The Self Visa Credit Card puts a twist on secured credit card products. If you already use the Self Credit Builder Loan, you can take advantage of this product to increase your buying power and continue to improve your payment history.
What Is the Self Visa Credit Card?
Issued by Lead Bank or Atlantic Capital Bank, the Self Visa Credit Card is a secured product that helps you build credit if used responsibly. It is available to members of the Self Credit Builder program who meet the eligibility criteria and have a Self Credit Builder Account.
You won’t need a security deposit of several hundred dollars, as your savings in the Credit Builder Account work as security deposit instead, and there are no additional credit checks.
How Does the Self Credit Card Work?
The Self Visa Credit Card works like any other credit card product and can be used with retailers that accept Visa.
It helps you build credit by reporting payment activity to the three credit bureaus—Experian™, TransUnion®, and Equifax®. Self reports the following information about the card from the proper month on the first week of every month:
- Account status
- Payment history
- Date of last payment
- Amount of monthly payment
- Credit limit
- Length of time the account has been active
- Notes about past due payments (if applicable)
The Benefits of Using the Self Visa Credit Card
Cardholders enjoy many perks, including:
- Automatic approval: You’re automatically approved with no additional credit check if you meet the minimum qualifying criteria. Read on to see how to qualify and the minimum requirements.
- Helps build credit: The card caters to individuals with bad credit or no credit. Plus, you can add positive payment history to your credit profile over time that could improve your score.
- No administrative fees to open a card: Unlike other secured credit cards, you won’t have to fork over funds for a security deposit.
- Can be converted to an unsecured card: You could graduate to a partially unsecured card with responsible use of your credit card. This portion of your account is regularly reviewed for credit limit increases.
Self Credit Card Features
You should be aware of these features before getting a Self Credit card.
Self Mobile App
Easily manage your Credit Builder Account and Self Credit Card online or through the Self mobile app, available for Android and iOS devices.
Cardholder Benefits and Rewards
As mentioned earlier, the Self Visa Credit Card gets you access to the cash you’ve saved up and helps build credit. There are no added fees aside from the card annual fee to access this perk, and you can allocate more savings from your Credit Builder Account in $25 increments to increase your card’s credit limit, as long as you have enough equity in your Credit Builder Account. After six months of responsible use, you may also be eligible for an unsecured credit card with Self, assuming you also responsibly manage your other credit accounts.
Unfortunately, Self does not offer any rewards to cardholders at this time.
Credit Card Limits
The initial credit limit will be equal to the amount you choose from your savings progress, starting with a minimum of $100. If you are upgraded to a partially secured credit card, your purchasing power could increase. You could also increase your credit limit by allocating more savings from your Credit Builder Account as a security deposit. You can do this in $25 increments if you have enough savings.
Self uses the secured portion of your credit limit when you make a purchase, followed by the unsecured portion. Members can decrease their credit limit at any time by reaching out to Self.
Fees and Costs
There is an annual fee of $25 to get a Self Credit Card and a minimum credit limit of $100. However, the annual fee is deducted from your credit limit.
Also, consider the administrative fee of $9 that applies to open the Credit Builder account needed to access the secured credit card. The associated costs for the credit builder program are as follows:
- Small Builder: Pay $25 per month for 24 months and receive $520 back. The annual percentage rate (APR) is 15.92 percent, and the total cost of the loan is $89.
- Medium Builder: Pay $35 per month for 24 months and receive $724 back. The annual percentage rate is 15.97 percent, and the total cost of the loan is $125.
- Large Builder: Pay $48 per month for 12 months and receive $539 back. The annual percentage rate is 15,65 percent, and the total cost of the loan is $46.
- X-Large Builder: Pay $150 per month for 12 months and receive $1,663. The annual percentage rate is 15.91 percent, and the total cost of the loan is $146.
Where Can You Use Your Self Credit Card?
You can use your secured card where Visa is accepted in the U.S.
The Self Visa Credit Card Reviews
Here’s what cardholders had to say about the Self Visa Credit Card in verified reviews from the App Store and Google Play Store:
- This app was recommended by a close friend of mine and to be honest at first glance, I was a complete skeptic but to my surprise this app is legitimate. I have successfully brought my credit score up in a few short months as well as obtaining a credit card suitable to my credit limit and spending. I would recommend this app to any and everyone seeking help with their scores. (Source: Maggie May. Google Play Store on 09/07/2021)
- Truly Amazing. I really appreciate the assistance from this entity. My credit score increased dramatically after a few months. I was skeptical at first but this account type and also the credit card option is simple and easy to set up and use. I started off with a $100 credit limit, then after a few payments, it’s more than triple. Self also provided detailed info regarding banking and credit accounts so I understood everything clearly. If I could I would honestly just continue to save and transfer to my credit limit to increase it even more. I do haft to add some may not see the increase in credit limit as quickly as I did due to me making early payments as I do with other bills. Even if u make ur payments once a month they report to the credit bureau each month for each different account u have. (Source: NastyNox. App Store on 04/27/2021)
- Great way to raise your credit score! After a bad breakup that left me with more bills than I could handle, my credit score sank to the low 500’s. I couldn’t get approved for credit cards or loans to work on my score and I felt like I was a lost cause. I was lucky enough to be approved for a car loan that improved my score to 560 but I was still STUCK. Then I found this app! Since beginning this app last year, my credit score has shot up to 615 and counting! The small payments are easy to handle not to mention the idea that I’ll be getting my money back, in the end, makes it all the more appealing! They offer a credit card after 3 on-time payments so I’ve been a candidate for some time and I think I’m finally ready to take the leap and try it to keep this upward trend on my credit score going! Honestly, love the app and would recommend it to anyone in a tough spot that needs to build their credit. (Source: CScrubs. App Store on 02/02/2021)
How to Qualify for a Self Credit Card
Before you can qualify for a Self Credit card, you’ll need to open a Self Credit Builder account and make at least three monthly payments on time. Once you’ve reached at least $100 in savings progress (and if your account is in good standing), the Self app will notify you that you are eligible, and you can order the card and choose your credit limit.
How to Get a Self Visa Credit Card
Once you meet the eligibility criteria, you will receive an invitation to apply. Follow these steps to get a Self Visa Credit Card:
- Step 1: Review your savings progress and choose the amount you want to use to secure your card. It must be at least $100 and will serve as your credit limit.
- Step 2: Confirm your address and place your order for your secured credit card.
- Step 3: Activate your new credit card and begin using your card anywhere Visa is accepted in the U.S.
- Step 4: Make timely credit card payments and try to repay your balance in full each month, which increases your chances of making a positive impact on your credit history.