Self - Credit Builder Account + Secured Visa® Credit Card Review

Qualifying for an unsecured credit card without an established credit history or with damaged credit can be a challenge. That’s where the CardName can come in. Part credit builder account, part secured credit card, it can put you on track toward good credit and have a credit card to use for safe and convenient purchasing. 

HOW DOES THE SELF VISA® CREDIT CARD WORK?

The CardName is a combination of two products: the company’s Credit Builder account and a unique type of secured credit card. With it you can ensure that money is set aside for the future, help develop a good credit history, and have a credit card that you can use to make transactions. 

It begins with you opening a Credit Builder account. This account is designed to help people build or better their credit histories via a small installment loan that is funded with your credit builder deposits. Instead of receiving the money you borrow, Self puts the funds into a locked FDIC-insured CD account. 

You would then need to make at least three monthly payments on time, save a minimum of $100, and keep the account in good standing. Once done you'll be eligible for a Self Visa® Credit Card. 

With the credit card, you select your credit limit. Self reports all payments to TransUnion, Equifax, and Experian, so as long as you manage the account responsibly, you will work towards building your credit rating. 

When your loan is at a zero balance, you will have access to the money you borrowed, minus any associated interest and fees.

Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., SouthState Bank, N.A., First Century Bank, N.A., each Member FDIC. Subject to credit approval. Self Visa® issued by Lead Bank, First Century Bank, N.A., or SouthState Bank, N.A., each Member FDIC. See Self.inc for details

FEATURED CARD

 

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• Earn a $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
• $0 intro annual fee for the first year, then $95.
• Buy Now, Pay Later: Enjoy $0 intro plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 intro plan fees on plans created during the first 12 months from the date of account opening. Plans created after that will have a monthly plan fee up to 1.33% of each eligible purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
• Low Intro APR: 0% on purchases and balance transfers for 12 months from the date of account opening. After that, your APR will be a variable APR of 19.24% - 29.99%. Variable APRs will not exceed 29.99%.
• 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
• 6% Cash Back on select U.S. streaming subscriptions.
• 3% Cash Back at U.S. gas stations.
• 3% Cash Back on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
• 1% Cash Back on other purchases.
• Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
• Get up to $120 in statement credits annually when you pay for an auto-renewing subscription to Equinox+ at equinoxplus.com with your Blue Cash Preferred® Card. That's $10 in statement credits each month. Enrollment required.
• Thinking about getting the Disney Bundle which can include Disney+, Hulu, and ESPN+? Your decision made easy with $7/month back in the form of a statement credit after you spend $9.99 or more each month on an eligible subscription (subject to auto renewal) with your Blue Cash Preferred® Card. Enrollment required.
• Terms Apply.

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See Rates and Fees

Terms and Limitations Apply

Credit Needed:

Good, Excellent

WHO IS ELIGIBLE FOR THE SELF VISA® CREDIT CARD?

To get the Self Visa® Credit Card you need to be at least 18 years old, and be a U.S. Citizen or permanent resident. You will also need a bank account and Social Security Number. 

You also have to open a Credit Builder Account with Self. There are four options from which to choose. Each has a one-time, non-refundable administrative fee of $9*. That fee plus interest is deducted from the final amount you borrowed and save:

• $25 monthly commitment - Requires $25 a month deposit for 24 months. At the end of the term you will receive $520. 
• $35 monthly commitment - Requires $35 a month deposit for 24 months. At the end of the term you will receive $724. 
• $48 monthly commitment - Requires $48 a month deposit for 24 months. At the end of the term you will receive $992. 
• $150 monthly commitment - Requires $150 a month for 24 months. At the end of the term you will receive $3,076. 

After you decide on the right Credit Builder account for you, you would open the account and start to fund it. 

Every month you will make the payments, which will be deposited into the account for the term you chose. As long as you make the payments on time and at least in the agreed-upon payments, the account should be in good standing. You can get the credit card at any point after accumulating at least $100 and when a minimum of three on-time payments are recorded.  

WHAT ARE THE BENEFITS OF THE SELF VISA® CREDIT CARD?

