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

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The best way to create credit with savings

Self-Credit Builder Account + Secure Visa® Credit Card

Annual subscription

Monthly payment $ 25, duration 24 months with administrator fee $ 9

Normal APR

15.92% (Variable)

Suggested credit rating

No credit history

Self – Credit Builder + Secured Visa® Credit Card Overview

If you’re working on getting a credit card and have considered applying for credit services or credit cards to help your credit score, then a Self – Credit Builder + Secured Visa® Credit Card account may seem convenient – two combinations. If you’re in good shape after three months of timely payments and $ 100 paid into Self’s Credit Builder savings account, you’ll automatically be eligible for your Secured Visa card — no credit history or ‘hard’ credit check required.

However, a minimum trial period of three months means that the Self Safe card is not a real “instant approval” credit card. It is a good option if you can not provide a down payment for a traditional secured credit card, but like other credit line loans, combining accounts and card may not be the most efficient or economical way to build your credit.

A deeper look at the current card offer

Quick notes

  • Reward rate: N / A
  • Welcome offer: N / A
  • Annual subscription: monthly payment $ 25, duration 24 months with administrator fee $ 9
  • Purchase of APR quotation mark: N / A
  • Enter APR balance transfer: N / A
  • Normal APR: 15,92% (Variable)

Current welcome offer

Secure credit cards usually do not offer sign-up bonuses or other introductory offers, and the Self Secured Visa card and Credit Builder account are no exception.

While chasing a sign up bonus should not be your priority if you are trying to build credit, some credit card offers offer the chance to win. For example, the Discover it® Guaranteed Credit Card welcome offer makes it a more attractive deal, as Discover will cover all the cash you have earned in your first year.

Rewards

Neither the Self Credit Builder account nor the Secured Visa card is rewarded, something that is common among products designed for cardholders without a credit history.

While not having a rewards program should not be something that breaks credit agreements, there are some credit cards for those with limited credit that offer rewards. Student credit cards may bring the best rewards and benefits if you can qualify. Alternatively, you may want to reconsider Discover it Secured for a 2 percent cash back at gas stations and restaurants (up to $ 1,000 in combined costs per quarter, after 1 percent) and 1 percent in other markets.

Other cardholder privileges

You will not receive many additional benefits from Self in addition to the product credit capabilities, but you will receive some basic benefits through Visa with the secure card.

Improve your credit balance

Self Credit-builder products stand out by enhancing an often overlooked aspect of your credit score, your “credit mix”. This factor accounts for 10 percent of your FICO credit score and can be difficult to cultivate if you are new to credit, so the opportunity to vary your credit limits by both loan and card could speed up your credit journey. .

No deposit required

Unlike most secured credit cards, the Self Secured Visa card does not require a deposit. Payments you have saved in your savings account * (CD) savings account act as a security deposit and as a credit limit. Because of this, the only down payment is the monthly payment of $ 25, lasting 24 months with an administrator fee of $ 9.

Just keep in mind that you are also paying monthly interest on your credit development loan, which is not required for other secured card deposits. This also means that your credit limit is limited to the amount you have contributed to your CD so far. Self will also periodically check your account for unsecured credit line increases beyond your deposit, but you can not request these checks and it does not specify how often they check your account or how much credit line increase you could receive.

Visa traditional credit card benefits

All Visa credit cards — including self-insurance card — come with them basic privileges:

  • Cardholder information service
  • Report a lost or stolen card
  • Emergency card replacement and cash disbursement
  • $ 0 liability for unauthorized purchases
  • Send payment per use on the way

Prices and charges

It is important to remember that you will pay any applicable charges and commissions for both your credit card and your secured credit card. You can avoid the expensive 15.92% (Variable) on the insured card if you do not have a balance, but you will still owe monthly charges in April and credit for your loan to build credit.

