Imagine^® Visa^® Credit Card Requirements | Limits, Features, and Application Process

The Imagine^® Visa^® Credit Card, issued by WebBank, is an unsecured credit card designed for individuals looking to build or rebuild their credit.

Key Requirements

• Age: Must be at least 18 years old.
• Identification: Must provide a Social Security Number (SSN) for identity verification and a credit check.
• U.S. Residency: Must have a valid U.S. mailing address (excluding U.S. territories other than Puerto Rico and the U.S. Virgin Islands).
• Verifiable Income: Must have a source of income to demonstrate the ability to make payments. This may require linking a bank account for verification.
• Credit History: The card is available to individuals with poor to fair credit (credit scores typically in the 550 to 640 range). A hard inquiry will be made on your credit report upon formally accepting an offer.

Important Feature Considerations

• Pre-qualification: You can check for pre-qualification without affecting your credit score via a soft credit pull.
• Fees: The card typically has an annual fee ($0 to $175 the first year; $0 to $59 annually thereafter) and may have other associated fees, which reduce the initial available credit.
• Credit Limit: Initial limits are generally low, starting around $350 up to $1,000, with no option to request a credit limit increase.
• Rewards: Offers cash back rewards (3% on eligible gas, groceries, and utilities; 1% on all other purchases), but fees should be considered when assessing value.

This card is suitable for those who may have difficulty obtaining a traditional credit card but need to establish a positive payment history with the major credit bureaus.

Financial and Credit Requirements

• Credit Score: Available to people with bad or fair credit (typically FICO^® scores below 640). The average credit score of approved members is around 563.
• Income: A verifiable source of income is required; the issuer may request access to bank account information for verification.
• Debt Load: Existing debt-to-income ratio and current debt load are considered during the review.
• Credit History: Recent credit inquiries and payment history on other accounts may impact the decision.
• No Security Deposit: This is an unsecured card, so no security deposit is required.

Application Process

• Prequalification: Can prequalify with a soft inquiry that does not affect your credit score.
• Hard Inquiry for Final Approval: Accepting an offer after prequalification triggers a hard inquiry, temporarily affecting your score.
• Fees: High annual fees are billed upon account opening, reducing initial available credit.