Self Visa Secured – How to apply

By Marcos • 12/08/2024

The Self Visa Secured Credit Card is a simple tool for those looking to build or rebuild credit.

By integrating with a Self Credit Builder Account, the Self Visa Credit Card offers a unique approach to building credit. The card allows you to secure your credit limit based on your savings progress, making it an excellent option for individuals who are committed to improving their financial health while also establishing or rebuilding their credit history.

Key Features of the Self Visa Credit Card:

• Credit Limit Secured by Savings Progress: Your credit limit is determined by the amount you deposit into your Self Credit Builder Account. As you save and make progress, your credit limit increases, which allows you to build credit while working toward your financial goals.
• Helps Build Credit: This card is specifically designed for individuals looking to establish or rebuild their credit. It reports to the three major credit bureaus, which means responsible use can improve your credit score over time.
• No Credit History Required: Since this card is designed for individuals with little or no credit history, it’s an accessible way to get started on the path to better credit.
• Easy Setup: The Self Credit Builder Account, which is a prerequisite for the Self Visa® Credit Card, provides a structured way to save and build credit simultaneously. Your payments toward the account will be reflected in your credit report, helping you strengthen your credit profile.
• Flexible Payments: The Self Visa® Credit Card gives you flexibility in how you manage your payments, making it easier to stay on track and avoid missed payments.

How Does the Self Visa Secured Credit Card Work?

The Self Visa Secured Credit Card requires an active Self Credit Builder Account. As you make payments toward your Credit Builder Account, your savings grow, and once you’ve accumulated at least $100, you can use those funds as the security deposit for your Self Visa® card.

This process ensures that you’re building credit responsibly while saving money for future financial goals.

The card reports your payment activity to all three major credit bureaus, allowing you to establish a positive credit history with responsible use.

Unlike traditional secured credit cards, the Self Visa® card doesn’t require an upfront deposit or a hard credit check, making it more accessible to individuals with limited or poor credit history.

Main Benefits for the Self Visa Secured Credit Card

The Self Visa Secured Credit Card offers a unique blend of credit-building and savings. Its integration with the Self Credit Builder Account ensures that you’re working toward two important financial goals simultaneously.

The card’s lack of a hard credit check makes it accessible to a wide range of users, while its regular reporting to all three major credit bureaus helps you establish a solid credit profile over time.

Additionally, the structured savings approach of the Credit Builder Account ensures you’re developing healthy financial habits that can support your long-term goals.

Cons for the Self Visa Secured Credit Card

While the Self Visa Secured Credit Card offers many advantages, it does come with some limitations. The card requires an active Self Credit Builder Account, which might not appeal to individuals who want a standalone credit-building solution.

Additionally, the card doesn’t offer rewards or cashback, focusing solely on credit-building and savings. For those seeking additional perks or immediate access to credit, other options might be more suitable.

APR and Fees

The Self Visa Secured Credit Card comes with an APR that varies based on your creditworthiness, making it important to pay off your balance in full each month to avoid interest charges.

The card also has an annual fee, so it’s essential to review the terms and ensure it aligns with your financial goals.

How to Apply for the Self Visa Secured Credit Card

Applying for the Self Visa Secured Credit Card is simple and requires an active Self Credit Builder Account. Here’s how:

1. Open a Self Credit Builder Account: Visit the Self website or mobile app and sign up for a Credit Builder Account. Make payments to accumulate savings in your account.
2. Reach the Savings Threshold: Once you’ve saved at least $100 in your Credit Builder Account, you’ll become eligible to apply for the Self Visa® Secured Credit Card.
3. Apply for the Card: Follow the instructions provided by Self to submit your application. No hard credit check is required.
4. Activate Your Card: After approval, your card will be mailed to you within 7–10 business days. Activate it through the Self app or website and start using it responsibly to build credit.

The Self Visa® Secured Credit Card is a practical choice for individuals who want to improve their credit while simultaneously building savings.

Its unique structure and focus on financial health make it an excellent tool for those committed to their credit journey.