Self Visa Secured – How to apply

By Marcos • 12/01/2024

The Self Secured card is an innovative tool designed to help consumers build and improve their credit. 

In a world where credit scores are crucial for approving loans and financing, the card offers an affordable and effective solution. 

With it, users can learn to better manage their finances while building a positive credit history.

With the growing need for affordable credit, Visa Secured stands out by ensuring that the user’s savings progress is used as collateral.

How does the Self Secured work?

To start using the card’s benefits, the user must open a Credit Builder account and meet certain eligibility requirements, such as having a stable income and making monthly payments on time. 

Once the card is received, the user activates the card and can start using it anywhere that accepts Visa cards in the United States.

Responsible use of the card is vital. Three main factors impact the credit score: the amount owed, the average age of the accounts and the payment history. 

Main benefits of Self Secured Visa

One of the main benefits of a Secured credit card is the absence of a strict credit check at the time of application. 

This versatility means that applicants don’t have to worry about a possible temporary drop in their credit scores, as the issuer only carries out a “soft inquiry“. 

This feature makes the card an affordable option for those who may have a limited credit history or who are just starting to build their score.

Unlike many secured cards that require a high fixed deposit, Secured Visa allows users to link their card to a Credit Builder Account. 

This account works like an installment loan, where monthly installments starting at US$25 are paid off, accumulating a balance of at least US$100. 

This economic factor ensures that users who are building credit throughout the process with a combination of saving and paying monthly installments, i.e. it helps to create a solid foundation for credit. 

Cons of Self Secured Visa

One of the main cons is the need to link the card to a Credit Builder Account. 

 This implies an additional financial commitment, as users must pay monthly installments starting at $25, which can be a burden for those on tight budgets. 

And this requirement can limit financial flexibility for those already struggling.

Another negative point is the relatively high interest rate. 

This rate can quickly accumulate if the balance is not paid in full each month, becoming a financial trap for users who don’t manage their spending carefully. 

Finally, although the card does not require a strict credit check, the need to have accumulated savings of at least $100 can be an obstacle for some. 

With this requirement your life can become a challenge and even more so for those who are just starting to build credit, especially if they don’t have the financial resources available.

APR and Fees

The Self Visa credit card features a $25 annual fee, a structure that contributes to account maintenance and offers access to credit-building tools. 

In addition, the current APR is 28.74%, variable, which means that interest can fluctuate over time, impacting the total cost of any unpaid balance. 

This relatively high interest rate should be considered when planning payments, as the accumulation of interest can result in significant charges if the balance is not paid off each month.

And in addition to the annual and interest fees, the card also has additional fees that may apply in specific situations. 

For example, a late fee of up to US$15 can be charged if a payment is not made on the due date. 

Similarly, if there is a missed payment due to a bank account, there may be a return fee of up to US$15. 

For those wishing to make quick payments, a fee of US$3.50 will apply when using a debit card to pay off the balance.

How to apply for the Self Credit Card Visa Secured

To sign up for the Self Secured, the first step is to open a Credit Builder account. 

The process is simple and can be done online, where the user will fill in a form with their personal and financial information. 

Once the account is active, the user can follow the steps to apply for the card.

After applying, it is important that the user keeps their savings up to date and makes the monthly payments as agreed. 

Finally, the key to success with Self Visa is the responsible use of credit.