Generally, secured credit card works the same as the unsecured one. However, if you urgently need a credit score booster, then secured credit card is a better choice to lift up the burden of having a bad credit score. Moreover, this card is also a reasonable way for those who want to start building credit history. Before adopting a secured card for your own, a deep research must be done and the top recommendation here is secured credit card Wells Fargo.
About Secured Credit Card Wells Fargo
Secured credit card Wells Fargo effectively helps you establish and rebuild your credit score with wise daily expense and on-time bill payments. It works just like other secured cards. It requires secured cash deposit when the account is opened.
To get the secured credit card Wells Fargo, the minimum amount which should be put as the deposit is $300. The deposit can not be used for any kinds of transaction. But when you close your secured account or upgraded it to the unsecured one, Well Fargo will refund the deposit.
Some cards charge their card holder with annual fees. Secured credit card Wells Fargo annually charges the member for $25. It is quite affordable compared to other cards that have reportedly charge their members in range up to $50 for each year. Beside its affordability, secured credit card Well Fargo benefits are also interesting things. First, temporary U.S. residents can apply the Well Fargo secured credit card. They will be treated equally and given the same services with the U.S residents.
The second perks provided by secured credit card Wells Fargo is the possibility to upgrade the secured card to the unsecured one. If you show a responsible financial behavior and always pay the monthly bills on-time, the secured card can be upgraded into Wells Fargo Platinum Card. The Platinum Card will not have annual fees and the cash deposit will be immediately refunded by Well Fargo.
You can starts building a qualified credit score by using secured credit card Wells Fargo. Well Fargo will record all activities that happened in the card. The activities include any financial transaction, payment history, and credit card limit. This information will be later on reported to the three major credit bureaus. Therefore, a responsible financial behavior is a must in order to increase credit score. People with excellent credit score can open up many financial possibilities in the future. Credit companies will see these members as trustworthy borrowers and give the best interest rate for them.
Other benefit of secured credit card Well Fargo which frequently missed is the free cellphone warranty. The protection can be earned when the phone bill payment is done using the credit card. One secured credit card supports one primer line and can be expanded up to three supplementary lines.
As a wrap up, secured credit card Wells Fargo is a good option with affordable price and tons of benefits. It can be the best solution for credit score problems, whether building a new one or repair a shaky one.