There are limitless things to talk about credit card, whether it is the good things or shortcomings. Among many choices of credit cards, the so called secured credit card becomes a trend. Wells Fargo is one of secured credit card issuers that offer many benefits to the consumers. Read Wells Fargo secured credit card reviews below and find out the reason why this provider gets its place in the list of best secured credit cards.
Pros and Cons of Wells Fargo Secured Credit Card
If you do not really comprehend the difference between conventional credit card and secured credit card, it is much better to know them deeply before going straightly to Wells Fargo secured credit card reviews. While the conventional credit card does not require you to have minimum deposit on the account, secured credit card needs one. Some providers determine different limits for the minimum deposit. In the matter of Wells Fargo, they require $300 to open the account. If you want to upgrade the deposit, the maximum amount reaches $10,000.
What is the deposit for? The deposit is actually used as collateral account. It means Wells Fargo will decide your credit card limit based on the deposit on your account. In addition, there is no interest on the deposit. In case you want to change into unsecured credit card, they will return your deposit. This actually becomes the good thing of Wells Fargo. Some card providers do not want to give deposit return.
Like the other issuers, Wells Fargo will repost any payment history of their consumers to major credit bureaus. It allows you to establish or rebuild credit history, especially if you use the card wisely. In case you have bad credit history in the past, Wells Fargo secured credit card sound worthwhile. While some unsecured card issuers will check and recheck your credit history, Wells Fargo does not take too much attention on your past record. As long as you pay the deposit, you are allowed to open the account.
Talking about the rates and fees, is Wells Fargo better than other issuers? Some Wells Fargo secured credit card reviews mention that you can get variable APR of 19.24 percent for purchases. This is considered as high, even though it is still categorized as reasonable. To cope with this, you need to use the card responsibly.
Other Wells Fargo secured credit card cons possibly experienced by the consumers is the balance transfer which is also classified as high. It charges 5 percent for the transfer fee. Furthermore, Wells Fargo does not give you feature of free annual fee. You will be charged $25 annually. If you wish to have foreign transaction, you need to know that there will be 3 percent of charge.
In conclusion, secured credit card offered by Wells Fargo is considerably good for some reasons, including easy getting and upgradeable minimum deposit. However, you also need to take into account the shortcomings, such as the high APR, transfer fee and annual fee. Just use the Wells Fargo secured credit card reviews to make a decision.