Wells Fargo

Wells Fargo Secured Credit Card

Wells Fargo| Credit Card Information with Bright

Credit needed
Limited or Bad Credit
22.99% - 25.99% (Varies with credit score)
Annual Fee
Varied based on credit limit

Card Summary

  • Credit Building: The Wells Fargo Secured Credit Card is a valuable option for people seeking to improve their credit history. By requiring a security deposit, the card minimizes risk for the issuer, making it accessible to those with limited or damaged credit

  • Low Minimum Deposit: This secured card offers a relatively low minimum security deposit, making it accessible to a broad range of consumers, including those with modest budgets

  • Potential for Credit Limit Increase: Wells Fargo offers a pathway for credit limit increases, rewarding responsible card management and potentially providing users with more financial flexibility over time

  • Access to Credit Education: Cardholders have access to Wells Fargo's Credit Resource Center, providing valuable information and tools for improving their financial literacy and credit knowledge

  • Reporting to Major Credit Bureaus: The card reports to major credit bureaus, allowing responsible card usage to positively impact your credit history

  • Overdraft Protection: Wells Fargo offers optional overdraft protection, helping to safeguard against potential overdrafts in linked Wells Fargo checking accounts

  • Cash Back on Select Purchases: Some Wells Fargo Secured Credit Cards offer cashback rewards on select categories, allowing cardholders to earn a percentage back on their eligible purchases

  • Customizable Rewards: Cardholders may have the option to choose the category for their cashback rewards, allowing them to personalize their rewards to suit their spending habits

  • Financial Tools and Budgeting: Wells Fargo provides a range of financial tools and budgeting features that can assist cardholders in managing their finances, including expense tracking and budgeting

  • Credit Tracking: Some versions of the Wells Fargo Secured Credit Card come with credit tracking and monitoring services, helping cardholders stay informed about changes to their credit score and report

  • Credit Building with Responsibility: The Wells Fargo Secured Credit Card rewards responsible card management with the potential for credit limit increases, offering a pathway to improved credit and financial flexibility

Card Summary - Cons

  • Annual Fee: The card comes with an annual fee, which can be a con for some users looking to minimize costs associated with their credit card

  • No Rewards Program: The Wells Fargo Secured Credit Card does not offer a rewards program, meaning cardholders won't earn cashback or points on their spending

  • No Sign-Up Bonus: The card lacks an initial sign-up bonus that some other credit cards offer to incentivize new applicants.

Rates and fees

Issuer Name
Wells Fargo
Penalty APR
Not Applicable
Credit Needed
Limited or Bad Credit
Balance Transfer Fee
Typically Not Offered
Annual Fee
Varied based on credit limit
Cash Advance Fee
Varies, Refer to Card Agreement
22.99% - 25.99% (Varies with credit score)
Foreign Transaction Fee
3% of each transaction in U.S. dollars


Comparative Analysis with Other Cards

Discover it Secured Credit Card:

Compared to the Discover it Secured Card's cashback rewards and potential for cashback match in the first year, the Wells Fargo Secured Credit Card emphasizes credit building and offers the potential for credit limit increases but lacks a rewards program.

Capital One Secured Mastercard:

In contrast to the Wells Fargo Secured Credit Card's lower minimum security deposit requirement and potential for credit limit increases, the Capital One Secured Mastercard may offer a lower annual fee and provides credit limit increases with responsible card usage.

Chime Credit Builder Visa Credit Card:

While the Chime Credit Builder Visa Card focuses on low fees and budget-conscious users, the Wells Fargo Secured Credit Card prioritizes credit building with its lower minimum security deposit and potential for credit limit increases.


In conclusion, the Wells Fargo Secured Credit Card is a valuable tool for individuals looking to build or rebuild their credit. With its low minimum deposit requirement, potential for credit limit increases, access to credit education, and reporting to major credit bureaus, it provides a pathway to credit improvement. While the card lacks rewards and comes with an annual fee, it offers an accessible means to establish or rebuild credit and provides valuable resources for financial education. Choosing this card involves weighing the advantages of credit building against the associated costs and exploring alternatives that may offer rewards or lower fees, depending on your financial needs and preferences. By managing your card responsibly, you can take steps toward a stronger financial future with Wells Fargo.

Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.

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