Self Secured Visa Credit Card
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The Self Secured Visa Credit Card is part of Self’s Credit Builder Loan program. It’s similar to other secured credit cards, with a couple of extra steps. In order to be considered for the Secured Visa, first you need to open a Self Credit Builder account. The money is held in a CD and acts like a loan. You make payments to pay off the loan in fixed installments, which are reported to the credit bureaus.
Once you’ve saved at least $100 and made at least three on-time payments, you can apply for the credit card. There is a $9 service fee plus a $25 annual fee. There are no hard inquires on your credit report to open a credit builder loan. On the other hand, there is no way to graduate to an unsecured credit card and there are no rewards. Also, this card can be quite expensive, as you may have to make interest payments on both the loan and the credit card at the same time. We dive into the details and your approval odds in this Self Secured review.
Our Rating
4.0/5.0
Welcome Offer
N/A
Annual Fee
$25
0% Intro on Purchases
N/a
Reward Rate
N/a
0% Intro on Balance Transfers
N/a
Editorial Review
Features & Benefits
| Security | EMV Chip Enabled, Fraud Monitoring, Zero Liability, Identity theft protection |
| Contactless Payments | Apple Pay, Google Pay, Samsung Pay |
| Benefits | 24/7 customer service |
| Travel Perks | Roadside Assistance |
Rewards
Interest Rates & Fees
| Annual Fee | $25 |
| Foreign Transaction Fee | None |
| Regular APR | 29.24% (V) APR |
Pros & Cons
- Relatively low annual fee
- Reports to all 3 credit bureaus
- Requires a credit builder loan first
- No rewards
What Are the Best Alternatives?
Discover It® Secured Credit Card
Rating
4.0
Rewards Range
1% - 2% cash back
Annual Fee
$0
Capital One Quicksilver Secured Cash Rewards Credit Card
Rating
3.8
Rewards Range
1.5%
Annual Fee
$0
OpenSky® Secured Visa® Credit Card
Rating
3.0
Rewards Range
N/A
Annual Fee
$35