About the Self Secured Credit Card

The Self Secured Visa® Credit Card offers a unique approach to credit building, particularly for those who find themselves in a “credit catch-22” – needing credit to get credit. This card, issued in partnership with established banks, aims to provide a stepping stone towards better financial health. It’s a secured card, which means your credit line is backed by a security deposit, but it offers features that make it more accessible than some traditional secured cards.

Self’s approach often involves combining the card with their Credit Builder Account, a tool that helps users save and build credit simultaneously. While the card can now be obtained independently, this combination has been a key differentiator. The Self Secured Visa® Credit Card provides an opportunity to establish positive payment habits and build a credit profile, ultimately opening doors to more favorable financial products in the future.

Benefits

The Self Secured Visa® Credit Card comes with several benefits tailored to those focused on building credit:

• Build Credit History: Reports to all three major credit bureaus (Experian, Equifax, and TransUnion).
• Accessible: Easier to qualify for than many unsecured cards.
• Control Your Limit: Credit limit is determined by your security deposit.
• Visa Acceptance: Accepted at locations where Visa cards are accepted in the U.S.

Benefit 1: Build Credit History

One of the primary advantages of the Self Secured Visa® Credit Card is its ability to help users establish or improve their credit history. Every on-time payment you make is reported to the three major credit bureaus. Consistent, positive payment behavior is a significant factor in credit score calculations, so using this card responsibly can contribute to a stronger credit profile.

Benefit 2: Accessible

Compared to unsecured credit cards that rely heavily on credit scores for approval, the Self Secured Visa® Credit Card is generally more accessible, especially for individuals with limited or poor credit. The security deposit acts as collateral, reducing the risk for the issuer and increasing the likelihood of approval.

Benefit 3: Control Your Limit

Your credit limit is directly tied to the amount of your security deposit. This feature provides a degree of control over your spending and can help prevent overspending, a common pitfall for those new to credit. By managing your credit utilization (the amount of credit you’re using compared to your available credit), you can further contribute to a positive impact on your credit score.

Benefit 4: Visa Acceptance

As a Visa card, the Self Secured Visa® Credit Card is widely accepted at merchants across the United States. This broad acceptance allows you to use the card for everyday purchases, providing convenience while you build your credit.

Benefit 5: Potential to Graduate

While not guaranteed, responsible use of the Self Secured Visa® Credit Card can potentially lead to opportunities to “graduate” to an unsecured credit card from Self in the future. This progression demonstrates the card’s purpose as a stepping stone towards more traditional credit products.

Benefit 6: Credit Builder Account Integration (Optional)

Self offers the option to pair the card with their Credit Builder Account. This account helps users save money while building credit, and the savings can be used to fund the security deposit. This integrated approach can be particularly beneficial for those who struggle to save the initial deposit amount.

Prerequisites

While the Self Secured Visa® Credit Card is designed to be more accessible, there are still some basic requirements:

• You must be at least 18 years old.
• You must be a U.S. resident.
• You’ll likely need to provide income and expense information.
• If using a Credit Builder Account, you’ll need to meet its requirements.

About Lead Bank and First Century Bank, N.A.

The Self Secured Visa® Credit Card isn’t issued directly by Self but rather through a partnership with established banking institutions. It’s crucial to understand the role of these banks in the product.

Lead Bank: Headquartered in Kansas City, Missouri, Lead Bank brings a long history to the table, having been founded in 1928. This traditional bank offers a full suite of financial services, including personal banking, business banking, and lending. While maintaining its traditional roots, Lead Bank has also embraced digital banking and innovative solutions. Their involvement ensures the card operates within a regulated banking framework, providing security and stability.

First Century Bank, N.A.: While perhaps less consumer-facing, First Century Bank, N.A. plays a vital role in the financial ecosystem. They are a nationally chartered bank that specializes in providing financial infrastructure and partnership services. This means they often work behind the scenes, enabling fintech companies like Self to offer financial products such as the Secured Visa® Credit Card. Their expertise in regulatory compliance and payment processing is essential for the card’s functionality.

Both Lead Bank and First Century Bank, N.A., are members of the FDIC, meaning deposits are insured up to the legal limits. This provides an additional layer of security for cardholders.

Who is this card for?

