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The Self Visa® Credit Card is a secured credit-building card offered by either Lead Bank or SouthState Bank. The banks serve thousands of people across the country and have hundreds of branches between them. Self, meanwhile, is a financial technology company that aims to help people build or establish their credit through its products.
To obtain the credit card, you first need to open and use a Credit Builder Account with Self. This is in fact a credit builder loan that is designed to help you build credit. Instead of the amount you borrow being given to you upfront, it is placed in a Certificate of Deposit (CD), a savings tool that holds your funds for a fixed period and earns interest.
You make monthly payments into the loan account, and once the loan has been paid off, you get access to the funds. Monthly loan payments are reported to the credit bureaus, which establishes a positive payment history and boosts your credit rating.
Once you have used this account responsibly for three months, you will be eligible for the Self Visa® Credit Card. There is no minimum credit or credit check needed, and you can increase your credit limit over time up to $3,000. No money upfront is required, either, as your Credit Builder Account savings can be used as a deposit.
This card is best suited for people looking to establish their credit history or who have poor credit. It requires no minimum credit score to get started and has low fees. Each time you make a payment, it is reported to the three credit bureaus to help you build credit fast.
The Self Visa® Credit Card has an APR of 28.49% (variable). This APR is variable and will fluctuate with the prime rate. The annual fee for the card is $25, and there is a $9 admin fee to open a Credit Builder Account. The card doesn’t charge penalty APR and has low fees of up to $15 for late and returned payments. Late fees are legally capped at $41, and many cards charge that amount, so this card is much more forgiving if you fall behind.
| Annual fee | $25 |
| Interest rate | 28.49% (variable) APR |
| Penalty fees | No penalty APR Up to $15 for late and returned payments |
This card doesn’t offer any cash back and doesn’t have a rewards program in place at time of writing.
The process of acquiring the Self Visa® Credit Card is different to that of most credit cards. Instead of applying directly, you must first open and use the aforementioned Credit Builder Account.
The Self website features a 12-step online form that collects the information Self needs to open the Credit Builder Account. This includes your email, legal name, age, address, bank account information, and social security number. It is a quick process that shouldn’t take more than a few minutes.
Once the Credit Builder Account is open, you need to meet three eligibility requirements to get the card. These include making three monthly payments on time, having $100 or more in the account, and ensuring your account is in good standing and has no negative payment history.
When you’re eligible for the card, you need to choose what portion of your account savings you want to use for your credit limit (minimum $100), order your card, activate it online, and begin to use it.
In case you need assistance with your card or have questions, Self has an online contact form and offers customer support at 1 (877) 883-0999, 9am-5pm CT, Monday to Friday. You can also reach out to the company on social media.
The website also includes a comprehensive help section. It features articles about how to report your card as stolen and how to change your payment methods, among other topics.
The company uses multiple levels of data encryption including SSL, disk and database encryption layer, and API encrypted layer. It has firewalls and other measures to prevent outside attacks and controls access to information.
In addition, Self regularly brings in experts to run vulnerability scans and tests. All Self employees go through criminal background checks, and company servers require MFA.
Can I be denied the Self Visa® Credit Card?
If your account isn’t in good standing, you miss payments, or you don’t have $100 or more in savings, you will be unable to get the card. Ensure you meet the eligibility requirements before trying to obtain the card.
How does the card help me build credit?
The Self Visa® Credit Card builds credit by reporting your payments to credit bureaus, which establishes a positive history. Also, using the card over a period of time brings up the average age of your credit accounts, and paying off both the credit builder loan and credit card shows your ability to handle multiple types of credit.
What are the penalties associated with the card?
It features no penalty APR, and a low fee of up to $15 for late or returned payments.
The Self Visa® Credit Card is designed for people looking to establish their credit history or improve their credit. It reports all payments to the three major credit bureaus, and there is no minimum credit score needed. However, the card does require that you have a Credit Builder Account with Self. The company takes security seriously, the fees are low, and it’s possible to increase your credit limit over time.
This review was written using information from the Self website.
