Wells Fargo Secured Credit Card Review 2013

March 8, 2013 No Comments »
Wells Fargo Secured Credit Card Review 2013

Not too many of the big banks are offering secured credit cards on their menu in 2013, so it’s nice to see one big player still putting the offer on the table – albeit, even it does come with rather lack luster features and is unavailable to a large percentage of people who need it.

The Wells Fargo secured credit card is available in 2013 for those looking to either A) get their credit building on for the first time or B) need help rebuilding their credit score.

Before we get into the details we should make it clear that this card is not available to those whom filed bankruptcy in the last 12 months OR have any unsettled liens of credit. This is somewhat of a slap in the face in our opinion, since secured credit cards were originally designed specifically for those individuals.


Update July 2013 - See today’s top 10 secured credit cards on the market here.


It’s been a rough couple years financially for many people, and secured credit cards are usually the first go-to option after a credit score has taken a major hit either by bankruptcy or several non-payments on major items.

If you’re considering the Wells Fargo secured card, then you’ll want to review the features, terms and conditions below. Scroll down further to see our recommended secured card offer in 2013 to compare the Wells Fargo’s option with.

Wells Fargo Secured Credit Card Details:

  • To set up the card you must first deposit between $300-$10,000 into a “Collateral Account” with Wells Fargo. This will be a Wells Fargo savings OR checking account. Your credit line will directly reflect the amount of your deposit.
  • You will make monthly payments towards your card with the funds from this account.
  • Once approved you must fund of your collateral account. The process will take between 7-10 days.
  • The Wells Fargo Secured Card comes with a variable rate of 18.99% and
  • an Annual Fee of $25 will be imposed.

When can you graduate to a normal credit card?

Expect this to take longer than 12 months with the Wells Fargo secured card. We’ve never head of anyone graduating to an unsecured card with Wells Fargo any sooner than 12 months and most have reported a 24 month time frame.

Wells Fargo doesn’t specify the frequency at which they report to the three major credit bureaus. And if you’re trying to build credit, this is something you’ll need to insist on. The best secured card offers of 2013 report every single month.

It costs the bank money to report to these agencies, so they may try and do it less frequency, however, this will only postpone the rate at which your credit score rises.

Final Word:

This card is relatively similar to the other major secured credit card offers as far as its APR, annual fee, deposit limits and restrictions are concerned. Almost all cards come with at least something in the form of an annual fee and an APR of near 20 percent is typical as well. The deposit limits with the Wells Fargo secured card are also on par with other offers.

As we’ve mentioned above it’s notable disadvantages are 1) if you’ve filed for bankruptcy in the last 12 months or have unsettled liens of credit you’re not eligible. 2) It takes significantly longer than 12 months to graduate to a normal credit card.

If you have experience with Wells Fargo’s secured credit card, please share by leaving a comment!