The Self Secured Visa® Credit Card is primarily targeted towards:

• Individuals with no credit history: Those who are new to credit and need a way to establish a credit profile.
• Individuals with poor credit: Those who have experienced past credit difficulties and are looking to rebuild their credit.
• Individuals who have difficulty qualifying for unsecured cards: Those who may not meet the approval requirements for traditional credit cards.

This card is not typically designed for those with excellent credit seeking rewards or travel benefits. It’s a tool for building a foundation, not maximizing perks.

What rewards and programs does the card offer?

The Self Secured Visa® Credit Card is primarily focused on credit building, and as such, it does not typically offer traditional rewards programs like cashback, points, or miles. The primary benefit is the opportunity to establish a positive credit history, which can lead to greater financial opportunities in the long run. While it may lack the immediate gratification of rewards, the long-term benefit of improved creditworthiness is significant.

Initial Credit Limit

The initial credit limit of the Self Secured Visa® Credit Card is directly determined by the amount of your security deposit:

• Minimum Credit Limit: Typically $100 (matching the minimum security deposit).
• Maximum Credit Limit: Varies, but is capped by the maximum deposit allowed.

This structure allows you to control your spending power and manage your credit utilization effectively. As you build a positive payment history, there may be opportunities to increase your credit limit.

Step-by-step to apply for the card

The application process for the Self Secured Visa® Credit Card can vary slightly, especially if you’re also opening a Credit Builder Account. Here’s a general outline:

1. Visit the Self Website: Go to the official Self website .
2. Review Eligibility: Ensure you meet the basic requirements (age, residency, etc.).
3. Apply for the Card (or Credit Builder Account): You may apply directly for the card if you have the funds for the deposit, or apply for a Credit Builder Account to build the deposit over time.
4. Provide Information: Fill out the application form with your personal and financial details.
5. Fund Your Account: If applying directly for the card, provide your security deposit. If using the Credit Builder Account, make your regular monthly payments.
6. Approval and Card Delivery: If approved, you’ll receive your card in the mail.
7. Activate Your Card: Follow the instructions to activate your card.

It’s crucial to follow the specific instructions provided on the Self website during the application process.

Card’s Pros and Cons

It’s important to weigh both the advantages and disadvantages of the Self Secured Visa® Credit Card before applying:

Pros:

• Easier Approval: Generally easier to qualify for than unsecured cards, especially with limited or poor credit.
• Credit Building Focus: Designed specifically to help users build a positive credit history.
• Control Over Spending: Credit limit tied to security deposit helps manage spending.
• Visa Acceptance: Widely accepted for everyday purchases.
• Credit Builder Account Option: Provides a way to save for the deposit while building credit.

Cons:

• No Rewards: Typically does not offer cashback, points, or miles.
• Annual Fee: There may be an annual fee after the first year.
• Higher Interest Rates: Secured cards often have higher APRs than unsecured cards.
• Limited Credit Limit: Initial credit limit is tied to the deposit, which may be lower than desired.
• Not for Long-Term Use: Ideally, this card is a stepping stone to better credit options.

How to unlock the card?

The specific steps to activate or “unlock” your Self Secured Visa® Credit Card will be provided with the card when you receive it. However, common methods include:

• Online Activation: Visiting the Self website or logging into your account to activate the card.
• Phone Activation: Calling a customer service number provided with the card.

Follow the instructions carefully to ensure your card is activated and ready to use.

Fees and Tariffs

It’s crucial to understand the costs associated with the Self Secured Visa® Credit Card:

• Annual Fee: Check the current fee structure, as it may vary.
• APR (Annual Percentage Rate): This is the interest rate you’ll pay on your balance if you carry one. Secured cards often have higher APRs.
• Late Payment Fee: A fee charged for missing your payment due date.
• Return Payment Fee: A fee charged if a payment is returned (e.g., due to insufficient funds).
• Other Fees: Be aware of any other potential fees, such as cash advance fees (if applicable).

Always review the Cardholder Agreement for the most up-to-date information on fees and tariffs.

Customer Service

For customer service inquiries related to the Self Secured Visa® Credit Card, it’s best to contact Self directly:

• Self Website: https://www.self.inc/ (for general information and account access)
• Self Help Center: Their website usually has a help or FAQ section.
• Self Customer Support: Look for their contact number or email address on their website.
• Self Mobile App: If available, the app may offer customer service options.

Please refer to the Self website for the most accurate and current contact information.