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Wells Fargo® Secured Credit Card

Wells Fargo® Secured Credit Card
Required Credit Score: Bad
Minimum Security Deposit: $300
3 298 reviews   Write a Review!
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Wells Fargo® Secured Credit Card's Key APRs & Fees

  • ONE-TIME FEES None
  • ANNUAL FEE $25
  • MONTHLY FEE None
  • REGULAR RATE 18.99% (V)
  • GRACE PERIOD 25 days

Wells Fargo® Secured Credit Card's Highlights

  • Deposit an amount, from $300 to $10,000 into a Collateral Account. Your credit card limit equals the amount of money in your Collateral Account.
  • Your purchases are billed to you each month and you are responsible for making at least the minimum monthly payment. Payments are not deducted from your Collateral Account.
  • As a cardholder, your account performance is reported to major credit bureaus
  • Stay on top of your account activity with free email alerts when you approach your credit limit, a payment is due, and more.
  • Easily track your expenses. My Spending Report with Budget Watch has built-in tools that help you see where your money is going and easily set up a budget.
  • Visa benefits: Auto rental collision damage waiver, Emergency card replacement, Roadside dispatch and Travel and emergency assistance services.
  • Verified by Visa: Protect your Wells Fargo Visa card with a unique password for online shopping.
  • Secured Card accounts are reviewed periodically and may become eligible for an unsecured credit card and have the Collateral Account funds refunded.
  • Zero Liability Program: automatically protects you from liability for unauthorized transactions when you report them promptly
  • Overdraft protection: You may link your credit card to your checking account to help avoid overdrafts
  • All Secured cardholders have access to free online credit education courses and tips to help you manage credit wisely

Wells Fargo® Secured Credit Card's Additional Info

  • MAX LATE FEE   $35
  • MAX OVERLIMIT FEE   None
  • MAX PENALTY APR   None
  • FOREIGN TRANSACTION
    FEE  
    3%
  • CASH ADVANCE RATE 23.99% (V)
  • CASH ADVANCE FEE 5% (min $10)
Apply Now
at Wells Fargo's
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Wells Fargo® Secured Credit Card Reviews

