The Self Visa® Credit Card is an innovative financial tool ideal for those building or repairing their credit. It uniquely combines credit improvement with a savings feature, reporting to all three major credit bureaus. This card encourages responsible financial habits, focusing on timely payments and savings discipline. Although it comes with specific fees and lacks immediate rewards, its primary advantage lies in promoting prudent credit usage and establishing a more robust financial standing. It's more than just a credit card; it's a gateway to enhanced fiscal health, making it an excellent choice for individuals committed to developing sound financial practices.
Self Credit Builder Account With Secured Visa® Credit Card Review
Updated: June 11, 2024
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Self Credit Builder Account with Secured Visa® Credit Card
On Partner's Website
APR
29.24%Annual Fee
$25.00Min. Security Deposit
$100Recommended Credit
(No Credit History)Self Credit Builder Account With Secured Visa® Credit Card Overview
When selecting a credit card, it's crucial to carefully evaluate its features, as each can significantly impact your financial health and align differently with individual fiscal goals and circumstances.
- Regular APR: 28.74% (Variable)
- Deposit required: $100 to $1,700
- Potential credit limit: $100 to $1,700 (equal to your deposit)
- Annual fee: $25
- Rewards rate: None
Important Card Details
In evaluating the Self Visa® Credit Card, it's essential to consider a range of features that empower and challenge consumers in their credit journey. From its unique approach to credit checks and automatic approval process to its higher APR and annual fee, each aspect plays a critical role in shaping the card's utility and suitability for different financial scenarios.
Security Deposit
A unique aspect of the Self Visa® Credit Card is its security deposit structure. Instead of requiring an upfront lump sum as a deposit, it allows users to accumulate savings in the Credit Builder Account, which then acts as the card's deposit. This method not only eases the financial burden of a large initial deposit but also instills a habit of regular saving.
Credit Requirements
One of the most accessible features of the Self Visa® Credit Card is its lenient credit requirements. It eliminates the need for a hard credit check, opening doors for those with limited or bad credit histories. By requiring just three on-time monthly payments and a minimum savings progress, it sets achievable targets for consumers. This inclusivity empowers a broader range of individuals to embark on their credit-building journey, making it an ideal tool for those seeking to establish or repair their credit.
Other Perks
Reporting to all three credit bureaus, the Self Visa® Credit Card ensures that every on-time payment positively impacts your credit score across the board. However, it's important to note that this card doesn't offer conventional perks like travel rewards or purchase protections. Its main perk is its ability to transform disciplined saving into a higher credit score, making it an educational and foundational financial tool for long-term credit health.
Fees
The Self Visa® Credit Card introduces a clear fee structure tailored to credit-building objectives. While it does charge an administrative fee and a $25 annual fee, these costs are part of its strategic design to promote financial discipline. The admin fee is a small investment towards establishing a credit history, and the card's higher variable APR of 28.74% serves as a reminder of the cost of borrowing and incentivizes cardholders to adopt prudent spending habits.
How the Self Credit Builder Account With Secured Visa® Credit Card Compares
In this comprehensive comparison, we'll delve into the distinguishing features of two popular credit cards, offering insights to help you determine which aligns best with your financial needs and lifestyle preferences.
How This Card Compares
- Regular APR: 28.74% (Variable)
- Deposit required: $100 to $1,700
- Potential credit limit: $100 to $1,700 (equal to your deposit)
- Annual fee: $25
- Rewards rate: None
- Best for: Individuals rebuilding credit who prefer a flexible secured credit limit with a higher APR and a low annual fee but without reward benefits.
- Regular APR: 28.24% Variable APR (See rates and fees)
- Deposit required: $200 to $2,500
- Potential credit limit: $200 to $2,500 (equal to your deposit)
- Annual fee: $0 (See rates and fees)
- Rewards rate: Earn 2% cash back at gas stations and restaurants (up to $1,000 in purchases per quarter) and % cash back on other purchases. Note that this card matches all your cash back in the first year.
- Best for: Those needing a secured card with no annual fee who want cash back on gas and dining, plus a first-year cash back match.
About Grace Pilling
Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.
Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.