| Credit Building Rating: | 3.0 / 5 |
| Cost of Membership | 2.0 |
| Ease of Building Credit | 3.0 |
| APR | 2.0 |
| Features | 3.8 |
In a Nutshell:
This secured card carries a low deposit requirement, a relatively low annual fee and a chance at an unsecured credit limit increase, so it’s a solid — if basic — starter card for building credit.
Security Deposit Required $100 minimum |  |
Initial Credit Limit Equal to your deposit |  |
Access To Higher Credit Line? You have a chance at an unsecured credit limit increase after six months with responsible card use. | |
APR 28.24% APR Variable | |
Annual Fee $0 annual fee first year, $25 annual fee thereafter. | |
Other Rates and Fees
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Rewards None |  |
Other notable features: No credit check required, chance at unsecured credit limit increase with responsible use
Building credit may seem impossible when you’re first starting out, and it can be especially frustrating if you’re having trouble getting approved for the credit cards you really want. But with the right financial product, you can build credit with no credit history or repair bad credit over time.
Secured credit cards are among the most popular credit-building card options, offering a low entry barrier and often charging no annual fee. The main drawback is you have to tie up money in a security deposit as you prove your creditworthiness. While you can get your deposit back when you close your account or upgrade your card, this can be a roadblock if you’re short on cash.
The secured Self Visa® Credit Card simplifies this process by requiring no credit check and allowing you to get started with a security deposit as low as $100. You’ll even have a chance to get an unsecured credit limit increase after six months of responsible card use.
The catch? It charges an annual fee after the first year. While that’s low, plenty of other secured cards charge no annual fee. Some cards even earn cash back while charging no annual fee or offer an upgrade path to even more lucrative rewards cards.
So while this credit-building combination could be helpful if you don’t have much money to set aside for a deposit, the secured Self Visa will have limited long-term value compared to many alternatives.
Why you might want the secured Self Visa Credit Card
The secured Self Visa Credit Card offers credit-builders a great starting point since it carries a low deposit requirement and doesn’t require a credit check. Even it’s ongoing annual fee is fairly low.
No credit check required
You can qualify for the secured Self Visa card with no credit history and without a hard inquiry on your credit report. Indeed, you won’t face a credit check of any kind, making this card easily one of our top “soft pull” credit card picks.
If you’re eager to avoid the credit score ding that comes with applying for a card, there aren’t many options as good as the Self card available with a low credit score.
Low starting deposit requirement
Many secured credit cards require a security deposit of around $200 to $500 just to get started, which can be a dealbreaker if you’d rather not tie up a ton of money for months while you work on your credit score.
The secured Self Visa lets put down just $100 to start — one of the lowest security deposits we’ve seen, especially on a card with no credit check required. This means you may be able to start working toward a credit card right away instead of having to build up savings first.
Increase your credit limit over time
While your initial credit limit can be as low as $100 (matching your deposit), you have a chance to get an unsecured credit limit increase after just six months of responsible card use (which should include making your payments on time and avoiding maxing out your cards).
Why you might want a different card
If you’re looking for a way to boost your credit score and build credit history, the Self Credit Builder Account and Visa Card may be exactly what you need. But if you want a card with low rates, no fees or lots of perks and rewards, this isn’t the one for you.
High card rates and fees
When you sign up for a Self Credit Builder account, you commit to a monthly loan payment of at least $25 with a 24-month term but can opt for higher payments and shorter loan terms to cut down on interest charges.
While the secured card itself charges a relatively low $25 annual fee (waived for the first year) and you can avoid its 28.24% APR Variable APR as long as you pay off your card balance in full each month, you won’t be able to escape interest charges on your credit-builder loan.
Your total finance charges will vary based on your repayment plan, but Self offers a pricing tool that should help give you a sense of how much it would cost to build credit with the Self credit-builder loan and secured card combo, assuming you pay off any card charges in full each billing cycle:
- For a loan with a $25 monthly payment, 24-month term and 15.92% APR, you’d pay total finance charges of $96
- For a loan with a $35 monthly payment, 24-month term and 15.69% APR, you’d pay total finance charges of $132
- For a loan with a $48 monthly payment, 24-month term and 15.51% APR, you’d pay total finance charges of $179
- For a loan with a $150 monthly payment, 24-month term and 15.82% APR, you’d pay total finance charges of $570
You can refer to www.self.inc/pricing for the most recent pricing options, but even if you opt for a small loan amount and high monthly payment, you won’t be able to escape at least some fees with the Self Credit Builder and secured card combo.