 
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Overall Rating: 3.0 / 5
Total Ratings: 298
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Apr 17, 2014
Photo of Brandon P.
3
By:
I enjoy my Wells fargo card because getting paid bi-weekly it gives me a back up on the week that I do not receive my check. It also makes me secure knowing I have the money if needed.
Apr 2, 2014
Photo of Heather P.
5
By:
A few years back I got in a financial pinch and was late on several items. It was hard to rebuild my credit and get a card. I applied for a Wells Fargo Secured Credit Card. To my surprise I was approved. I had to put a deposit of $300 down. I found that the interest rate was very competitive compared to other cards. After several months of on time payments, I was able to turn my account into an unsecured card. They also reported positive to the credit bureaus and helped me rebuild my credit.
Apr 7, 2014
Photo of Lucien A.
Lucien Abouya
Hello Heather, How did you proceed to be refunded? In my case one year later my $ 500.00 secured deposit is not yet refunded.
Mar 13, 2014
Photo of Rusty S.
5
By:
In today's world it is extremely difficult to get any kind of credit line without a credit history. It's a bit of a catch-22, and things aren't like they used to be where you could use your utilities' history of payment or anything like that as proof you are a good risk, so a card like this has a lot of benefit for someone like me. $300.00 is a good price for a secured credit line and I especially like the feature that it can easily transition into an unsecured card once you have built the history, so instead of just randomly applying for other cards, the one you have more
Mar 13, 2014
Photo of E.j. V.
3
By:
The Wells Fargo Secured Credit Card appears to be a financial tool to assist individuals with bad credit to eventually re-build credit history, by utilizing a secured credit card. The interest rate seems high, however, I understand that a bad credit rating typically results in higher rates. It makes sense that the credit limit for this card is directly connected with the amount of the security deposit given. However, I feel that it should be disclosed that Wells Fargo is basically receiving an interest free loan from this type of cardholder, in addition to collecting interest on any unpaid balance. I also think that if Wells Fargo is truly interested more
Mar 7, 2014
Photo of Kylee T.
3
By:
The Wells Fargo Secured Credit Card is obviously a card for people who have bad or no credit. The nice thing is that you only have to put a $300 security deposit down, and you don't have to have good credit to use it. The fact that there is a 25 day grace period and a maximum $35 late fee is nice too. The benefits of the auto rental collision damage waiver, roadside dispatch and travel and emergency assistance services are nice perks also. The interest rate is not superb, and the fact that there is no 0% offer for a limited number of months is also disappointing, but I more
Feb 25, 2014
Photo of Nick T.
3
By:
This type of credit card is interesting because the user can build a Collateral Account to set their credit limit. Although the Wells Fargo Secured Credit Card carries a fairly high APR (variable 18.99%) interest rate, this type of card can help those with bad credit build better credit. It includes many benefits of regular credit cards such as Zero Liability, Overdraft Protection, and online account services and bill pay. One down side is the amount in the Collateral Account doesn't gain interest.
Feb 21, 2014
Photo of Emma L.
4
By:
The Wells Fargo Secured Credit Card is a great way to build your credit if you've gotten into some financial trouble. Unlike prepaid debit cards, such as the Walmart MoneyCard, the Wells Fargo Secured Credit Card rebuilds your credit as you use it. Your account performance is reported to all of the major credit bureaus, which in turn, builds your credit.
Feb 10, 2014
Photo of Jon M.
4
By:
The Wells Fargo Secured Credit Card is pretty nice in comparison with some of the other cards I've had. The ability to secure a line of credit with your own money is nice, so you can budget your credit expenses more easily without over-leveraging yourself. At 18.99% APR, the credit card itself is on the lower average for most credit card interest rates, and this card is a boon for people who are looking to build their credit quickly and easily.
Dec 11, 2013
Photo of Zeb D.
4
By:
The Wells Fargo Secured Card is a great way to electronically pay your bills and make online purchases. This card is no substitute for a bank account and obviously comes with a price. The annual percentage rate is in line with most cards available. The fact that the deposited collateral amount doesn't earn you interest, is not ideal. This card is a great option if you're looking to start or rebuild your credit, however it comes with the price of annual fees, and putting down collateral. Overall it's comparable to other cards of this type.
Dec 8, 2013
Photo of Chelsea M.
5
By:
The Wells Fargo Secured Card is a great card for someone who has bad or no credit and is attempting to rebuild their credit. The idea behind it is pretty simple. You give them an amount of money anywhere from $300 to $10,000 and that give you a credit limit in a equal amount to your deposit. In comparison to other secured cards the $10,000 limit they offer is on the high side. With an apr of 18.9% and a $25 annual fee its in line with others as well. This card is a no frill basic card for basic needs but it does have a purpose for those who need it. And I recommend.
Dec 5, 2013
Photo of Lyn W.
4
By:
The Wells Fargo Secured Credit Card seems like a very straight forward card for people with bad credit. Like any of the secured credit cards I have used or know about, such as Capital One, the $300-$10,000 is pretty much to be expected with a card of this sort. This card has a low annual rate which is appealing. It is also a plus to me that there is no one-time processing fee or monthly fees associated with this card. The interest on purchases is also a plus at only 18.99%. I have seen way more than that in my experience. This is an excellent card for people with bad credit.
Nov 25, 2013
Photo of Connie C.
4
By:
The Wells Fargo Secured card is great for rebuilding your credit. There aren’t many other options when you have bad credit, so you need a great secured card. The annual fee is only $25 which is significantly less from many other secured cards such as Capital One. The interest rate is very reasonable at only 18.99%. I have unsecured cards with worse perks and worse interest rates. The advantage of cards such as the Wells Fargo Secured card is that after your credit has improved, you will get your money back and sometimes the card can even be converted into an unsecured card!
Nov 21, 2013
Photo of Eric M.
4
By:
