Self Visa Credit Card Review

Full Self Visa Credit Card Review

  • Qualification is relatively easy

  • Build credit while earning interest on savings

The inconvenients
  • No immediate access to funds

  • Can be relatively expensive

Benefits explained

  • Qualification is relatively easy: Receiving the Self Visa is a less expensive process than for some other secure cards. Unlike some competitors, this card does not require a standard credit check or traditional security deposit. AT to qualify for the self-visa, you must have an active Credit Builder account for at least three months, have at least $ 100 in that account, and ensure that this Credit Builder account is in good standing.
  • Builds credit while earning interest on savings: After opening the credit account associated with this card, one of Self’s partner banks offers you a small loan. As your payments repay this loan, they are reported to the credit bureaus and can thus help you build credit factors like payment history. In turn, the loan funds are held in an FDIC insured certificate of deposit that earns interest. At the end of your loan term, the CD unlocks and you get back the amount of principal and interest you earned less finance charges and fees. If you have opened a Self Visa account, Self will hold your funds as a security deposit. You will receive your security deposit when your credit card account is closed, less any overdue charges on the account.

Disadvantages Explained

  • No immediate access to funds: The flip side of this card about skipping a credit check or a security deposit is that you have to wait to get the credit it provides. You must, after opening your account, deposit at least $ 100 into your Credit Builder account before you can receive a card. In addition, you cannot access the funds accumulated in the Credit Builder account until the end of your 12 or 24 month repayment period, or when the credit card account is closed if you decide to open one. While it is possible to prepay the loan, you may have to pay an early withdrawal fee to do so. You might also be missing out on the benefit of building your credit payment history by making multiple payments on time.
  • There are fees and charges: Where some secure cards have no annual fee, the Self Visa costs $ 25 per year, plus a one-time, non-refundable $ 9 administrative fee. In addition, you may have to pay an early withdrawal fee of less than $ 5 depending on the size of the account. There is also an interest charge on the Credit Builder loan. Together these expenses make this card relatively expensive compared to others secure cards. This is especially the case if you choose a longer repayment term, which means that you pay more interest charges overall.

The Self Visa credit card is designed for those looking to build credit but don’t have a lot of money or a credit history to help them start the process. Monthly payment can be as low as $ 25 and no credit history is required.

But the card is also intended for those who have patience, as you only get a Self Visa card after a few months of process. Specifically, after having had an active loan account for three months and building up savings of $ 100, which can last for more than three months if you go for a lower payment.

It’s also a great card for someone who wants a credit card that can act as a forced savings plan. After you have finished paying off the loan, usually after 12 or 24 months, and the card balance and remaining fees are deducted, you receive any interest earned on the security deposit in the account. It is therefore a card for those who are ready and able to pay to build their credit report.

The interest (finance) charges on the loan are assessed at rates between 14.14% and 14.87%, depending on your repayment plan. It’s far from the highest rate for those with little or poor credit, but it’s a much higher rate than those with great credit can now afford on a two-year personal loan. There is also an annual credit card fee and one-time administrative fee to open the self-creating credit account.

Here’s how math might work. Let’s say you initially choose to pay installments of $ 25 over a 24-month period. Once the two years have passed, assuming you’ve paid your fees on the card each month, which best matches your credit report, you would have $ 520 in the account. You pay $ 9 upfront to open the account and make $ 600 in payments (25 x $ 24) minus $ 80 finance charges. That leaves you with $ 520, and you were able to borrow against at least some of those funds for 19 months in this scenario.

Exceptional Benefits of the Self Visa Credit Card

  • No cash deposit required
  • No credit check required
  • Credit Builder account that earns interest

Standard benefits

  • Reports to three major credit bureaus
  • The card can be used anywhere Visa is accepted

Cardholder experience

Self is not included in the JD Power Credit Card Satisfaction Survey, but customers can contact Self through its website, live chat, or by calling (877) 883-0999.

Security functions

Self offers standard safety and security measures for credit cards issued by US financial institutions. All card accounts come with tiered encryption and regular vulnerability scans to keep data secure.

The Credit Builder loan is secured by an FDIC insured certificate of deposit.

Our verdict

The Self Visa credit card offers a solid option for people who otherwise might not qualify for a secured card due to missing or poor credit, or a lack of funds for the security deposit whose Most of these cards need to be started. The lack of a credit check or initial security deposit makes Self Visa accessible, and the lending component of the card allows you to both build credit and save money. And you choose the monthly payment, which can be as low as $ 25 if you want.

However, this card can be more expensive in the long run than some other secure cards and, unlike these, it does not provide immediate access to funds.

Those looking to build their credit history and have more cash on hand might consider a more traditional secure card than the auto-visa. The Citi Secured Mastercard, for example, has no annual fee and reports to the three major credit bureaus. It requires at least a $ 200 security deposit.

Another option is the Discover it Secure, which earns cash back rewards. There is no annual fee and it offers 2% cash back rewards at gas stations and restaurants up to $ 1,000 per quarter. It also automatically matches any Cash Back Rewards you’ve earned at the end of your first year.

All credit builder accounts created by Primary Bank, FDIC Member, Equal Housing Lender, Sunrise Banks, NA FDIC Member, Equal Housing Lender or Atlantic Capital Bank, NA FDIC Member, Equal Housing Lender. Subject to identity verification. Individual borrowers must be U.S. citizens or permanent residents and be at least 18 years of age. A valid bank account and social security number are required. All loans are subject to identity verification and consumer report review and approval. Results are not guaranteed. Improving your credit score depends on your particular situation and your financial behavior. Failure to make minimum monthly payments on the due date each month can result in overdue payment reports to credit bureaus, which can negatively impact your credit score. This product will not remove negative credit history from your credit report. All loans are subject to approval. All Certificates of Deposit (CD) are deposited with Lead Bank, Member FDIC, Sunrise Banks, NA, Member FDIC or Atlantic Capital Bank, NA, Member FDIC.

Examples of products: a loan with a monthly payment of $ 25, a term of 24 months with an administration fee of $ 9 at an annual percentage rate of 15.92% with a finance charge of $ 89; A loan with a monthly payment of $ 35, a term of 24 months with an administration fee of $ 9 at an annual percentage rate of 15.97% with a finance charge of $ 125; A loan with a monthly payment of $ 48, a term of 12 months with an administration fee of $ 9 at an annual percentage rate of 15.65% with a finance charge of $ 46; A loan with a monthly payment of $ 150, a term of 12 months with an administration fee of $ 9 at an annual percentage rate of 15.91% with a finance charge of $ 146. Please refer to for the most recent pricing options.

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