Wells Fargo Secured Visa Credit Card Review

(4 out of 5) MyBankTracker Editor's Rating

Wells Fargo Bank

The Wells Fargo Secured Visa Credit Card can help you build credit for the first time or get your credit score back on track if you’ve had a few bumps in the road.

Best of all, it comes with a credit limit as high as $10,000. You also have a chance to upgrade to a regular unsecured Wells Fargo credit card down the line.

A Wells Fargo Secured Visa card is a great choice for someone who wants to improve their credit score and is able to pay their bill in full and on time every month.

5 Reasons to Consider the Wells Fargo Secured Visa Card

Wells Fargo Secured Visa Card Pros & Cons

Pros Cons
  • Good for people who want to build or repair their credit, and can pay their bill in full every month
  • Eligible for the Visa® perks you would receive with an unsecured card
  • Flexible credit limit, up to $10,000
  • User-friendly online banking system
  • $25 annual fee
  • No rewards program
  • High foreign transaction fee

Before you settle on a secured credit card, it pays to learn more about what you stand to gain. Here’s a peek at the card’s top benefits:

Monthly credit reporting

Using a credit card to build credit won’t help you at all if the card issuer doesn’t report your payment habits to the credit bureaus.

Wells Fargo Secured Visa Credit Card

Fortunately, Wells Fargo reports your account activity to Experian, Equifax and TransUnion.

Flexible credit limit

Secured credit cards require a cash deposit. This deposit typically doubles as your credit line.

With the Wells Fargo Secured Visa, you can open an account with as little as $300 but you have the option of making a bigger deposit to get started.

Optional overdraft

If you have a Wells Fargo checking account, your secured Visa credit card can do double duty as overdraft protection.

All you have to do is link your checking and credit card accounts together. If you accidentally overdraw your checking account, your secured line of credit is there to cover it.

Low annual fee

Secured credit cards usually come with a hefty annual fee. With the Wells Fargo Secured Visa, however, the annual fee is just $25.

Upgrade potential

Wells Fargo routinely reviews its secured Visa accounts to see which members can be upgraded to an unsecured card. You’ll get your initial deposit back if you’re able to make the switch.

Wells Fargo Secured Visa Card’s Main Highlight: $10,000 credit limit

Every secured credit card is different but one thing they tend to have in common is a low credit limit.

What sets the Wells Fargo Secured Visa apart is the fact that you can get a credit limit as high as $10,000 if you’re able to come up with the cash for the deposit.

So why is a high credit limit so important? It all has to do with your credit score and how it’s calculated.

While 35% of your FICO score is based on how good you are at paying your bills on time, 30% is based on how much debt you have compared to your total credit line. This is called your credit utilization ratio.

Ideally, you want to use 30% or less of your credit limit at any given time. Getting a secured credit card with a $10,000 limit can work in your favor if you’re not charging up a big balance.

Paying off your purchases in full each month can improve your score that much faster.

Wells Fargo Secured Visa Card Interest Rates and Fees

Secured credit cards tend to carry higher APRs or annual percentage rates. The Wells Fargo Secured Visa has a high variable APR for purchases and balance transfers.

We already mentioned the $25 annual fee. Other fees include:

Wells Fargo Secured Visa Card Interest Rates and Fees

Type Fee
Balance transfer fee $5 or 5% of the transfer amount, whichever is greater
Cash advance fee $10 or 5% of the advance amount, whichever is greater
Foreign transaction fee 3% of the purchase amount
Overdraft protection advance $12.50 for advances under $50; $20 for advances over that amount
Late payment fee Up to $37
Returned payment fee Up to $37

If you travel overseas, the 3% foreign transaction fee can get expensive. It comes out to $30 for every $1,000 you spend. That’s something to keep in mind the next time you’re booking a trip abroad.

Additional Card Features

The Wells Fargo Secured Visa isn’t a rewards card, which means you won’t earn any points, miles or cash back on purchases but it has several other extras that add to its appeal.

Here’s a list of what you’ll get when you’re approved:

Visa benefits

As a Visa cardholder, you’ll get rental car damage insurance, travel and emergency assistance services and roadside dispatch, all of which can come in handy if you take frequent road trips.

You can also get emergency card replacement if it’s lost or stolen.

Online banking features

Cardmembers get free credit education tools and resources through their online banking system.

Once you set up your online account, you can choose the due date for your credit card, set up automatic payments, create a budget and track your spending.

Built-in fraud protections

Credit card fraud is no laughing matter and the Wells Fargo Secured Visa comes equipped with tools to keep your information safe.

First, the card has an EMV security chip which protects you against fraud when you use the card in stores.

Next, there’s Verified by Visa. This feature allows you to create a unique password for your card when you’re shopping online.

Cardmembers can also set up email or text alerts to receive notifications of suspicious activity.

If your card is stolen, Wells Fargo gives you zero liability coverage for any unauthorized purchases as long as you report them right away.

Cellphone protection

Cellphones are a necessity for most people but replacing them can get expensive if you don’t have insurance.

If you use your Wells Fargo Secured Visa card to pay your cell phone bill each month, you can get up to $600 in replacement coverage for damage or theft.

There’s no fee for this feature but there is a $25 deductible if you ever need to use your benefits.

Final Verdict: Who Is the Wells Fargo Secured Visa Card Right For?

Ultimately, we’d recommend the Wells Fargo Secured Visa credit card to anyone who’s hoping to establish a positive credit history and is able to make a larger cash deposit.

We wouldn’t advise you to choose this card if you’re looking for a secured card that offers rewards or you want to avoid paying foreign transaction fees.

When comparing secured credit card offers, be sure to weigh the benefits against the fees and interest.

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Ask a Question

Friday, 07 Sep 2018 2:07 PM
<p>The services promised on this card will not be fulfilled. I had auto payment set up which never worked in the 4 months i had the card. The service date ends 7 days before payments are due, making it so you have overdraft payments even after paying the balance in full if a transaction was made within a week of the service date. So even if you manually pay the balance you may still have an overdue balance that doens't even show up on the account until days later. When making a transaction it is not posted on the balance until several days later (no defined amount of time). So what the actual balance truly is very unclear, making it very easy to obtain interest fees, and negative credit reports. No one could give me a clear answer to the reason the auto-pay was not correctly working. They try to reassure you that everything is very hands off when in reality that is a scam to trick people into feeling it is hands off and being penalized with interest fees. Its a way for the banks to further exploit people who don't have the credit to obtain a REAL credit card.</p>
disqus_vZV5iSOgds
Friday, 08 Dec 2017 5:51 PM
<p>Yes this card helps increase your credit score. I was conned by Wellfargo to get this card. They sold me all the benefits that they said above and also stated that once you graduate to an unsecured credit card....they will refund you the deposit that you gave for the secure card. I asked them how long will it take to graduate? The representative told me within 8 mos. Nobody ever told me that they do random selections to who will graduate and who will not. If I had known this, I would have gone to Capital One instead. I have religiously paid on time. And have not graduated yet. I called Wells Fargo the other day to see and they told me that they don't know when it can happen but they will send me a letter when I am chosen to graduate and to keep up the good work. I have recently read reviews and there are people on there stating that they had the card for 8 yrs and still have not graduated. I would suggest u reading the reviews first before giving your money to them.</p>
MyBankTracker
Thursday, 09 Nov 2017 8:53 PM
<p>We'd suggest that you read up on our ultimate guide on building the perfect credit score: <a href="https://disq.us/url?url=https%3A%2F%2Fwww.mybanktracker.com%2Fcredit-cards%2Fcredit-score%2Funcomplicated-guide-hacking-perfect-credit-score-172510%3A-1OGlt9CHLBzaDMwLBygK8L2TNk&amp;cuid=15643" rel="nofollow noopener" title="https://www.mybanktracker.com/credit-cards/credit-score/uncomplicated-guide-hacking-perfect-credit-score-172510">https://www.mybanktracker.c...</a></p><p>Secured credit cards such as the Wells Fargo Secured Visa Credit Card can help you recover from a bad credit score.</p>
Thursday, 09 Nov 2017 2:01 PM
<p>I would like to build up my credit score</p>