This is a major downside to Self as a credit-building option, since plenty of secured cards charge no annual or other fees unless you pay late, have a payment returned or make a similar slip-up.
How does the Self Credit Builder Account and Self Visa card combo compare to other credit-building options?
While pairing the Self Credit Builder account and Self Visa could make it easier for you to set aside money and enjoy a better credit mix, it’s far from your lowest-cost credit-building option. If you can afford to put down at least a bit of money in a security deposit, you should save in the long run and may wind up with better options when it comes time to “graduate” from a secured to an unsecured card.
Alternatively, you could opt for a low-cost unsecured card for building credit. Here are a few cards worth considering:
 Capital One Platinum Secured Credit Card
|  Discover it® Secured Credit Card
|  |
Rewards rate
| Rewards rate
| Rewards rate
|
| Credit limit See terms | Credit limit See terms | Credit limit $300-$5,000 |
| Annual fee $0 | Annual fee $0 | Annual fee $0 |
Other things to know
| Other things to know
| Other things to know
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Capital One Platinum Secured Credit Card
Though it’s a secured card, the Capital One Platinum Secured Credit Card offers an exceptionally low entry barrier. You can put down as little as $49 as a refundable deposit and still get a $200 credit limit, making this almost a hybrid secured-unsecured credit-building option. And unlike the Self credit-builder loan and secured card combo, the Capital One Platinum Secured Credit Card charges no program fees or interest charges if you pay off your balance in full each month. The card also gives you a chance to upgrade to a higher credit line after you make your first six payments on time.
Discover it® Secured Credit Card
Easily one of the most generous credit-building cards out there, the Discover it® Secured Credit Card not only charges no annual fee but also features a generous cash back rewards program and welcome bonus offer that matches all the cash back you’ve earned at the end of your first year. This means you can actually earn rewards as you work on your credit. On top of this, the card features a credit limit of up to $2,500 (equal to your deposit), has automatic reviews starting at seven months to see if you can transition to an unsecured line of credit and have your deposit returned, and will waive the fee the first time you pay late (up to $41 after that), all of which should be especially appealing to someone new to credit.
Petal® 1 “No Annual Fee” Visa® Credit Card
The Petal 1 card is a terrific option for credit-builders since it’s available even with limited credit history, charges no annual fee and offers a minimum starting credit limit of $300. The card is also notable for its flexible approvals process: The issuer can consider more than just your credit score when you apply and may take into account other financial data like your bill payment history. This will be a big help if you’ve had some credit missteps in the past but are otherwise on solid financial ground.
How to use the Self Credit Builder Account and Self Visa card combo
- Make at least your first three credit-builder loan payments on time to remain eligible for the secured card.
- Choose the loan amount and repayment terms that work best for you, keeping in mind the finance charges, how much you want to set aside and how much you can afford to pay each month.
- Use your Self Visa Credit Card for small purchases and pay your balance in full each month to avoid a high credit utilization ratio and late fees.
Is the Self Credit Builder Account and Self Visa card combo right for you?
The Self Visa Credit Card and Credit Builder Account combination offers a unique approach to credit building and could be useful in niche circumstances – such as when you can’t afford an upfront security deposit or want to improve your credit mix – but it’s far from your most cost-effective option.
Many secured credit cards let you accomplish the same goal of building credit without any required fees or charges, and several require as little as $50 as a deposit to get started. Some secured credit cards even let you earn rewards on your spending, which can add up over time as you learn to use credit responsibly.
Our verdict: Most credit builders will be better off opting for a typical secured card due to the lower cost and potential upgrade path.
*Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., First Century Bank, N.A., each Member FDIC. Subject to credit approval.
*The secured Self Visa® Credit Card is issued by Lead Bank or First Century Bank, N.A., each Member FDIC.
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