Credit Cards
Self Visa® Credit Card review: Build your credit profile and earn interest on your savings
This Self Visa Credit Card review will detail this card's credit-building capabilities as well as how you will earn interest on your deposits
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by Danilo Pereira
This card is easy to qualify for and incentivizes savings
In this Self Visa® Credit Card review, you will see how this is an excellent option if you have bad credit or no credit at all. It is a stepping stone on your journey toward a solid credit score.
How to get your Self Visa® Credit Card
In this Self Visa® Credit Card application guide you will learn how to easily and quickly apply for this car and start building credit.
- Credit Score: Poor – Bad
- APR: 24.24%
- Annual Fee: $25
- Fees: $9 one-time non refundable administrative fee, $5 early withdrawal fee depending on account size
- Welcome bonus: N/A
- Rewards: N/A
Even though it is a secured card, it does not work as you would expect. First it requires you to make set monthly payments for three consecutive months.
Keep reading this review and find out how this whole process works to get a Self Visa® Credit Card.
Self Visa® Credit Card: how does it work?
In a different fashion from that of traditional secured credit cards, the Self Visa® Credit Card first requires you to open a Self Credit Builder Account.
This account is a secured credit building loan that is funded by one of Self’s partners.
The loan is held in an interest-bearing CD, and you can choose to deposit $25 every month for 24 months, $35 for 24 months, $48 for 12 months, or $150 for 12 months.
If you are able to make all your monthly payments on time and in full for three consecutive months, you will become eligible for the Self Visa® Credit Card.
This process may seem complicated, but it allows the company to provide you with this service without any application, credit check, or additional deposit.
This is possible because with this process, the company is able to secure your funds before handing you the card.
Plus, the company reports your credit builder payments to all three major credit bureaus. This, on its own, will give your credit score a nice boost.
One downside of this account is the annual fee. It carries a $25 annual fee, and if you opt to pay $25 every month for 24 months, you will only become eligible for the card once your account reaches a $100 minimum.
Also, keep in mind if you have no credit score whatsoever, or yours is too terrible, it is wise to consider other no-annual-fee secured cards.
Some allow for a higher initial deposit which gives you access to a higher credit limit from the start.
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Benefits and disadvantages of the Self Visa Credit Card
Now that you are familiar with the ins and outs of this card, it is time for a comparison. Our Self Visa® Credit Card review would not be complete without a list of benefits and disadvantages. Have a look below.
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Benefits
- Deposits are kept in an interest-bearing account
- No hard credit pull
- Relatively easy to qualify
- Accounts constantly reviewed for credit increases
Disadvantages
- $25 annual fee
- It does not give immediate access to funds
- Relatively expensive
- Confusing credit builder plans
Is a good credit score required for applicants?
The Self Visa® Credit Card is a card for those looking to build credit. Therefore it does not require applicants to even have a credit history.
Learn how to apply and get a Self Visa® Credit Card
Does the Self Visa® Credit Card sound like a fit to you? If so, you should check out our application guide for this card. Just hit the link below, and we will show you how to do it.
How to get your Self Visa® Credit Card
In this Self Visa® Credit Card application guide you will learn how to easily and quickly apply for this car and start building credit.
About the author / Danilo Pereira
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