Self Credit Builder Secured Visa

self credit builder secured
Self Credit Builder Secured Visa creates a combo that improves your history over time.

Anyone who barely has a credit history will find difficulty to get access to services and credit cards at competitive interest rates. There’s a simple reason: banks and financial providers use your history to determine if you’re a liability. Anyone who doesn’t have a long history or has a bad payment record will come across problems when hiring loans, credit cards and even insurance. 

That’s why a credit building credit card is so important. For those new to credit, it allows them to get started on the right foot with timely payments and reporting to all three American bureaus. For anyone who has a bad history, it allows them to create new and better records and raise numbers quickly. 

Self Credit Builder Secured goes beyond the credit card, though. It offers a combo of loan accounts and cards that were created to help raise credit scores all over the US. If you were waiting for a chance to give your score a boost, this might be it. Keep reading to understand how this credit card works, main benefits and how to get a better score using it. 

self credit builder secured
Credit Card
Self Credit Builder Secured
$9 annual fee No security deposit
No credit score needed
Click here to Apply On credit card page

How does a Self Credit Builder Secured work? 

Self Credit Builder Secured is actually a combo. You won’t start off right away with the credit card, but actually a Self Credit Builder loan. In a very quick summary, you get some money from your savings and deposit it into your account as a type of loan. 

You have to make payments monthly until you finish paying the complete amount and get access to your account. The main advantage here is that you get all of the money back, minus interest and management fees. Self reports your data to the three major bureaus to get your credit history improved. 

After three months of adequate payment, you’ll be eligible for a Self Credit Builder Secured Card. The best part is that the financial company won’t do a hard credit check on your history, which would stop your improvements on their tracks. 

Your line of credit will start according to how much you have on your Self Credit Builder account. This gives you the possibility of getting a better secured limit through higher deposits. You might even be eligible for a higher unsecured amount through proper monthly payments over time, but there’s no guarantee or time period for this limit review. 

Another advantage here is that you’ll add a better credit mix to your history. After all, you’ll be juggling both a personal loan account and secured credit card, which is great for your score. 

Is there a welcome offer?

Secured credit cards with welcome offers are quite rare. Self Credit Builder Secured doesn’t have one, but it more than makes up for that with quick improvement on your credit score. Over the months you might even become eligible for cards with better offers.

Understand the Self company

Before 2019 you might have heard of Self as the Self Lender company. While its products didn’t really change, its credit card option became a lot more robust with its mobile app to keep a responsible use. 

Self Credit Builder account is its most important product, and also the one that allows you to get this credit card. There are a few options you can choose from: 

  • 24 months of payment with $25 payments that result in a $520 payout; 
  • $35 a month payments for 24 months that result in a $724 payout; 
  • 12 months of payment with $48 payments that result in a $539 payout; 
  • $150 a month payments for 12 months that result in a $1663 payout.

While you pay, Self reports everything to TransUnion, Equifax and Experian, building your credit history along the way. 

Main benefits for Self Credit Builder Secured

Other than being able to build your credit history without the need for a hard credit check, there isn’t much to this card. You’ll see that there aren’t any reward programs or intro APR offers that make it very attractive. However, as we mentioned above, this is especially for people whose scores make them ineligible for other card options. 

Some highlights you should know about include: 

  • Better credit mix combining loan account and credit card; 
  • No security deposit required for the credit card (your loan account serves in its stead); 
  • $0 liability protection in case of fraud; 
  • Credit card accepted all over the US; 
  • Autopay through the app. 

Everything here has the main purpose of allowing you to get your finances on track. This Visa credit card can be set on autopay so you won’t miss a due date. Even if that happens, there’s a grace period with no interest rates. But be careful, since you’ll have to pay a fee plus interest if that time is over. 

Cons for this credit card

If you aren’t great at keeping your spending in check, the combo of loan account and credit card is dangerous. It is possible to accumulate interest from both of them after missing your payments, which can make this choice a lot more expensive. 

Rates and fees for this credit card

When you decide to start building your credit with this card you should watch out for the fees. They include: 

  • $9 administration fee;
  • 15,97% variable APR;
  • $125 finance charge. 

The good part is that you can keep away from most fees and charges for this credit card as long as you pay your balance in full monthly. Only the $9 annual fee will impact your credit limit. 

Anyone can get approved for this offer. Since this is a secured credit card, there won’t be a credit check at all when you get started.

self credit builder secured
Credit Card
Self Credit Builder Secured
$9 annual fee No security deposit
No credit score needed
Click here to Apply On credit card page
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