This card is designed for individuals looking to increase their credit scores. The interest rate of 19 percent seems extremely high but for the nature of what this card is, I understand why. This, simply put, is just a typical secured credit card as you set the spending limits of how much you can deposit, and in return spend. The annual fee of 25 dollars is quite reasonable, and I think the card, overall, is a good way for individuals to build credit. I have had great personal experiences with Wells Fargo throughout my banking endeavors, so to most I would recommend this card and their service.
Nov 16, 2013
Photo of Nicole A.
3
By:
The Wells Fargo Secured Credit Card is a credit card for those who have bad credit or looking to build credit. Because Wells Fargo is protecting its interests, there is a $25 annual fee, and a high APR at 19%. There are no rewards, no jazz, no extras with this card. This is pretty much the training wheels credit card that you get put on when having bad credit or starting off. There is also no max penalty APR or over limit fee, so be careful, if you are late or dont pay your card off, those interests and penalties will start accruing fast!
Nov 8, 2013
Photo of Missy J.
3
By:
The interest rate is frightening but we did get one for our daughter before she went off to school. She knows that if it's not on the card, it isn't available. If she had a regular card the statements would probably leave me crying every month. I have had secured cards before that charged me for taking money out at an ATM or as a POS and those are obnoxious. I was getting charged to take out my own money! I don't see that problem with this card so I am very comfortable letting our daughter use it. The money used to replenish it is money she makes at her more
Nov 5, 2013
Photo of Richard T.
2
By:
Designed to help those with poor credit begin repairing their credit score, the Wells Fargo Secured credit card charges a frighteningly high 19% interest rate for a card requiring equivalent collateral for each dollar of credit available. With none of the benefits you'd see on an unsecured card, the Wells Fargo Secured card requires that your money be tied up in the bank, collecting interest for them and not you. While you're unlikely to find much better in terms of cards offered for those with poor credit, this card seems like it's just taking the opportunity to gouge those who are already in trouble.
Oct 24, 2013
Photo of Jane S.
2
By:
I like the idea of the Wells Fargo Secured Credit Card and if you have bad credit then this is an option to help you improve your score. It is like the secured cards offered by other banks such as Bank of America Secured Credit Card or the US Bank Secured Credit Card. The interest rate is high and don't expect it to drop after proven on time payments.. Also read the fine print when you want to close out the card make sure you do it the right way and do lose your deposit. Also you should know that because the interest rate is so high that with 100 more
Oct 17, 2013
Photo of Amberjade M.
4
By:
I have this Wells Fargo Secured card and it's definitely served its purpose. I have really bad credit because of choices I made as soon as I was old enough to have a credit card, and this card has really helped me come back from it. Of course, I had to put a deposit down for it, which makes a lot of sense being that obviously if you need it you have no credit, or poor credit. The interest rate is okay considering the lack of options available for poor credit individuals. The limit is usually based on how much you put up for deposit although according to the lady more
Oct 12, 2013
Photo of Jeremy A.
3
By:
Having a secured card is a big step in either establishing or reestablishing your credit, and Wells Fargo does deliver in that aspect. Keep in mind that putting down a deposit lets you control your own credit limit, and this is standard for every secured card. The good news about this card is that I believe Wells Fargo will also allow an upgrade from the secured version to one of their standard cards somewhere down the line, so if this is your bank and you need to establish credit, perhaps it would be worth looking into.
Oct 3, 2013
Photo of Janice K.
3
By:
The Wells Fargo Secured Credit Card is a unique card and a pretty decent option for people with bad credit, and need help limiting their spending. You can only spend whatever amount you deposit onto the card, in the range of $300 up to $10,000. If you know in advance how much you will allow yourself to spend, and meet the minimum monthly payment, it would be a useful way to improve your credit and keep your financial situation in check. This credit card also sends you alerts when you get close to your limit and when payments are due, so that's just another way to help you manage your more
Oct 3, 2013
Photo of Ray F.
3
By:
The Wells Fargo Secured credit card is a good option for those who have spending problems, little or bad credit. You can load any amount $300-$10,000 making purchases each month up to this set limit you have loaded. The purchases will not be taking from this secured amount you will only be required to make small monthly fees. Secured card accounts are reviewed and can become unsecured and the collateral amount would be released. In contrast to other cards the Wells Fargo Secured credit card is offered at only an annual fee of $25 dollars with no monthly fees at all. This card is verified by Visa and has emergency more
Sep 27, 2013
Photo of Ric R.
5
By:
This Wells Fargo Secured Credit Card works like most secured cards in that it allows you to add money to it and as a result, you never spend more than you are capable of spending. It is a certified Visa card, so it allows all the benefits you would expect like emergency assistance services. It is great that it does not have a one-time or monthly fee, but the annual and penalty fees are a needed negative i suppose. A very important part is overdraft protection using your checking account. This is a life saver! My friend built up over $400 in overdraft fees on her unrelated card and if more
Sep 18, 2013
Photo of Ashley L.
3
By:
If you are considering the Wells Fargo Secured credit card, chances are your credit is not in the best shape. That's okay because a card like this will help you to regain your credit score if used responsibly. It has an interest rate of nearly 19% which is quite high, but being that the set limit is usually low, most people will be able to pay in full to avoid the interest hit. The late fees are harsh at $35 per late payment, but this card is meant to promote responsible credit use for people without credit or a bad history. While it might be one of your only options, more
Sep 12, 2013
Photo of Sheryl P.
3
By:
The Wells Fargo Secured Card is not your typical credit card. It's designed for people with bad credit that are looking to build it up. The way it works is that your credit limit is determined by the size of deposit you put into it, that way they know you're good for any money you charge to the card. The nice thing about this card is that you do actually get some perks that you would get with a normal Visa card, such as all of the travel benefits like the auto damage collision waiver. While it does come with an annual fee, it's relatively small compared to other secured more
