The Card with No Credit Check – The Secured Self Visa® Credit Card1 Review
This product is unique in that it helps you ensure that money is set aside for the future, helps you develop a good credit history, and offers a credit card that you can use to make transactions.
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Key Features
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- This card does not require a hard credit check for approval, so a hard inquiry will not appear on your credit report.
- A mix of credit products will show up on your credit report, since both the loan and the credit card will be reported.
- To earn the credit card, you must first open a Self Credit Builder account. You would then need to make at least three monthly payments on time, save a minimum of $100, and keep the account in good standing. Once done, you'll be eligible for the Self Visa® Credit Card. In the long term this isn't a bad thing, but if you're looking for something immediate, a more traditional secured card may be a better option for you.
Qualifying for an unsecured credit card without an established credit history or with damaged credit can be a challenge. That’s where the CardName can come in. Part credit builder account, part secured credit card, it can put you on track toward good credit and have a credit card to use for safe and convenient purchasing.
HOW DOES THE SELF VISA® CREDIT CARD WORK?
The CardName is a combination of two products: the company’s Credit Builder account and a unique type of secured credit card. With it you can ensure that money is set aside for the future, help develop a good credit history, and have a credit card that you can use to make transactions.
It begins with you opening a Credit Builder account. This account is designed to help people build or better their credit histories via a small installment loan that is funded with your credit builder deposits. Instead of receiving the money you borrow, Self puts the funds into a locked FDIC-insured CD account.
You would then need to make at least three monthly payments on time, save a minimum of $100, and keep the account in good standing. Once done you’ll be eligible for a Self Visa® Credit Card.
With the credit card, you select your credit limit. Self reports all payments to TransUnion, Equifax, and Experian, so as long as you manage the account responsibly, you will work towards building your credit rating.
When your loan is at a zero balance, you will have access to the money you borrowed, minus any associated interest and fees.
The secured Self Visa(R) Credit Card is issued by Lead Bank, First Century Bank, N.A., each Member FDIC. Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., or First Century Bank, N.A., each Member FDIC. Subject to credit approval. Qualification for the secured Self Visa(R) Credit Card is based on meeting eligibility requirements, including income and expense requirements and establishment of security interest. Criteria Subject to change.
WHO IS ELIGIBLE FOR THE SELF VISA® CREDIT CARD?
To get the Secured Self Visa® Credit Card you need to be at least 18 years old, and be a U.S. Citizen or permanent resident. You will also need a bank account and Social Security Number.
You also have to open a Credit Builder Account with Self. There are four options from which to choose. The $9 admin fee plus interest is deducted from the final amount you borrowed and save:
- $25 monthly commitment – Requires $25 a month deposit for 24 months. At the end of the term you will receive $520.
- $35 monthly commitment – Requires $35 a month deposit for 24 months. At the end of the term you will receive $724.
- $48 monthly commitment – Requires $48 a month deposit for 24 months. At the end of the term you will receive $992.
- $150 monthly commitment – Requires $150 a month for 24 months. At the end of the term you will receive $3,076.
After you decide on the right Credit Builder account for you, you would open the account and start to fund it.
Every month you will make the payments, which will be deposited into the account for the term you chose. As long as you make the payments on time and at least in the agreed-upon payments, the account should be in good standing. You can get the credit card at any point after accumulating at least $100 and when a minimum of three on-time payments are recorded.
WHAT ARE THE BENEFITS OF THE SELF VISA® CREDIT CARD?
The benefits of the CardName include:
- There is no hard credit check, so a hard inquiry will not appear on your credit report
- You don’t have to put down a large deposit
- The ability to choose your own credit limit
- A mix of credit products will show up on your credit report, since both the loan and the credit card will be reported
- You can use the card anywhere Visa® is accepted in the U.S.
- You can increase your credit limit over time
WHAT ARE THE POTENTIAL DOWNSIDES OF THE SELF VISA® CREDIT CARD?
There are a few downsides to the CardName as well. For example:
- It has an annual fee of $25
- The administrative fee for the loan is $9*
- There is no rewards program, so you won’t be earning cash or points as you charge
HOW DOES THE SELF VISA® CREDIT CARD COMPARE TO OTHER CARDS?
There are a few other similar accounts to the Self Visa® Credit Card, so if you’re looking for a secured card designed for people with no or damaged credit histories, these three may be good alternatives.
