Wells Fargo Secured Credit Card review

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Advertiser Disclosure

Annual Fee
$25.00
Minimum Deposit
$300.00
Interest Rate: Purchases
21.24
Balance Transfer
21.24


7.3/10
Informr score
The Wells Fargo Secured Credit Card currently has an Informr score of 7.3 out of 10. This score is based on our evaluation of 7 sources including reviews from users and the web's most trusted critics.

Am I eligible?


Wells Fargo Secured Credit Card is typically available to those with poor credit scores (650 or greater).
To get this card, you must also:
Yes Be a permanent or temporary resident of USA
Yes Provide a minimum security deposit of $300.

Note: This information is only intended as a guide. The final decision is up to the bank and your application could still be rejected even if you can answer 'Yes' to all the minimum criteria above. Always consider your options and your financial situation before you apply for a credit card.

What the Critics Are Saying...


CreditCards.com

The Wells Fargo Secured Credit Card offers an unusually large credit line to cardholders who can afford to pay a steep deposit and a lower APR than some competitors; however, you need at least $300 just to open it.

- Kelly Dilworth, CreditCards.com
The Balance

The Wells Fargo Secured Card is an option worth considering if your goal is to build a bigger credit limit. That said, if the restrictions of a secured credit card aren't a good fit for you and you don't qualify for a traditional credit card, you'll need to have to rebuild your credit the old-fashio...

- George Yacik, The Balance
ValuePenguin

Even if you have bad credit, there are better credit cards out there. Non-permanent U.S. residents and those who highly value the cell phone protection benefits the card offers should consider whether or not what this card offers is worth paying $25 per year. Otherwise, we recommend looking at other...

- Robert Harrow, ValuePenguin
Credit Karma

With a high available credit limit, the Wells Fargo Secured Card can have a positive impact on your credit. However, not without some hefty fees to consider.

- Laura Zulliger, Credit Karma
Finder

Secured credit cards are designed to help you build — or rebuild — your credit with regular reporting to the three main credit bureaus. With responsible spending, you could be upgraded to an unsecured credit card with perks or rewards for your spending.

- Finder

Details


Interest Rates
Regular APR Interest Rate 21.24%

This APR will vary with the market based on the Prime Rate.

Balance Transfer Interest Rate 21.24%

This APR will vary with the market based on the Prime Rate.

Cash Advance Interest Rate 26.24%

This APR will vary with the market based on the Prime Rate.

Rates & Fees
Annual Fee $25.00
Balance Transfer Fee 5%

Minimum of $5

Cash Advance Fee 5%

Minimum of $10

Foreign Transaction Fee 3%

Of each transaction in U.S. dollars.

Over Limit Fee $0.00
Late Payment Fee $37.00

Maximum

Promotions
Sign up bonus No
Rewards
All Purchases No
Restaurants No
Gas No
Groceries No
Hotels No
Travel No
Pharmacy No
Bills No
Features & Benefits
Additional Card Holders Yes
Travel Accident Insurance Yes
Car Rental Insurance Yes
Car Rental Discount No
Extended Warranty No
Purchase Protection No
Zero Liability Yes
No Foreign Transaction Fees No
Emergency Assistance Yes
Concierge Service No
Price Protection No
Fraud Protection No
Free Credit Scores No
Wireless Payments Apple Pay, Samsung Pay, Android Pay
Additional Benefits
  • Cell phone protection
  • Overdraft Protection
Eligibility
Minimum Security Deposit $300
Minimum Age 18
Minimum Personal Income
Temporary Residents Yes
More
Additional comments
Terms & Conditions Official Terms & Conditions
Suggest a correction

Disclaimer: All products, logos, images and trademarks are the property of their respective owners. Content is not provided or commissioned by any company mentioned. Any views, analyses, or recommendations expressed here are those of the author's alone, and may not have been reviewed, approved or otherwise endorsed by any company mentioned.

Information in this article is believed to be accurate at the time it was written, but terms and conditions may change at any time. All information is presented without warranty or guarantee. Please verify all terms and conditions of any credit card prior to applying.

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Critic Reviews


CreditCards.com

Not a great card for carrying a balance

from CreditCards.com

The Wells Fargo Secured Credit Card offers an unusually large credit line to cardholders who can afford to pay a steep deposit and a lower APR than some competitors; however, you need at least $300 just to open it.

Read full review

The Wells Fargo Secured Credit Card offers an unusually large credit line to cardholders who can afford to pay a steep deposit and a lower APR than some competitors; however, you need at least $300 just to open it.

Read full review

Less

The Balance

Modest annual fee but high interest rate

from The Balance

The Wells Fargo Secured Card is an option worth considering if your goal is to build a bigger credit limit. That said, if the restrictions of a secured credit card aren't a good fit for you and you don't qualify for a traditional credit card, you'll need to have to rebuild your credit the old-fashioned way.

Read full review

The Wells Fargo Secured Card is an option worth considering if your goal is to build a bigger credit limit. That said, if the restrictions of a secured credit card aren't a good fit for you and you don't qualify for a traditional credit card, you'll need to have to rebuild your credit the old-fashioned way.

Read full review

Less

ValuePenguin

The card doesn't do enough to justify its $25 annual fee

from ValuePenguin

Even if you have bad credit, there are better credit cards out there. Non-permanent U.S. residents and those who highly value the cell phone protection benefits the card offers should consider whether or not what this card offers is worth paying $25 per year. Otherwise, we recommend looking at other options.

Read full review

Even if you have bad credit, there are better credit cards out there. Non-permanent U.S. residents and those who highly value the cell phone protection benefits the card offers should consider whether or not what this card offers is worth paying $25 per year. Otherwise, we recommend looking at other options.

Read full review

Less

Credit Karma

A high credit limit with high fees

from Credit Karma

With a high available credit limit, the Wells Fargo Secured Card can have a positive impact on your credit. However, not without some hefty fees to consider.

Read full review

With a high available credit limit, the Wells Fargo Secured Card can have a positive impact on your credit. However, not without some hefty fees to consider.

Read full review

Less

Finder

A no-frills secured card that can help you rebuild your credit score

Secured credit cards are designed to help you build — or rebuild — your credit with regular reporting to the three main credit bureaus. With responsible spending, you could be upgraded to an unsecured credit card with perks or rewards for your spending.

Read full review

Secured credit cards are designed to help you build — or rebuild — your credit with regular reporting to the three main credit bureaus. With responsible spending, you could be upgraded to an unsecured credit card with perks or rewards for your spending.

Read full review

Less

Wise Bread

Free credit education and additional benefits

from Wise Bread

Best for those who are in the process of rebuilding or building credit and prefer a card with extra card benefits and the opportunity to possibly graduate to an unsecured card in the future.

Read full review

Best for those who are in the process of rebuilding or building credit and prefer a card with extra card benefits and the opportunity to possibly graduate to an unsecured card in the future.

Read full review

Less

Beverly Harzog

Solid secured card with good benefits

Beverly Harzog

The Wells Fargo Secured Card is a pretty good choice, especially if you already bank with Wells Fargo. And you get a unique benefit if you pay your cell phone bill with your Wells Fargo Secured Card.

Read full review

The Wells Fargo Secured Card is a pretty good choice, especially if you already bank with Wells Fargo. And you get a unique benefit if you pay your cell phone bill with your Wells Fargo Secured Card.

Read full review

Less

User Reviews


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