For someone who wants a large credit limit under a secured credit card, the Wells Fargo Secured Visa card is a solid option. It has very low annual fee of $25 and your credit limit can be as high as $10,000.
However, the relatively high interest rate of 18.99% is alarming.
The security deposit is placed in a simple, non-interest bearing collateral account.
Wells Fargo reviews secured credit card accounts periodically to determine if cardmembers can be graduated to an unsecured credit card. This card is available only by applying at a Wells Fargo branch.
Notable card features
- $25 annual fee
- Variable APR of 18.99%
- Credit limit of $300 to $10,000