The Secured Self Visa® Credit Card¹

The Secured Self Visa® Credit Card is a unique credit-building tool designed specifically for people with no credit history or a "damaged" profile. Unlike traditional secured cards that require an upfront cash deposit, the Self card is funded by the savings you build in a Self Credit Builder Account. It is an excellent choice for those who want to "force" themselves to save money while building credit, though the annual fee after the first year and the requirement to open a separate installment loan first make it a slightly more complex product than competitors.

At a Glance

• Credit Limit: $100 minimum (Secured by your Self Credit Builder Account savings)
• APR: 27.74% Variable
• Card Type: Revolving (Secured Credit Card)
• Fees: $0 intro annual fee; $25 thereafter*
• Minimum Credit Score: None (No hard credit pull required)
• Funding Speed: Eligibility typically requires ~3 months of on-time payments to your Credit Builder Account.

Overview

The Secured Self Visa® Credit Card is not a standalone product; it is an "add-on" benefit to the Self Credit Builder Account.

Here is how it works: You first open a Credit Builder Account (essentially a small loan you pay to yourself). Once you have made at least 3 monthly payments on time and have accumulated at least $100 in savings, you become eligible for the Visa card. You then use that $100 (or more) from your savings to "secure" the credit card.

This system is brilliant for consumers who lack the $200–$500 cash usually required for a secured card deposit. Instead of finding cash upfront, you build the deposit slowly over three months.

Rates & Terms

• APR: The card carries a variable APR of 27.74% Variable. This is high, even for a secured card. It is critical to pay your balance in full every month to avoid interest charges.
• Credit Limit: Your limit is equal to the portion of your Credit Builder savings you choose to allocate to the card. The minimum is $100, and the maximum can go up to $3,000 depending on your savings balance.
• Grace Period: You typically have at least 21 days after the close of each billing cycle to pay your bill without being charged interest on purchases.

Fees & Requirements

Self is highly accessible because it bypasses traditional credit scoring models.

• Credit Score: No minimum score and no hard inquiry. Self looks at your history with their Credit Builder Account instead of your FICO score.
• Income & Employment: You generally need to provide income information for regulatory purposes, but strict verification is rarely an obstacle compared to traditional banks.
• Fees:
  • Annual Fee: $0 intro annual fee; $25 thereafter*
  • Late Fee: Up to $15 (lower than the industry standard of $40).
  • Foreign Transaction Fee: None ($0), making it decent for travel if necessary.

Funding Speed & Borrower Experience

Funding Speed: This is not an "instant" card. Because you must first have the Credit Builder Account for roughly 3 months, the "time to card in hand" is roughly 90 days from the day you start your journey with Self. Once eligible, the card typically arrives within 7–10 business days after you order it.

Customer Experience: The entire process is managed via the highly-rated Self mobile app. The app clearly visualizes your credit score progress, savings balance, and credit utilization. However, users should be aware that customer support is primarily digital/email-based, which can be frustrating if you prefer phone support.

Who It’s Best For

• True Beginners: If you have absolutely no credit history and no lump sum of cash for a deposit.
• Rebuilders with <500 Credit Score: If you have been denied by Capital One or Discover, Self is a near-guaranteed approval.
• "Forced Savers": If you struggle to save money, the requirement to pay into the loan account first ensures you have savings backing the card.

Who Should Skip It

• Immediate Spenders: If you need a credit card today for an emergency, Self is too slow due to the 3-month eligibility period.
• Reward Seekers: If your credit is "Fair" (580+), you can likely qualify for cards that offer 1–1.5% cash back, which Self lacks.

Bottom Line

The Secured Self Visa® Credit Card is a smart, effective tool for anyone who cannot get approved for traditional secured cards. While the requirement to open a Credit Builder Account first creates a 3-month delay, it ingeniously solves the problem of "needing credit to get credit."

Verdict: Highly Recommended for credit rebuilders with limited upfront cash. If you can afford a $200 deposit elsewhere, skip Self to avoid the eventual $25 annual fee.