Due to the fact that it is one of the biggest banks in the US, Wells Fargo assists a broad variety of clients, ranging from institutional customers to those who are in need of secured credit cards. If you do not have a stellar credit rating, having a secured card will make it much easier to buy things and even to obtain loans from traditional lending institutions. It is also the perfect credit card if you currently do not have a credit history that banks are able to review. Additionally, you can use a secured credit card to start building your credit history. Some of the features included in a Wells Fargo secured credit card are:
APR – Annual Percentage Rate
As per a statement from Wells Fargo, the variable rate is reflective of both market conditions and the US Prime Rate. It is presently standing at 18.99%. This rate, however, is just for purchases and balance transfers. If you want a cash advance, you will have to pay 23.49%. This too is both variable and dependent upon the prime rate. If your Wells Fargo secured credit card is used to make a purchase, you have a 25 day grace period to clear any balances that are outstanding before you start accruing interest charges. Conversely, interest charges for cash advances immediately accrue after you have made a transaction.
Requirements For Deposits
In every aspect, this card is very much like every other secured card. If you want to use it, you will need to deposit funds into your collateral account. Depending upon your spending power, you can make deposits that range from $300 all the way up to $10,000. You should know, however, that no interest will be paid on your deposit account. Fortunately, secured card holders will have periodic reviews performed by Wells Fargo. Once you have been reviewed, you might qualify for a promotion to a credit card that is unsecured. When this happens, the bank will return your money that has been held in your collateral account. If you are currently trying to improve your credit score, this will give you a significant boost.
Charges
You will need to make fee payments on a periodic basis, which come in addition to your APR. Currently the annual fee is $25. For foreign transactions, this fee is 3%.
Benefits of Having a Wells Fargo Secured Credit Card
There are a number of benefits that this card can have for people who have less than desirable credit histories. To begin with, you can start making online purchases. You will even be able to use this credit card to make your travel arrangements. Due to the fact that Wells Fargo will share your payment history with credit reporting companies, you can start repairing your credit standing. Having a good credit score can be very helpful when you are looking for employment or attempting to rent an apartment.
Wells Fargo Secured Credit Card Reviews
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