A loan with a monthly payment of $ 25, duration of 24 months with an administrator commission of $ 9 with an annual interest rate of 15.92% with a financial burden of $ 89. A loan with a monthly payment of $ 35, duration of 24 months with an administrator fee of $ 9 with an annual interest rate of 15.97% with a financial charge of $ 125. A loan with a monthly payment of $ 48, duration of 12 months with an administrator fee of $ 9 with an annual rate of 15.65% with a financial burden of $ 46. A loan with a monthly payment of $ 150, duration of 12 months with an administrator fee of $ 9 with an annual rate of 15.91% with a financial burden of $ 146. Please refer to www.Self.inc/pricing for the latest pricing options.

Make sure you read the self-insurance cards terms and conditions carefully in advance to see how they will affect your trip to a higher score.

How the Self Credit Builder + Secured Visa account compares to other secure cards

The combination of a loan and a secured card yourself can complicate the credit creation process with additional costs and restrictions, so it is easy to see how securing a security deposit for a regular secured card can be better in the long run.

One of the most important things to keep in mind when creating credit card credit is your credit line. Along with timely and complete payment, maintaining a low credit score is the key to improving your credit score. Unfortunately, the Self Secured Visa credit line can be very low for many credit makers, as your limit is slowly increased by monthly loan payments and a $ 25 chunk is deducted from the annual fee. Depending on your loan, your credit card limit can also be as high as $ 500 to about $ 1,700.

Even with a limited or bad credit history, many insured cards allow you to set a much higher credit line through a guarantee deposit. For example, BankAmericard® Secure Credit Card offers a limit of up to $ 4,900 based on your deposit, and Capital One Platinum Secure Credit Card only requires an initial deposit of $ 49 or $ 99 if you can not swing the standard $ 200 deposit . Additionally, cards such as Discover it Secured and Capital One Platinum Secured Credit Card offer periodic account reviews that may allow you to upgrade to an unsecured credit card if you have shown responsible credit habits.

Unless improving your credit score is a top priority, these other secure cards may be more valuable alternatives.


Self-portrait


Self-Credit Builder Account + Secure Visa® Credit Card

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2.3

Apply now


on Self’s secure website

Annual subscription

Monthly payment $ 25, duration 24 months with administrator fee $ 9

Recommended credit

No credit history


Discover the image


Discover it® Secured Credit Card

Import offer

Cashback Match ™

Recommended credit

No credit history


Picture of Capital One


Capital One Platinum credit card with collateral

Recommended credit

No credit history

Bankrate’s Take — Is the Self Credit Builder + Secured Visa Account Worth It?

The Self – Credit Builder Account + Secured Visa Credit Card is a unique combination that allows those with limited or damaged credit to create payment history on two different credit lines: a loan and a credit card.

This may be great if you want a credit card check and you want to boost your credit score, but the extra costs and constraints you will face when taking out a credit card loan can cause Traditional insured cards are a more attractive option.

Pros and cons

Advantages

  • Can qualify for credit card without additional security deposit or hard credit request
  • Improves FICO “credit mix” rating factor (10 percent) by reporting loan and card payments
  • It refers to all three major credit bureaus
  • Provides basic Visa credit card benefits

Disadvantages

  • Possibility to owe interest on both a credit card and a credit card loan at the same time
  • Monthly payment of $ 25, duration of 24 months with administrator fee of $ 9 and savings of credit line account limit your credit limit

BankAmericard® Secure Credit Card Information has been collected independently by Bankrate.com. Card details have not been verified or approved by the card issuer.

* All Credit Builder accounts are made by Lead Bank, Member FDIC, Equal Housing Lender, Sunrise Banks, NA Member FDIC, Equal Housing Lender or Atlantic Capital Bank, NA Member FDIC, Equal Housing Lender. It is subject to identity verification. Individual borrowers must be a U.S. citizen or resident and at least 18 years old. A valid bank account and Social Security Number are required. All loans are subject to identity verification and consumer reporting verification and approval. Results are not guaranteed. Improving your credit score depends on your specific situation and your financial behavior. Failure to make a minimum monthly payment by the due date of payment each month may result in late payment being reported to the credit bureaus, which may adversely affect your credit score. This product will not remove negative credit history from your credit report. All loans are subject to approval. All Certificates of Deposit (CD) are deposited with Lead Bank, FDIC member, Sunrise Banks, NA, Member FDIC or Atlantic Capital Bank, NA, Member FDIC.

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