - some cards have no annual fee at all, at least for the first year.

Explore further: Wells Fargo Active Cash Card Cash Advance Fee

Balance transfers can be a great way to save money on interest and simplify your payments. By transferring balances from other credit cards to a Wells Fargo credit card, you can pay less interest and lower your overall monthly payments.

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You might be able to pay off another credit card or tax bill, fund large expenses like home improvements, or cover emergencies and other unplanned expenses. Balance transfers can give you the flexibility to handle unexpected costs.

A balance transfer can also help you turn multiple bills into one easy payment. This can make managing your finances much simpler.

Here are some ways you can use a balance transfer: