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Self – Credit Builder Account with Secured Visa Credit Card review

The pairing of a secured credit card and a credit builder loan is the one-two punch to jump start your credit building journey. Written by Credit Card Reviews Writer Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, Oct. 24, 2022 Oct. 24, 2022

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Snapshot

3.1 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bottom line First-time credit builders will find an interesting takeoff point with this dual feature credit building tool. You can access a credit card without a credit history or a hard credit check, and you’ll get a head start on building up multiple credit types, also known as the “credit mix” portion of your score, with the credit builder loan. on Self's secure site

Best for building a credit mix

Self - Credit Builder Account with Secured Visa® Credit Card

Rewards rate Annual fee Intro offer Intro offer is not available to this Self credit card Regular APR Recommended Credit Score A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Self &ndash Credit Builder Account with Secured Visa® Credit Card  overview

If you're working on obtaining a credit card and you've considered or credit-builder loans to help your credit score, then the Self – Credit Builder Account + Secured Visa® Credit Card might seem like a convenient one-two combo. By being in good standing after three months of on-time payments and having $100 paid into Self's Credit Builder savings account, you'll automatically be eligible for the Secured Visa card-no credit history or required. However, its three-month minimum trial period means Self's secured card isn't a true . It's a good option if you can't provide the upfront deposit for a traditional secured credit card, but like other , the Self account and card combo might not be the most efficient or cost-effective way to .

What are the advantages and disadvantages

Pros

You can qualify for a credit card with no additional security deposit or hard credit inquiry Improves the “credit mix” FICO score factor (10 percent) by reporting both loan and card payments, two different credit types. This tool reports to all , making it easy for the bureaus to track your credit building progress. Provides basic Visa credit card benefits

Cons

Possible to owe both credit card and credit-builder loan interest simultaneously, eating into this tool’s affordability. Annual fee: $25

A deeper look into the current card offer

Quick highlights

Rewards rate: N/A Welcome offer: N/A Annual fee: $25 Purchase intro APR: N/A Balance transfer intro APR: N/A Regular APR: 26.99% (Variable)

Current welcome offer

typically don't offer or other intro offers, and the Self Secured Visa card and Credit Builder Account are no exception. Although chasing a sign-up bonus shouldn't be your priority if you're trying to build credit, some credit-builder cards offer a chance to earn one. For example, the welcome offer makes it a more enticing deal, as Discover will match all the cash back you've earned within your first year.

Rewards Rate

Neither the Self Credit Builder Account nor the Secured Visa card earn rewards, which is common among products designed for cardholders with . While having no rewards program shouldn't be a deal-breaker for credit-builders, there are a few credit cards for those with limited credit that do offer rewards. may carry the best rewards and benefits if you can qualify. Otherwise, you might want to reconsider the Discover it Secured for its 2 percent cash back at gas stations and restaurants (on up to $1,000 in combined spending per quarter, then 1 percent) and 1 percent back on other purchases.

Other cardholder perks

You won't get many extra perks from Self outside the product's credit-building potential, but you do get a few basic benefits through Visa with the secured card.

Improving your credit mix

The Self credit-builder products set themselves apart by reinforcing an often overlooked aspect of your credit score, your "." This factor accounts for 10 percent of your FICO credit score and might be hard to nurture if you're new to credit, so the opportunity to diversify your credit lines with both a loan and card could expedite your credit journey.

No deposit required

Unlike most secured credit cards, the Self Secured Visa card doesn't require a security deposit upfront. The payments you've saved up in Self's certificate of deposit* (CD) savings account acts as your security deposit and credit limit instead. Due to this set up, the only upfront costs is $25 annual fee. Just keep in mind that you're also paying monthly interest on your credit builder loan, which isn't necessary for other secured card deposits. This also means that your credit limit is capped at the amount you've contributed to your CD so far. Self will also review your account periodically to grant you unsecured credit limit increases beyond your deposit, but you can't request these reviews. Self also doesn't specify how frequently they review your account or how much of a credit limit increase you could receive.

Visa Traditional Credit Card benefits

All -including the Self secured card-come with these : Cardholder inquiry service Lost or stolen card reporting Emergency card replacement and cash disbursement $0 liability for unauthorized purchases Pay-per-use roadside dispatch

Rates and fees

It's important to remember that you'll be paying any applicable rates and fees for both your credit-builder loan and your secured credit card. You can avoid the costly 26.99% variable on the secured card if you don't carry a balance, but you'll still owe monthly APR and finance charges on your credit-builder loan. Please refer to for the most recent pricing options. Make sure you read the Self secured card's carefully beforehand to see how they will impact your journey to a higher score. Make sure you read the Self secured card's carefully beforehand to see how they will impact your journey to a higher score.

How the Self &ndash Credit Builder Account with Secured Visa Credit Card compares to other secured cards

Self's credit-builder loan and secured card combo may complicate the credit-building process with extra costs and restrictions, so it's easy to see how paying a security deposit for a normal secured card may be better in the long run. Please refer to for the most recent pricing options. Make sure you read the Self secured card's carefully beforehand to see how they will impact your journey to a higher score.

Self - Credit Builder Account with Secured Visa® Credit Card

star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bankrate Score Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. on Self's secure site Annual fee Intro offer Intro offer is not available to this Self credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Discover it® Secured Credit Card

on Discover's secure site Annual fee Intro offer Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match. Rewards rate Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Earn unlimited 1% cash back on all other purchases – automatically. Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Capital One Platinum Secured Credit Card

on Capital One's secure site Annual fee Intro offer Intro offer is not available to this Capital One credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Self &ndash Credit Builder Account with Secured Visa Credit Card vs BankAmericard® Secured Credit Card

One of the most important elements to keep in mind while is your credit limit. Along with paying on-time and in full, maintaining a low is key to improving your credit score. Unfortunately, the Self Secured Visa card's credit limit may be too low for many credit-builders, as your limit increases slowly with monthly credit-builder loan payments and a $25 chunk is taken out by the annual fee. Depending on your loan, your Self card's credit limit may also only reach $500 to about $1,700. Even with a limited or bad credit history, many secured cards allow you to set a much higher credit limit via an upfront security deposit. For example, the offers a limit of up to $4,900 based on your deposit.

Self &ndash Credit Builder Account with Secured Visa Credit Card vs Capital One Platinum Secured

The only requires an initial deposit of $49 or $99 if you can't swing the typical $200 deposit. This upfront cost is higher than Self's $25 annual fee, but could end up being more cost effective in the long run, as you'll only have to pay the bill for your spending each cycle after that initial deposit. Plus, cards like the Capital One Platinum Secured Credit Card offer periodic account reviews that may allow you to upgrade to an unsecured credit card if you've shown . Unless improving your credit mix is a top priority, these other secured cards might be more valuable alternatives.

Best cards to pair with this card

The Self – Credit Builder Account with Secured Visa Credit Card is already a pretty unique pairing. A good addition to these tools could come with getting your hands on some rewards. One of the most affordable options is the . This card isn't secured, so a security deposit wouldn't be a requirement even though it's still formulated for people with limited to no credit history. There are also no annual fees, no foreign transaction fees, no late fees and no returned payment fees, making the card fairly affordable while still offering modest reward rates.

Bankrate s Take-Is the Self &ndash Credit Builder Account with Secured Visa Credit Card worth it

The Self – Credit Builder Account with Secured Visa Credit Card is a unique pairing that allows those with limited or damaged credit to build payment history on two different credit lines: a loan and a credit card. This tool can be great if you want a card without a credit check and to diversify your "credit mix" factor. However, the additional costs and restrictions you'll face from tacking on a credit-builder loan could make traditional secured cards a more appealing option. The information about the BankAmericard® Secured Credit Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer. *All Credit Builder Accounts made by Lead Bank, Member FDIC, Equal Housing Lender, Sunrise Banks, N.A. Member FDIC, Equal Housing Lender or Atlantic Capital Bank, N.A. Member FDIC, Equal Housing Lender. Subject to ID Verification. Individual borrowers must be a U.S. Citizen or permanent resident and at least 18 years old. Valid bank account and Social Security Number are required. All loans are subject to ID verification and consumer report review and approval. Results are not guaranteed. Improvement in your credit score is dependent on your specific situation and financial behavior. Failure to make monthly minimum payments by the payment due date each month may result in delinquent payment reporting to credit bureaus which may negatively impact your credit score. This product will not remove negative credit history from your credit report. All loans subject to approval. All Certificates of Deposit (CD) are deposited in Lead Bank, Member FDIC, Sunrise Banks, N.A., Member FDIC or Atlantic Capital Bank, N.A., Member FDIC.

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Written by Garrett Yarbrough Credit Card Reviews Writer Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, credit monitoring and identity theft analysis on NextAdvisor.com, he joined the CreditCards.com and Bankrate.com teams as a staff writer to develop product reviews and comprehensive credit card guides focused on cash back, credit scores and card offers.

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Bankrate.com is an independent, advertising-supported comparison service. The offers that appear on this site are from companies from which Bankrate.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Bankrate.com does not include the entire universe of available financial or credit offers.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. * See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer. Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.