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  Wells Fargo Secured Credit Card

Wells Fargo Secured Credit Card

in Personal Credit Cards from Wells Fargo Bank

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Wells Fargo Secured Credit Card

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in Personal Credit Cards from Wells Fargo Bank

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Highlights
Highlights
Purchase APR  (Variable APR) 20.74%
Balance Transfer APR  (Variable APR) 20.74%
Credit Score Range 300 - 850
Annual Fee $25

Wells Fargo Secured Credit Card Review

Wells Fargo Secured Credit Card is a secured credit card credit card issued by Wells Fargo Bank. If you're wondering whether Wells Fargo Secured Credit Card is the right card for you, read on. This is everything you need to know to make a good choice.

Key takeaways:

  • High APRs. This is not a great card for people who carry a balance. It has a variable purchase APR of 20.74%
  • 5% Balance transfer fee. Wells Fargo Secured Credit Card charges a fee of up to 5% on balance transfers. For example, a balance of $1,000 could cost up to $50 in transfer fees. The minimum fee is $5.
  • Charges foreign transaction fees. Avoid using this card when traveling abroad because it charges a commission of 3% every time you make a transaction outside the U.S.
  • Accepts cosigners. Wells Fargo Bank is one of the few credit card issuers that allows applicants to include a cosigner. Adding a cosigner can really improve your approval chances if your credit is not great.
  • Secured card. This card requires a refundable deposit before you qualify for a line of credit. These cards are often used to improve the credit of people with poor credit or little credit history.
  • Multiple credit card benefits. Includes generous credit card perks, such as rental insurance, emergency support, travel assistance, and fraud protection.
  • Poor credit accepted. This card will consider people who have bad credit. Even if you have poor credit, you may still qualify.

Wells Fargo Secured Credit Card Pros and Cons:

The Good The Bad
  • Multiple credit card perks.
  • Offers auto rental collision damage waiver.
  • Travel assistance insurance
  • Considers applicants with fair or poor credit.
  • Wells Fargo Secured Credit Card reports to multiple credit bureaus.
  • Higher than average purchase APRs.
  • Charges an annual fee of $25
  • Does not offer a signup bonus.
  • Does not offer rewards or cash back.
  • Charges a foreign transaction fee of 3%.
  • You don't earn rewards on every purchase.
  • Charges a 5% balance transfer fee.

Is there a Wells Fargo Secured Credit Card cash back or rewards program?

No, Wells Fargo Secured Credit Card does not offer a rewards program.

What are the Wells Fargo Secured Credit Card benefits?

Wells Fargo Secured Credit Card provides the following benefits:

  • Auto Rental Collision Damage Waiver
  • Emergency Support
  • Zero fraud liability
  • Cellular Telephone Protection
  • Travel Assistance
  • ID Theft Protection
  • Reports to major credit bureaus

What are the relevant APRs for Wells Fargo Secured Credit Card?

According to the Federal Reserve Board, the average interest rate is 15% for all credit cards and 17% for accounts that carry a balance. Wells Fargo Secured Credit Card has higher than average purchase APRs.

Wells Fargo Secured Credit Card has a variable purchase APR of 20.74%. The card has a variable balance transfer APR of 20.74% . It also has a variable cash advance APR of 25.74% .

Does Wells Fargo Secured Credit Card have an introductory APR offer on balance transfers?

No, Wells Fargo Secured Credit Card does not come with an introductory APR offer for balance transfers.

Does Wells Fargo Secured Credit Card have an introductory APR offer on new purchases?

Wells Fargo Secured Credit Card does not offer an introductory rate on new purchases.
Wells Fargo Secured Credit Card Purchase Intro Offer
Description
Introductory Rate N/A
Purchase Intro APR Period (months) N/A

What are the fees for Wells Fargo Secured Credit Card?

The following fees apply to Wells Fargo Secured Credit Card:

Wells Fargo Secured Credit Card Fees
Fees Amount
Annual Fee $25
Foreign Transaction Fee 3%
Returned Payment Fee up to $37
Late Payment Fee up to $37

Does Wells Fargo Secured Credit Card have a foreign transaction fee?

Wells Fargo Secured Credit Card charges a foreign transaction fee of 3%. For example, if you spend $2,000 on a week vacation abroad you would pay a foreign transaction fee of $60. If you travel abroad you may want to leave this card at home and apply for one that doesn't charge a foreign transaction fee.

Does Wells Fargo Secured Credit Card report your account activity to credit bureaus?

Wells Fargo Secured Credit Card reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit.

How to apply for Wells Fargo Secured Credit Card

  • Visit the Wells Fargo Secured Credit Card website.
  • Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
  • Check the information is accurate and submit your application.
  • If you're denied click here to find out why your application may have been rejected and what you can do about it.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Interest Grace Period for Late Payment 25 days
Cash Advance Fee Minimum $10
Cash Advance Fee (%) 5%
Foreign Currency Transaction Fee 3%
Annual Fee $25
Minimum Interest Charge $1
Returned Payment Fee Up to $37
Late Fee Amount Up to $37
Customer Type Personal
Minimum Age 18
Co-signing Allowed  
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
  • Non-Resident
Checking Account Required  
Credit Score Range 300 - 850
Card Type
  • Bad Credit
  • Balance Transfer
  • Secured
Card Network Visa
Credit Bureau Reporting
  • Equifax
  • Experian
  • TransUnion
Emergency Support  
Fraud Liability  
Car Rental Insurance  
Credit Card Benefits
  • Auto Rental Collision Damage Waiver
  • Cellular Telephone Protection
  • Emergency Support
  • Fraud Liability
  • Identity Theft Protection
  • Travel Assistance
Cash Advance APR (Variable APR) 25.74%
Balance Computation Average daily balance (including new purchases)
Credit Limit $0
Purchase APR (Variable APR) 20.74%
Balance Transfer APR (Variable APR) 20.74%
Balance Transfer Fee Minimum $5
Balance Transfer Fee % 5%

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