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Wells Fargo Secured Credit Card

A Secured Card With Both a Modest Annual Fee and Interest Rate

About.com Rating 4 Star Rating
User Rating 1.5 Star Rating (6 Reviews)


This card is one of the lower priced secured cards on the market, in terms of both the annual fee and the interest rate.

Who the Wells Fargo Secured Credit Card Is For

  • People who don't have a credit history, been turned down for credit card, or are rebuilding their credit.

Credit Rating Required

  • Poor or Bad (Below 660)

About the Wells Fargo Secured Credit Card


  • Relatively low interest rate.
  • Modest annual fee.
  • High credit limits (up to the size of your deposit, up to $10,000).
  • Eligibility one year after bankruptcy.


  • Security deposit required (minimum $300).


  • None.


  • 16.49 percent variable on purchases and balance transfers.
  • Penalty interest rate: 27.24 percent.


  • Annual fee: $18.
  • Balance transfer fee: 3 percent of balance.
  • Late payment fee: $20 to $39.
  • Returned payment fee: $39.

Wells Fargo Secured Credit Card Review

The Wells Fargo Secured Credit Card is one of the better values in the secured card genre. The $18 annual fee is relatively modest, and the interest rate isn't too bad, either. By comparison, Citi's secured card carries a $29 annual fee, and Capital One's interest rate is a steep 19.8 percent.

On the negative side, the minimum security deposit is a fairly high $300, which could put the credit card out of reach for some. Other secured credit cards have a minimum deposit as low as $200. On the other hand, if you have plenty of cash but bad credit, you can get a credit line up to $10,000. That's double the maximum credit line on Citi's secured card and more than three times than Capital One's secured credit card.

Another positive: Wells Fargo says you might be able to qualify for their secured credit card if you've been out of bankruptcy at least a year. Other credit card issuers have a much longer waiting period before they will extend credit.

If you exhibit good credit behavior using your Wells Fargo Secured Credit Card, you could graduate to an unsecured card and have your security deposit refunded.

Although this is a secured card, don't forget that your security deposit doesn't cover any purchasing you do on the card. You still must make at least the minimum monthly payment.


I recommend this card for its relatively modest pricing. Wells Fargo has a good reputation for treating customers well. If you do well with this card, you're on your way to reestablishing your credit history and improving your chances of getting lower-priced loans in the future.

User Reviews

Reviews for this section have been closed.

 2 out of 5
Low Fee But Beware of this Card!, Member objective1

I've been a WF Customer for 22 yrs. I decided to move $5,000 into their secured card since chk/Sav interest rates are also near zero. Getting Approved was a nightmare, applied 4 times over 2 yrs and finally was Approved. They withdrew the $5,000 before approval and I had no idea when it was actually coming out. Once the account was opened I watched my 3 credit reports like a hawk, everyday. There was NO increase in my credit score at all, and TAKE NOTE -- WF is the ONLY secured card I've ever seen to report as ""Secured"" on the CB reports. Of course they don't tell you that. CapOne doesn't, neither does Citi or any others I have. I'm convinced this prevents my FICO from increasing. As others have stated, the WF cuts svc is awful. I think it starts out ok, but once the CS Rep sees it's a secured account, they treat you like s--t. I pay my small bal <$100/mo off before the stmt cycle date so Zero Bal is always reported, and I still DO NOT expect WF to ever refund my security deposit. Why would they?? They have my $5,000 bucks on their bal sheet. The only positive thing about this card is the free cell phone insurance. It's included when the monthly svc is paid with this card. But I haven't needed to use it yet....that may be another WF scam. Yea it's a low annual fee, but don't expect anything from WF. Oh one other nasty thing, WF will update your card BAL to the bureaus at random times, not always after the cycle date. Yea that's right -- even if u pay in full before the stmt cycles, I've had these jerks report a higher balance to the CB. Thanks WF!

9 out of 9 people found this helpful.

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