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Wells Fargo® Secured Credit Card

wells fargo secured card
Required Credit Score:
Bad
Minimum. Security Deposit:
$300
3 565 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%
  • SMART CHIP   Yes, chip-and-PIN
  • CASH ADVANCE RATE 23.99% (V)
  • CASH ADVANCE FEE 5% (min $10)
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Wells Fargo® Secured Credit Card Reviews

 
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3.0
Overall Rating: 3.0 / 5
Total Ratings: 565
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Dec 1, 2014
Photo of Melody B.
2
By:
Dec 1, 2014
The Wells Fargo Secured credit card doesn't seem like the best option out there. When my husband and I first started building credit we used Discover. The rates on the Wells Fargo card are high. There is an annual fee which you could always try to avoid. I have used several different credit cards. Some credit cards will offer rewards, which should not be why you pick a card but it is nice to have. There are some good things about this card. The collateral account is good for people who want to be smart about it and increase their credit score. Overall this card seems to be an okay more
Oct 15, 2014
Photo of DeVaughn T.
3
By:
Oct 15, 2014
Like most credit cards this one is high risk and medium reward. I think It's perfect for responsible people that are looking to increase their credit score. Although I'm not to fond of the annual fee or the fact I can't pay bills with what I put into the account. It's not the worse credit card I've seen but there are better ones to apply for.
Oct 15, 2014
Photo of Walter P.
4
By:
Oct 15, 2014
I like the fact that the Wells Fargo Secured Credit Card requires collateral to establish a credit limit. I think this promotes good credit-building skills and responsibility. When I was young I had an unsecured credit card through Capital One, and the "something for nothing" model promoted too much extra spending. I like the idea of sacrifice in exchange for credit.
Oct 3, 2014
Photo of Leo A.
1
By:
Oct 3, 2014
No, no, There are other options for secure cards with better rates.
Sep 30, 2014
Photo of Chris K.
4
By:
Sep 30, 2014
The Wells Fargo Secured Credit Card has been amazing for me! It is a great way for someone with bad to fair credit improve their credit score because it requires you to open a collateral account, which they double to create your credit limit. Add that to the fact that there aren't overdraft fees and the like, and you have what amounts to a very solid credit card. Similar options by other banks will typically have not only higher APRs but also higher cash advance fees and rates as well. And if you ever run into any issues, Wells Fargo has branches literally all over the country so an associate more
Sep 5, 2014
Photo of Cory W.
1
By:
Sep 5, 2014
This is a card where the limit is equal to the amount of collateral, and yet they charge $25 in annual fees, plus interest. My sister got this card and when I told her she should cancel it because it was a terrible deal, they tell her it will take 45-60 days to refund the money that she put up as collateral. They were able to get that money out of her account the *same day* the card was opened, but can't refund it for two months? That's even more absurd.
Aug 18, 2014
Photo of Heather H.
3
By:
Aug 18, 2014
What I do not like about this card is the high interest rate. I currently hold the Discover card and that interest rate is a bit higher but I do get cash back rewards. I also have the Alaska Airlines card and it has a much more affordable rate and I get free flights with my miles quickly. I think the Wells Fargo card would be a great card if you are not planning on using it much if you wanted to connect it to your Wells Fargo account to have the overdraft protection. The annual feel is reasonable. The cash advance fee is 23.99%! That is outrageous. For people more
Aug 5, 2014
Photo of Blythe P.
4
By:
Aug 5, 2014
I think this is a great card for new credit card holders! To put in and only use what you put in is an easy way to learn how to properly use credit. If I had this option when I was younger it would have helped me a great deal. The annual fee is on par with my current credit card the Amazon Visa and I think would give credibility to the actual experience of charges and fees most credit cards have. Given the chance to use only what is available and nothing more could lead to a better economy, in my opinion.
Jul 30, 2014
Photo of Jesse S.
4
By:
Jul 30, 2014
I opened up a secured card with a $300 deposit. I have found that it has been a great way for me to build my credit score. You need to be very careful about paying off the card so you don't get hit by the large interest rate. One problem I've encountered is that it takes a week to receive your $300 deposit back if you try and close the account. It also will turn-over into a credit card after 12 months.
