Review of the Wells Fargo Secured Visa



The Wells Fargo Secured Visa was last reviewed on 29th June 2006



Summary - The Wells Fargo Secured Visa is a secured credit card designed for those with bad or no credit. The annual fee is low at $18.00. One of the tiny drawback is that Wells Fargo does not pay interest in the deposit that you make with them. Find out more...

Deposit Requirement - The Wells Fargo Secured Visa Credit Card will give you a credit limit equal to 100% of your deposit with Wells Fargo. You need to put in a minimum of $300 up to a maximum of $5,000. The deposit account does not pay interest.

Fees - The annual fee is low at $18.00. There is also no one-time processing or origination fee common in some secured credit cards. The APR at Prime Rate plus 13.24% is high, but about average for a secured credit card. The grace period ranges between 20 to 25 days.

Verdict - For an $18.00 annual fee with no one-time processing fee, plus an average apr for a secured credit card, the Wells Fargo Secured Visa credit card is one of the lower cost secured credit card. However, the credit limit of $5,000 is on the low side compared to some other secured credit cards. Wells Fargo also does not pay interest on deposits. Those who have previous bankruptcy may want to consider another secured card like the Orchard Bank Secured Mastercard®


Wells Fargo Secured Visa
Credit Limits 100% of amount deposited with bank - $300-$5000
Account does not pay interest
Cost/Fees/Interest rates
Introductory Rate 5.9% purchase APR for first 6 months
Annual Fees $18.00
One-time Processing Fee Fees No one-time processing fee
Purchase APR Prime Rate plus 13.24%
Balance Transfer APR Prime Rate plus 13.24%
Cash Advance APR Prime Rate plus 13.55% (min 19.99%)
Penalty/Default Rate APR 23.9%
Min Finance Charge $1.00
Grace Period 20-25 days for purchases only
Balance Calculation Method Average Daily Balance (including new purchases)
Balance Transfer fee $0 for first 30 days, then 3% min $5.00 max $50.00
Convenience Checks fee 4% min $15.00
Cash Advance fee 4% min $5.00
4% min $15.00 at other financial institutions
4% min $20.00 from other sources
Foreign Currency Conversion fee 2%
Over-the-credit-limit fee $35.00
Late Payment fee $30.00



Check out the Orchard Bank Secured Mastercard®




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