Aug 30, 2013
Photo of Pat E.
4
By:
For an annual fee of $25, people with bad credit can get the Wells Fargo Secured Credit Card with some interesting and beneficial features. I've never had a so-called bad credit credit card, but I can see how things like email alerts could be useful for staying on top of your account. Often I've had trouble remembering when payments were due, and it would be nice to track my spending like this card features. The APR isn't too terrible, either, and there are no other overzealous restrictions as far as I can see. Overall a decent card for those without bad credit, definitely one to consider.
Aug 22, 2013
Photo of Katie L.
3
By:
For the individuals with poor credit, you have very limited options and are forced into a corner. If you make your choices wisely and don't make any serious mistakes, you can slowly work towards rebuilding your credit. The Wells Fargo Secure Visa Credit Card is a good way of reestablishing yourself and working your way out of bad credit. You have to initially put down what you want your credit limit to be, which is most likely a problem for most people in this situation. It's probably best to start out small by putting a minimum of $300 down. This card is probably one of the few options someone with more
Apr 5, 2013
Photo of Stephanie Z.
4
By:
I applied for this credit card since I needed to build some credit. It requires a $300 deposit, which I did not mind paying since this was my first credit card. I have a savings account with the bank so paying the balance on my credit card online through the Wells Fargo website has not been a problem at all. I also use the iphone app in order to heck my recent transactions. I find the rate a little high but I have been careful and made my payments on time, after all this card is to start up your credit history not go crazy and buy everything you see.
Mar 21, 2013
Photo of Lucas S.
4
By:
I opened a Wells Fargo Secured credit card back when I had new credit. I was not a fan of having to set a minimum deposit, but I did it anyways to start a relationship with Wells Fargo. It ended up paying off because after a year of having this card, I applied for a normal card, and I received my highest limit yet. My experiences with this card have been about the same as my other Wells Fargo card (other than I had to set a deposit in the beginning). Wells Fargo offers many online features that are easy and convenient to use. I have had really good experiences more
Feb 11, 2013
Photo of Benjamin G.
5
By:
As there was a Wells Fargo bank open on my campus, I decided to go with convenience and open a credit card there. I do not regret doing so at all! After paying the minimum fee for opening the account, I have had no run-ins whatsoever with the company, and no issues making payments or purchases. Also, the annual fee is minimal for the service provided, as it works out to about $2 a month. The issues mentioned by others seem to be problems that would be solved after looking through the "regular" bank options. Especially considering I had no previous credit history, this is providing me the opportunity to more
Dec 7, 2012
Photo of Tee A.
1
By:
I hate this card. I think the bank has it set up wanting you to get late payments. I think this for two reasons. First, Wells Fargo has very limited options for making payments that are inconvenient. You can’t use an ATM to make a payment, so if you want to pay your bill with cash then you have to do it way ahead of your due date to make sure they have time to process the payment. If you are willing to give the bank monthly fees and open a checking or savings account, then I guess this ATM issue isn’t going to be a problem for you because more
Oct 24, 2012
Photo of Kim D.
4
By:
Wells Fargo provided me and my husband with a credit card that helped up rebuild our credit. We applied $300 to the card and had a limit of that same $300. We paid an annual fee of $25 each. My husband and I are so happy to have this card; it has given us some new found freedom. We can use the card for reserving hotel rooms, use it at anywhere that MasterCard is accepted and the best part, no one know that the card has a deposit on it. As long as we continue to use this card wisely, we will be able to upgrade to a non-secured card with the year!
Aug 30, 2012
Photo of Marissa H.
4
By:
I use this card as an emergency backup. My mother has her own banking account, and she wanted me to have a card in case something ever happened between either me or her. So, I have only used this in dire emergencies because this card is not connected to my personal account. However, it does get the job done. Didn't have to pay very much for the fee. When I tried to get a new card (because my old one had expired) it did not take very long to receive it in the mail. They were easy to contact and the person on the line was very helpful and didn't more
Aug 1, 2012
Photo of Lanell M.
4
By:
This visa card I have from Wells Fargo. It is an ok beginner credit card. It offers the flexibility you need to begin with if you have little to no credit. However, the high interest rate is ridiculous. Make sure you pay much over the minimum if you want to pay it off. Also, they continually raise your max rate without your permission. This may be all right if you are good at budgeting your money, but it may also be detrimental. Overall, this is an all right card, but I would shop around a bit more for a card with more rewards if I were you.
Jun 21, 2012
Photo of Kraig L.
5
By:
This card did the job for me. It doesn't have all of the neat perks that other cards often have but it is very useful for what I need it for. I had poor credit before I even got this card and this was my first card (other debt was the cause of my poor credit). I now have good credit and a lot of that is due to proper use of my Wells Fargo Secured Credit Card. The annual fee is very low which is something I need as I am still climbing out of a financial hole and that is the only fee I have to worry about more
Jun 14, 2012
Photo of Mark O.
5
By:
I was very satisfied with the wells fargo secured credit card. For a very low annual fee I was able to take a significant step toward building my credit back up. It was easy to use and manage through my online account. I was also able to receive e-mail reminders when payments were near due. All that's required is a deposit of at least 300 (which is refunded after a period of time). I would definitely recommend this credit card for anyone looking to improve their credit or start building their credit or who want to better manage their finances without getting in more debt.
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Last updated on: Apr 17th, 2014 at 1:48 EDT