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Building credit is challenging for beginners or those recovering financially.
Building credit can seem like a challenge, especially for those starting from scratch or trying to recover from a difficult financial history.
The traditional process of getting credit often requires rigorous verification and large initial deposits, leaving many people without viable options for improving their credit score.
Fortunately, the Self SecuredVisa came to change this scenario, offering an affordable and simplified solution to help you build credit in a practical and efficient way.
Self Visa Secured
Helps build or rebuild credit. No rewards or cashback.How does the Self Secured Visa work?
The Self Visa Secured works in a unique way, connecting to the program Self Credit Builder to create an affordable and effective credit-building system.
First, you open a Self Credit Builder account and choose a monthly payment plan.
When you meet the eligibility criteria, you will be able to apply for the Self Visa Secured Card no additional initial deposit required.
The card turns the payments you’ve already made into a credit limit, ensuring you have full control over your spending.
Furthermore, each purchase made with the card and punctual payments contribute to strengthening your credit, as all information is reported to the three main bureaus.
Main Benefits of Self Secured Visa
Among the first benefits that we can mention is the fact that it eliminates the need for a rigorous credit check for approval.
This advantage is important because even those with limited financial history or previous difficulties have the chance to get the card and start improving their score.
This accessibility is an important differentiator compared to other cards available on the market.
Another great benefit is the possibility of building up the security deposit little by little, through payments from the Self Credit Builder.
This feature eliminates the barrier of a large initial deposit, allowing users to advance their financial journey without additional pressure.
In addition, each payment contributes directly to building credit and the card limit.
Finally, the Self Visa Secured offers a complete platform to track your financial progress.
The Self app lets you monitor your payments, see their impact on your credit score, and access personalized tips to keep your credit journey on track.
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Cons of Self Secured Visa
One of the main negative points is that the card does not offer rewards, such as cash back or points. For those looking for a card that provides additional benefits when purchasing, Self Secured may not be the best option.
Furthermore, the card is directly linked to the program Self Credit Builder, which means you need to open an account and make regular payments before you can qualify for the card.
Another point to consider are maintenance fees, which can be a little high compared to other cards in the same category.
APR and Fees
The Self Secured Visa credit card has some important fees that should be considered before opting for it.
The main one is the $25 annual fee, which, although low, can be a factor in comparison with other secured cards that offer waivers of this fee.
Additionally, the continuous variable APR is 28.49%, which is considered high for credit cards. Therefore, it is highly recommended that users pay the balance in full monthly to avoid accrued interest.
The card also includes penalty fees, such as the returned payment fee, which can be as high as $15 for each unprocessed transaction, such as returned checks or failed bank payments.
Another common penalty is the late fee, applied after a 15-day grace period.
For minimum payments of $25 or less, the fee is $5, while amounts greater than $25 result in a $15 charge.
In addition to the fees for the card itself, the Self Credit Builder account, required to obtain Self Visa Secured, also has additional costs.
Among them are:
- Return fee for failed payments,
- Late fee for not meeting the stipulated deadlines,
- Convenience fee when using a debit card for payment
- Early withdrawal fee if the customer decides to end the plan before the end.
How to apply for the Self Secured
Ready to order Self Secured? The process is simple and can be done in a few easy steps:
Request your card:
Once you meet the eligibility criteria, you can apply for the Self Visa Secured Card directly through the app. Best of all, you won’t need an additional initial deposit to activate it, making the process even more affordable.
Open your Self Credit Builder account:
Access the Self website or app and choose the plan that best meets your needs. This initial step is essential to laying the foundation for your credit building and paving the way for the card.
Make regular payments:
After opening your account, start making monthly payments. These payments not only build your security deposit, but they are also reported to all three credit bureaus, helping to improve your score.