Jul 16, 2014
Photo of Kate M.
3
By:
Jul 16, 2014
I like that it's a credit card for people with bad credit scores. I don't like that you have to deposit money into a collateral account.
Jun 30, 2014
Photo of David D.
2
By:
Jun 30, 2014
On the up side, the card can improve your credit score. The downside proves why people find their credit score tumbling. With a high interest rate against your own money and not to mention the fact that if you take a cash advance on your OWN money which has secured the card, a fee of $20.00 is assessed for any transaction up to $100.00. After that it is 5%. So, it's up to you but I'd be very very careful especially when considering a cash advance or transfer of funds to your checking account. Transfers are also considered cash advance. It's typical of banks but I don't like the way more
Jun 24, 2014
Photo of Kathy H.
4
By:
Jun 24, 2014
As far as secured credit cards go, Wells Fargo Secured Credit Card looks pretty appealing. The minimum deposit is only $300, while other secured cards require more than this to open an account. I like that they do report to credit bureaus so that folks with bad or no credit can obtain a credit rating. And a positive credit rating by paying this bill on time.
May 29, 2014
Photo of Early N.
3
By:
May 29, 2014
I usually do not enjoy using cards that have an annual fee. Especially when there are no bonuses and the fees are high. However, the required credit score is "bad", this means you can use this card to help your credit score go higher! I highly recommend it for a person that has made mistakes in the past and has ruined their score. Be careful, the rate is a little high though.
May 19, 2014
Photo of Theo K.
3
By:
May 19, 2014
This is a good option for someone with bad credit or no credit who is trying to build credit. For me, i'd prefer something like the capital one venture card which is unsecured since I have good credit.
May 5, 2014
Photo of Larry D.
2
By:
May 5, 2014
This Wells Fargo Secured Credit Card is a good option for people with bad credit to restore their credit rating. Going beyond a typical pre-paid card, it actually reports to all of the major bureaus on your payment history, which is a big plus for anyone who pays their bills on time. However, if you have a strong enough credit score to get a traditional unsecured credit card, this would be a terrible way to go. You are basically paying a high interest rate (19%) on your own money, as opposed to paying an interest rate on someone else’s money (typical credit card). The annual fee and absence of other more
Apr 28, 2014
Photo of Jennifer N.
2
By:
Apr 28, 2014
A year or so ago I had very very bad credit. I really wanted to get a credit card because I wanted to improve my credit plus have a back up amount of money in case of emergencies. I was getting secured credit card offers like this one but I didn't have the money to put a deposit down. I ended up being able to apply for regular Capital One credit card. It had an interest rate of 23% but no annual fee and no deposit required. I was able to start fixing my credit with this card. I think this Wells Fargo secured card is decent but not good more
Apr 17, 2014
Photo of Brandon P.
3
By:
Apr 17, 2014
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:
Apr 2, 2014
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
Apr 7, 2014
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:
Mar 13, 2014
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:
Mar 13, 2014
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:
Mar 7, 2014
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:
Feb 25, 2014
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:
Feb 21, 2014
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:
Feb 10, 2014
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:
Dec 11, 2013
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:
Dec 8, 2013
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:
Dec 5, 2013
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:
Nov 25, 2013
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:
Nov 21, 2013
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:
Nov 16, 2013
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:
Nov 8, 2013
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:
Nov 5, 2013
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:
Oct 24, 2013
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
Jul 24, 2014
Photo of Marcus E.
Marcus Edwards
Jul 24, 2014
19 percent APR stands for annual percentage not monthly percentage. Therefore it is not 19 dollars a month but a year.
Oct 17, 2013
Photo of Amberjade M.
4
By:
Oct 17, 2013
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:
Oct 12, 2013
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:
Oct 3, 2013
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:
Oct 3, 2013
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:
Sep 27, 2013
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:
Sep 18, 2013
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:
Sep 12, 2013
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
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Last updated on: Dec 1st, 2014 at 3:36 EST