The
Secured Self Visa® Credit Card is a good card to consider if you have bad credit (a score below 640) or limited credit history and you don’t have much money to spare for a deposit. You can put down as little as
$100, and you won’t have to pay an annual fee the first year.
Although this card can help you build credit inexpensively, it lacks rewards and an annual fee kicks in the second year your account is open. Those things put it at a bit of a disadvantage compared to the very best secured cards. Self is a bit easier to get than your standard secured card, though, as it doesn’t do a credit check when you apply.
What I Like About the Secured Self Visa® Credit Card
$0 intro annual fee the first year
This saves you
$28.25 per year compared to the average credit card offer, according to our
Credit Card Landscape Report. It also saves you
$25 compared to later years with the Self Secured Visa.
Don’t get too excited, though. Plenty of secured cards don’t charge annual fees these days.
Low security deposit
Some secured cards require a deposit of at least $200 to $300+. The Self Secured Card doesn’t make you tie up as much of your cash, requiring just
$100 at a minimum.
This can make it easier to get the credit-improvement train rolling, and there are ways to add to your deposit later if everyday spending becomes a hassle. After all, your spending limit equals the amount of your security deposit.
Very high approval rate
Self says it approves 99% of applicants for its secured credit card, so if you’re looking for very good odds of approval, this is about as good as it gets. There’s no credit check to get in your way, and if you don’t have enough money for a security deposit, you can get started with Self’s credit-builder product to build up to the secured card.
Reports to the big 3 credit bureaus
The fact that the Self Secured Credit Card reports to Experian, Equifax and TransUnion means on-time payments will help improve your credit score, which is the whole point of using a card like this. Just make sure to manage your account responsibly, as mistakes could set back your credit-improvement efforts.
What I Don’t Like About the Secured Self Visa® Credit Card
$25 annual fee starting year two
After the first 12 months, the Self Secured Card becomes about as expensive to own as the average credit card, according to our research. You might be thinking this won’t affect you because you don’t plan to keep your account open for that long. However, it’s hard to tell exactly how long it will take to improve your credit score enough to get a higher-tier card, and it’s best for your credit score to keep accounts open as long as possible. It’s harder to justify keeping an account you’re not actively using when there’s a fee attached.
27.49% Variable APR
The Self Secured Card’s interest rate is much higher than what most secured credit cards charge. According to our research, the average APR among secured credit card offers is “just”
22.11%.
Regardless, it’s best not to carry a balance from month to month with a secured card. Any interest is too much when you’re essentially paying to borrow your own money.
No rewards
The best secured cards give 1-2% back (or more) on purchases, which can save you a lot of money. Unfortunately, the Self Secured Card doesn’t have this feature.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
