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Secured cards are a great tool for consumers who are either trying to build credit for the first time or rebuild their credit. By making every month's payments on time, cardholders can build credit over time. The Wells Fargo Secured Visa Credit Card lets cardholders get used to using a credit card while they build their credit score. There is a minimum security deposit of $300, and an annual fee of $25. After a few months of responsible use, users can upgrade to a standard, unsecured credit card. As long as they have paid their balance off in full and there are no outstanding fees or charges, you can receive your full security deposit back.
This is a decent secured credit card for folks who are just starting to build credit.
Your security deposit can be as much as $10,000 if you need a bigger line of credit.
It's unfortunate that you have to pay an annual fee with this card, but that's pretty typical on credit cards for bad credit or no credit.
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