Self Visa® Credit Card vs. CardName
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Introducing Credit Builder (effective 10/28/24, members can apply for Credit Builder without $200+ direct deposit requirement), to apply for Credit Builder, you must have an active Chime® Checking Account. Chime is a financial technology company, not a bank. The secured Chime Credit Builder Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank. Note: Visa exception: If the actual card is shown, we can remove “pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit/credit cards are accepted.”
The CardName does not have an annual fee, and no interest is charged1. Your credit limit will be the same as your deposit. It starts with you opening Chime® spending account, and you will be able to use the money held in your that account to make your payments. Your cash is never locked away.
Therefore, if you’re looking for greater flexibility with a deposit right from the beginning, the CardName might be a more attractive than the Self Visa® Credit Card.
Self Visa® Credit Card vs. CardName
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The CardName is an unsecured credit card that was developed for the person who doesn’t have a traditional credit score. Instead, it uses other factors to determine qualification, such as your income and the amount you have saved. It also has cash back rewards so you can earn as much as 10% back at select merchants. (Petal credit cards are issued by WebBank, Member FDIC; note that if you have a credit score, it will be reviewed and considered as part of the application process.)
This card comes with no annual or foreign transaction fees, and because it’s an unsecured card it does not require a security deposit. Credit limits on Petal® 1 can be anywhere from $300-$5,000. Through its Leap program, cardholders can earn a higher credit limit after six months assuming they make qualifying on-time payments and maintain their credit score within a personalized range.
The Petal® 1 may be the better choice over the Self Visa® Credit Card if you want to avoid paying a security deposit and can prove that you are a good credit risk based on alternative factors.
Self Visa® Credit Card vs. CardName
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The CardName is a rare secured card that offers rewards and perks. It offers up to 2% cash back on select purchases, as well as a dollar-for-dollar match on all the cash back earn at the end of your first year. It also includes cell phone damage protection in the event that your covered cell phone is stolen or damaged when you pay your monthly cell phone bill with your Sable card, which is a perk that’s unique for even the best unsecured rewards cards.
Your credit limit will be equal to the amount of security you put down, which can be up to $10,000. With responsible use your security deposit may be released to you in as little as four months. The CardName may be a good choice over the Self Visa® Credit Card if you have an upfront cash deposit that you can set aside for a few months.
IS THE SELF VISA® CREDIT CARD A GOOD CARD??
The CardName can be an excellent option if you want to either create or build your credit history. The fees are minimal, and you will get the benefit of forced savings with the locked deposit account. That can put you on the road to good financial health as you’re building your credit history, since both the loan and credit card will be reported to the credit reporting agencies. It offers significant flexibility with the different loan plans, too. With as little as $100 in your account, you can get a credit card without having to pass through a hard credit check. The downside is that the fees can be high without any rewards to balance out the cost.
Our Methodology
Survey methodology: CardRatings commissioned Op4G in September 2023 to conduct surveys among 1,869 cardholders nationwide. CardRatings website analytics from Jan. 1, 2023-Aug. 31, 2023 were used to determine a selection of the most popular cards and additional cards were included to add survey breadth. Responses to each of nine questions were given on a scale of 1-10 and respondents’ scores were then averaged under broad topics. To determine the overall score, responses from questions 1-8 were summed and the answer to "How likely are you to recommend this card to a friend, coworker or family member?" was double weighted. Current Scores reflect scores from the most recent survey (2023); “Past Scores” reflect scores from the 2022 survey.
Disclaimer:The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Reasonable efforts are made to maintain accurate information. See the online credit card application for full terms and conditions on offers and rewards. Please verify all terms and conditions of any credit card prior to applying.
This content is not provided by any company mentioned in this article. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any such company. CardRatings.com does not review every company or every offer available on the market.
1Out-of-network ATM withdrawal and OTC advance fees may apply. View the Bancorp agreement or Stride agreement for details; see back of card for issuer. 2Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., SouthState Bank, N.A., First Century Bank, N.A., each Member FDIC. Subject to credit approval. Credit Card –
Self Visa® Credit Card issued by Lead Bank or SouthState Bank, N.A., each Member FDIC. See self.inc for details. Card eligibility: Active Credit Builder Account in good standing, 3 on time payments, $100 or more in savings progress. Requirements subject to change.
*Sample loans: $25/mo, 24 mos, 15.92% APR; $35/mo, 24 mos, 15.97% APR; $48/mo, 24 mos, 15.72% APR; $150/mo, 24 mos, 15.88% APR. See self.inc/pricing.
