Wells Fargo secured credit card - secured Visa
Excellent for those with bad credit or not credit at all, the Wells Fargo secured credit card helps you rebuild credit or establish anew. All you need to apply is a valid Social Security number, employment and Wells Fargo checking or savings account to be used as the collateral. Wells Fargo bases its decision mostly upon years of employment and income. If and after you are approved, the funds for your collateral account are transferred, the secured Visa is promptly sent. You can deposit anywhere from $300 to $10,000 into a collateral account, and your credit line becomes equal to the deposited amount. The Wells Fargo secured credit card requires you to make monthly payments toward any accrued balance, as with any unsecured credit card. After 12 months, you may be eligible to obtain an unsecured credit card, and get back the money you deposited in your collateral account. So understand, you need to have funds to pay for your monthly balance, at least making minimum payments according to Wells Fargo agreement, while you collateral will just sit there and will be not used to pay any of it.
Other facts on this Wells Fargo secured credit card -
- annual percentage rate or APR for both purchases and balance transfers currently stands 17.99%, while cash advance and overdraft protection APRs are 21.80%
- default rate can be as high as 27.24% - the default rate will apply to all balances if a minimum monthly payment is not received for two consecutive billing periods, and may also be applied if you go over your credit limit for 2 consecutive billing periods
- grace period for repayment of balances for purchases is at least 25 days as long as previous balance is paid in full by its due date
- there is no grace period on cash advances, overdraft protection advances or balance transfers
- annual fee $18
- minimum finance charge $1.00
- there is no transaction fee for purchases made in US, on purchases made outside the United States, the fee is 3% of the converted transaction amount, so if you shop in Canada, beware
- balance transfer fee is 3% of the transferred amount of each balance transfer, but not less than $5 with no maximum, however, the maximum balance transfer fee is $99 for each balance transfer made in the first 30 days the account is open
- over the credit limit fee is $35
The following late fees apply, based on the balance
- late payment fee is $20 on balances less than $250
- $29 on balances of $250 to $499.99
- $39 on balances of $500 and over
This Wells Fargo secured credit card also enrolls you in the optional rewards program for just $19 a year, allowing you to earn points toward airfare on any major U.S. airline, gift certificates, cash rebates, etc.
Previously,
Citibank secured credit card
First Option secured Visa
US Bank secured credit cards
Sun Feb 22, 2009 10:02PM | Copyright: www.bad-credit-advisor.com | More in Credit Card Deals | Comments (0)
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