The benefits of the CardName include: 

• There is no hard credit check, so a hard inquiry will not appear on your credit report 
• You don’t have to put down a large deposit
• The ability to choose your own credit limit
• A mix of credit products will show up on your credit report, since both the loan and the credit card will be reported 
• You can use the card anywhere Visa® is accepted
• You can increase your credit limit over time  

WHAT ARE THE POTENTIAL DOWNSIDES OF THE SELF VISA® CREDIT CARD?

There are a few downsides to the CardName as well. For example:  

• It has an annual fee of $25 
• The administrative fee for the loan is $9*
• There is no rewards program, so you won’t be earning cash or points as you charge

HOW DOES THE SELF VISA® CREDIT CARD COMPARE TO OTHER CARDS?

There are a few other similar accounts to the Self Visa® Credit Card, so if you’re looking for a secured card designed for people with no or damaged credit histories, these three may be good alternatives.

Self Visa® Credit Card vs. CardName

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The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

The CardName does not have an annual fee, and no interest is charged¹. Your credit limit will be the same as your deposit. It starts with you opening Chime® spending account, and you will be able to use the money held in your that account to make your payments. Technically there is no minimum security deposit required², but you need at least $200 to open a Chime checking account, and because you need a Chime checking account to open a credit card account, you could consider the minimum to be $200. Your cash is never locked away.

Therefore, if you're looking for greater flexibility with a deposit right from the beginning, the CardName might be a more attractive than the Self Visa® Credit Card. 

Self Visa® Credit Card vs. CardName

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See Rates and Fees

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The CardName is an unsecured credit card that was developed for the person who doesn't have a traditional credit score. Instead, it uses other factors to determine qualification, such as your income and the amount you have saved. It also has cash back rewards so you can earn as much as 10% back at select merchants. (Petal credit cards are issued by WebBank, Member FDIC; note that if you have a credit score, it will be reviewed and considered as part of the application process.)

This card comes with no annual or foreign transaction fees, and because it's an unsecured card it does not require a security deposit. Credit limits on Petal® 1 can be anywhere from $300-$5,000. Through its Leap program, cardholders can earn a higher credit limit after six months assuming they make qualifying on-time payments and maintain their credit score within a personalized range.

The Petal® 1 may be the better choice over the Self Visa® Credit Card if you want to avoid paying a security deposit and can prove that you are a good credit risk based on alternative factors. 

Self Visa® Credit Card vs. CardName

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The CardName is a rare secured card that offers rewards and perks. It offers up to 2% cash back on select purchases, as well as a dollar-for-dollar match on all the cash back earn at the end of your first year. It also includes cell phone damage protection in the event that your covered cell phone is stolen or damaged when you pay your monthly cell phone bill with your Sable card, which is a perk that’s unique for even the best unsecured rewards cards.

Your credit limit will be equal to the amount of security you put down, which can be up to $10,000. With responsible use your security deposit may be released to you in as little as four months. The CardName may be a good choice over the Self Visa® Credit Card if you have an upfront cash deposit that you can set aside for a few months. 

IS THE SELF VISA® CREDIT CARD A GOOD CARD??

The CardName can be an excellent option if you want to either create or build your credit history. The fees are minimal, and you will get the benefit of forced savings with the locked deposit account. That can put you on the road to good financial health as you're improving your credit history, since both the loan and credit card will be reported to the credit reporting agencies. It offers significant  flexibility with the different loan plans, too. With as little as $100 in your account, you can get a credit card without having to pass through a hard credit check. The downside is that the fees can be high without any rewards to balance out the cost. 

¹Out-of-network ATM withdrawal and OTC advance fees may apply. View the Bancorp agreement or Stride agreement for details; see back of card for issuer. ²Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., SouthState Bank, N.A., First Century Bank, N.A., each Member FDIC. Subject to credit approval. Credit Card - Self Visa® Credit Card issued by Lead Bank or SouthState Bank, N.A., each Member FDIC. See self.inc for details. Card eligibility: Active Credit Builder Account in good standing, 3 on time payments, $100 or more in savings progress. Requirements subject to change.

*Sample loans: $25/mo, 24 mos, 15.92% APR; $35/mo, 24 mos, 15.97% APR; $48/mo, 24 mos, 15.72% APR; $150/mo, 24 mos, 15.88% APR. See self.inc/pricing.