Everything You Need to Know About the Self Visa® Secured Card

The Self Visa® Secured Card is a unique credit-building tool designed specifically for individuals who are looking to establish or improve their credit history. Offered by Self Financial, Inc., this card operates differently from traditional secured credit cards because it is directly connected to Self's Credit Builder Account. This dual-function approach helps users both save money and build credit at the same time.

In this guide, we'll break down how the Self Visa® Secured Card works, its benefits and drawbacks, and the steps required to apply for one.

What Is the Self Visa® Secured Card?

The Self Visa® Secured Card is not a typical secured credit card that requires an upfront cash deposit. Instead, it’s linked to a Self Credit Builder Account. To access the card, you must first open and make regular payments into a Self Credit Builder Account, which acts like a savings plan that reports to the three major credit bureaus: Experian, Equifax, and TransUnion.

Once you've met the eligibility criteria through your Credit Builder Account, you can then unlock the Self Visa® Secured Card, using part of your savings as the security deposit.

Key Features and Benefits

Here are the main features that make the Self Visa® Secured Card a standout option for building or rebuilding credit:

1. No Hard Credit Check

Unlike most credit cards, Self does not perform a hard inquiry on your credit report when you apply. This means your credit score won’t be affected when you start your journey with Self.

2. Credit Building

Monthly payments to your Credit Builder Account and responsible use of the Self Visa® Secured Card are reported to all three credit bureaus, helping you build a positive credit history over time.

3. Accessible to Beginners

You don’t need an existing credit history to qualify. This makes the card ideal for people who are new to credit, such as young adults, recent immigrants, or those who are rebuilding after financial setbacks.

4. No Minimum Credit Score Requirement

Because your eligibility is based on how well you manage your Self Credit Builder Account—not your credit score—there’s no minimum score required to get the card.

5. No Immediate Security Deposit

You build your deposit over time through the Credit Builder Account instead of paying it all upfront, making it a more flexible option for people on a tight budget.

6. Credit Limit Based on Savings

Once eligible, you can choose how much of your savings you’d like to use as your credit limit, starting from as low as $100.

7. Mobile App Access

Manage your account, monitor your credit progress, and make payments easily through the Self mobile app, available on iOS and Android.

Fees and Interest

Like any financial product, the Self Visa® Secured Card comes with some costs:

• Annual Fee: $25
• APR (Annual Percentage Rate): Variable, around 26.99% (may vary based on market conditions)
• Late Payment Fee: Up to $15
• Foreign Transaction Fee: 3% of each transaction in U.S. dollars

These fees are fairly standard for a secured credit card but should be carefully considered if you plan to carry a balance.

How to Get the Self Visa® Secured Card

The process of obtaining a Self Visa® Secured Card involves a few steps, which may take a couple of months depending on how fast you fund your Credit Builder Account.

Step 1: Open a Credit Builder Account

Start by signing up on Self’s official website or downloading the Self app. Choose one of the monthly payment plans:

• $25/month
• $35/month
• $48/month
• $150/month

Each plan comes with a different loan amount and repayment timeline. Your payments go into a Certificate of Deposit (CD) held in your name.

Step 2: Make On-Time Payments

To become eligible for the Self Visa® Secured Card, you must:

• Make at least three on-time monthly payments
• Have at least $100 saved in your Credit Builder Account (which becomes your security deposit)
• Be in good standing with no outstanding payments

Step 3: Unlock the Card

Once eligible, you’ll receive an invitation via email or through the app to open the Self Visa® Secured Card. You can then choose how much of your saved funds you want to use as your credit limit (minimum $100).

After you confirm, your secured card will be mailed to your address. You can start using it to make purchases, and your activity will be reported to all three credit bureaus.

Tips for Using the Card Wisely

To maximize the benefits of the Self Visa® Secured Card, consider the following tips:

• Keep Your Credit Utilization Low: Try to use less than 30% of your available credit limit to positively influence your credit score.
• Always Pay On Time: Payment history is the most important factor in your credit score. Set up autopay to avoid missing due dates.
• Monitor Your Credit: Use the tools in the Self app to track your credit score and understand how your actions impact your progress.
• Upgrade Later: Once you’ve built a solid credit history, consider applying for an unsecured card with better rewards and no deposit.

Is the Self Visa® Secured Card Right for You?

The Self Visa® Secured Card is a great option for people who:

• Are new to credit and want to build it gradually
• Don’t have a lump sum to put down as a security deposit
• Want to avoid a hard credit inquiry
• Are already using or plan to use the Self Credit Builder Account

However, it may not be ideal if you want a card with high rewards, a large credit limit, or lower fees.

Final Thoughts

The Self Visa® Secured Card is a practical, structured way to build credit while simultaneously saving money. Its integration with the Self Credit Builder Account makes it a smart choice for those serious about improving their financial future. While it may take a little longer to access than traditional secured cards, the credit-building benefits and flexibility make it a worthwhile option.

Whether you’re starting from scratch or rebuilding your financial reputation, the Self Visa® Secured Card could be the tool that helps you take control of your credit journey.