Self Visa® Credit Card
The Self Visa® Credit Card is designed for Americans who have no credit history or poor credit and want a path to build their credit responsibly. Issued by Self Financial, this secured Visa® card aims to lower the usual barriers—like large upfront deposits or hard credit checks — offering more accessible credit-building tools. While it comes with fees and a relatively high APR, its reporting to all three major credit bureaus and flexible deposit options make it an attractive starter card for those serious about improving credit.
Quick Summary
- Annual Fee: ~$25 per year
- APR (purchase): ~28.24% variable APR
- Credit Line / Deposit Minimum: Minimum $100 deposit required; credit line tied to the value in your Self Credit Builder account or savings/Certificate of Deposit (CD) used as security.
- Credit Reporting: Payments reported to all three major credit bureaus: Experian, Equifax, TransUnion.
Who Is This Card For?
This card is primarily aimed at people who want to build or rebuild credit — particularly those with little to no credit history. Here’s what you should know before applying:
- Credit Score: Doesn’t strictly require a minimum credit score; helpful for those with poor or no credit.
- Age: Must be at least 18 years old (age requirement per state). Standard credit card rules apply.
- Income: Must have sufficient income to make monthly payments and cover fees. You’ll need to show you can handle the payment obligations.
- Residency: U.S. citizens or lawful residents, using a U.S. address, etc. Standard requirements.
Key Benefits Explained
- No Hard Credit Check: Applying for the Self Visa® secured card does *not* require a hard pull on your credit report — good for avoiding negative credit impacts.
- Low Minimum Deposit: You can start with as little as $100 as the security deposit, which becomes your credit line.
- Flexible Funding via Credit Builder Account: If you don’t have the full deposit upfront, you may use Self’s Credit Builder loan/account to build the deposit over time.
- Reports to All Bureaus: Helps you build credit history when you make on-time payments, improving your payment history, credit mix, and utilization.
- Opportunity to Increase Credit Limit: As you build up more savings in CD or make on-time payments, you can increase your deposit / limit in increments (often $25 increments) once you meet eligibility.
FAQs
Do I need a hard credit check?
No. The Self Visa® secured card does not perform a hard credit inquiry for approval.
How much is the minimum deposit?
The minimum required deposit is $100. If using the Credit Builder Account, you can build to that amount over time.
Will this card build credit?
Yes. Your on-time payments are reported to Experian, TransUnion, and Equifax, which helps build your credit history.
Are there rewards or bonuses?
No. This card doesn’t offer any cashback, points, or rewards programs. It’s focused on credit building.
What fees should I watch out for?
Be aware of the ~$25 annual fee, potential late payment or returned payment fees (around $15), and interest charges if carrying a balance. Also administrative fees for Credit Builder account.
Pros & Cons
- Pros: No hard credit check, low deposit requirement, reports to all bureaus, helps build or rebuild credit, flexible funding via credit builder account.
- Cons: No rewards, high APR if you carry a balance, annual fee, needs good discipline to avoid fees, may take time to build enough deposit to unlock full potential.
