The Secured Self Visa^® Credit Card Review

The Secured Self Visa^® Credit Card can be an effective tool for building credit, especially for those with no credit history or a low score. It offers an unusual but highly accessible path to a secured card by allowing you to build your security deposit over time through a "Credit Builder Account".

However, the card has notable drawbacks, including a high interest rate, potential fees, and negative reports of poor customer service from some users.

How the Self Secured Visa works

• Credit Builder Account: You open an installment loan where your payments are placed into a Certificate of Deposit (CD). Your payments build up both your credit history and the security deposit for the card over time.
• Qualify for the card: After making three on-time payments and meeting other eligibility requirements, you can get the Self Secured Visa.
• Fund your credit limit: Your credit limit for the card is backed by the money you've saved in your CD. The minimum deposit is $100.
• Pay on time to build credit: Your card activity is reported to all three major credit bureaus (Equifax, Experian, and TransUnion), helping you build a positive credit history.

Pros

• No hard credit check to start: Applying for the initial Credit Builder Account does not involve a hard inquiry on your credit report.
• Accessible entry point: A small minimum deposit of $100 is required.
• Accessible qualification: After three on-time payments, you are eligible for the secured Visa card.
• Helps build savings: Monthly payments to the Credit Builder Account also build savings returned at the end of the loan term (minus fees/interest).
• Reports to all three bureaus: Responsible use helps build a positive credit history.

Cons

• High variable APR: Around 27.49%, so paying in full each month is recommended.
• Ongoing fees: $25 annual fee after the first year.
• Limited rewards: No rewards program.
• No direct path to unsecured status: Graduation to unsecured is not guaranteed.
• Negative customer service reports: Difficulty resolving issues has been reported.

Is The Secured Self Visa^® Credit Card Legit?

Yes, Self Financial is legitimate, offering the Credit Builder Account and Secured Visa. Both are legally issued through FDIC-insured partner banks. However, success depends on how you manage payments and fees.

How the Credit Builder Account works

• The process: Payments go into a CD. The company reports payments to all three major credit bureaus.
• The payout: After completing payments, you receive the CD funds minus fees/interest.
• A mixed-credit approach: Shows both installment and revolving credit, which can boost your credit score.

The controversy around Self

Despite legitimacy, Self has complaints:

High cost and fees

• Expensive interest rates: High APRs on both the credit-builder account and the secured card.
• Multiple fees: Administrative fees, $25 annual fee after the first year, fees for debit payments and late payments.

Poor customer service

• Numerous complaints: BBB has issued an alert; Self has an "F" rating due to unresolved issues.
• Specific problems reported by users:
  • Fraud disputes: Difficulty getting fraudulent activity investigated and resolved.
  • Poor communication: Hard to reach a live representative.
  • Payout delays: Delays or missing funds after completing the credit-builder loan.
  • Sudden account closures: Accounts closed without explanation, limiting access to funds.

Is The Secured Self Visa^® Credit Card right for you?

• Good for: Someone with very poor or no credit who needs a low entry point for building credit.
• Better alternatives: Traditional bank secured cards or opensky^® Plus Secured Visa^® Credit Card may offer no annual fee and rewards.
• The risk: High fees and poor customer service; discipline is required to use safely.