The Wells Fargo Secured Credit Card is a low-cost credit card for people with bad credit. The Wells Fargo Secured Card is currently discontinued, however, which means the card is no longer available to new applicants.
Wells Fargo Secured Credit Card Highlights
No one-time or monthly fees
Although it’s the norm for secured offers, the Wells Fargo Secured Credit Card’s lack of fees for application processing and monthly account maintenance does set it apart from many unsecured credit cards for people with bad credit.
Still not the cheapest card available
The Wells Fargo Secured Card charges a $25 annual fee, allowing you to rebuild your credit at a fairly low cost. But while such a fee compares favorably to that charged by many credit cards for bad credit, which can cost as much as $125 per year, it’s still well above the average credit card’s
$18.81 yearly charge.
Higher minimum deposit than other options
The Wells Fargo Secured Visa Credit Card requires users to place a refundable security deposit of at least $300, which will act as the account’s credit limit. That’s not a terrible burden, considering a number of secured cards require double that amount. However, some demand just $200 down, which could be an important difference if you’re strapped for cash.
Above-average APR
The Wells Fargo Secured Credit Card APR isn’t terrible, despite being above the 18.48% assessed by the average secured card, according to WalletHub’s latest
Credit Card Landscape Report. This really shouldn’t matter, though. You should try to always pay a secured card’s monthly bill in full, as carrying a balance will mean paying interest on a loan you’ve basically given yourself, since your credit line is prepaid.
Approval isn’t guaranteed
Secured credit cards offer the closest thing you can get to guaranteed approval, but it’s still possible to get turned down. For example, you may not be able to get the Wells Fargo Secured Card if there are any open liens listed on
your credit report.