Self Visa® Secured Card: A Comprehensive Guide

The Self Visa® Secured Card is designed to help individuals build or rebuild their credit history while providing the convenience and benefits of a traditional credit card. As a secured card, it requires a security deposit, which acts as collateral for the credit line. This guide will provide you with all the essential information about the Self Visa® Secured Card, including its features, benefits, and how to apply.

Key Features of the Self Visa® Secured Card

1. Credit BuildingThe Self Visa® Secured Card is an excellent tool for those looking to establish or improve their credit score. By using the card responsibly and making timely payments, cardholders can positively impact their credit history. The card reports to all three major credit bureaus—Experian, Equifax, and TransUnion—ensuring that your credit activity is reflected in your credit report.
2. Security DepositTo obtain the Self Visa® Secured Card, you must provide a refundable security deposit. This deposit acts as your credit limit and ranges from $100 to $3,000. The amount you deposit will determine your credit limit, so a higher deposit will give you a higher credit limit. Your deposit is fully refundable when you close your account in good standing or upgrade to an unsecured card.
3. Annual FeeThe Self Visa® Secured Card charges an annual fee of $25. This fee is relatively low compared to many other secured cards, making it an affordable option for those looking to build credit without incurring high costs.
4. Rewards ProgramUnlike some secured cards, the Self Visa® Secured Card does not offer a rewards program. While it does not provide cashback or points for purchases, it is designed primarily to help users build or rebuild their credit, which is its main advantage.
5. Interest RatesThe Self Visa® Secured Card has a variable APR of 22.99% for purchases and cash advances. It is important to pay off your balance in full each month to avoid accruing interest, especially given the higher interest rate.
6. Account ManagementThe Self Visa® Secured Card offers convenient online account management. You can access your account through the Self app or website to view your balance, make payments, and monitor your credit activity. This ease of access helps you stay on top of your credit-building efforts.
7. No Foreign Transaction FeesThe Self Visa® Secured Card does not charge foreign transaction fees, making it a viable option for those who travel internationally or make purchases from foreign merchants. This feature adds flexibility and convenience for cardholders.
8. Upgrade OpportunitiesAfter demonstrating responsible credit use, you may be eligible to upgrade to an unsecured credit card. This upgrade allows you to receive your security deposit back and continue building your credit with a traditional credit card.

How to Apply for the Self Visa® Secured Card

Applying for the Self Visa® Secured Card is a straightforward process. Follow these steps to get started:

1. Check Your CreditBefore applying, review your credit report to understand your current credit situation. While the Self Visa® Secured Card is designed for individuals with less-than-perfect credit, knowing your credit score will help you manage your expectations and understand how the card will fit into your credit-building strategy.
2. Gather Required InformationYou will need to provide some personal information for your application, including:
   • Full name
   • Date of birth
   • Social Security number
   • Address
   • Employment information
   • Annual income
3. Submit Your ApplicationThe application process can be completed online through the Self website. Navigate to the Self Visa® Secured Card application page and fill out the required information. Ensure that all details are accurate to avoid delays or complications.
4. Choose Your Security DepositDuring the application process, you will select the amount of your security deposit. The deposit amount will determine your credit limit. Decide on an amount that fits your budget and credit-building goals. Remember, your deposit is refundable if you close your account in good standing or upgrade to an unsecured card.
5. Review Terms and ConditionsCarefully review the terms and conditions of the Self Visa® Secured Card before submitting your application. Pay attention to the annual fee, interest rates, and any other important details. Understanding these terms will help you manage your card effectively and avoid unexpected costs.
6. Submit Your DepositOnce your application is approved, you will be required to submit your security deposit. This can typically be done via bank transfer or credit card payment. Ensure that your deposit is submitted promptly to activate your card.
7. Await ApprovalAfter submitting your application and deposit, you will receive a decision within a few business days. If approved, you will receive your Self Visa® Secured Card in the mail. Activation instructions will be included with your card.
8. Activate Your CardUpon receiving your card, follow the activation instructions provided. This usually involves calling a phone number or visiting a website to activate your card and confirm your identity.
9. Start Using Your CardOnce activated, you can start using your Self Visa® Secured Card for everyday purchases. Be sure to use your card responsibly, making timely payments and keeping your balance low to build your credit effectively.

Conclusion

The Self Visa® Secured Card is a valuable tool for individuals looking to build or rebuild their credit. With its straightforward application process, low annual fee, and flexible security deposit options, it provides an accessible way to improve your credit history. While it does not offer rewards, its primary benefit lies in helping you establish a positive credit profile.

By following the steps outlined in this guide, you can apply for the Self Visa® Secured Card with confidence and begin your journey towards better credit. For more information and to apply, visit the Self website or contact their customer service team.