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Wells Fargo Secured Credit Card review

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With responsible spending, the Wells Fargo Secured Credit Card can help rebuild your credit.

finder.com’s rating: 4.1 / 5.0


The Wells Fargo Secured Credit Card is a no-frills secured card that can help you rebuild your credit score with responsible everyday spending and on-time payments. Like similar cards, it requires a security deposit, which determines your credit limit. And it reports to all three major credit bureaus, making it a solid option for improving your creditworthiness.

To be approved for a secured credit card, Wells Fargo recommends a poor to excellent credit score of 300 or higher. You must pledge a minimum $300 security deposit for approval.

Up to 1%

Cash back


Annual fee


Purchase APR (variable)


Recommended credit score


Product NameWells Fargo Secured Credit Card
Card typeVisa
Annual fee$25
Purchase APR20.74% variable
Balance transfer APR20.74% variable
Balance transfer fee$5 or 5% of the transaction, whichever is greater
Cash advance rate25.74% variable
Cash advance fee$10 or 5% of the cash advance amount, whichever is greater
Foreign transaction fee3% of the transaction value or $3, whichever is higher
Interest free periodUp to 25 days
Late payment fee$37
Returned payment fee$37
Additional cardholder fee$0

The Perks

If you have poor or no credit, a secured card can boost your creditworthiness with responsible everyday spending and on-time payments. Your initial line of credit is based on your security deposit.

  • Reports to major credit bureaus. Steady reports of your on-time payments helps you improve your financial health.
  • Reasonable minimum deposit. Your $300 minimum deposit is FDIC-insured.
  • Upgrade with responsible use. Wells Fargo periodically monitors your account for an upgrade to an unsecured credit card.
  • US residency not required. Unlike many secured credit offers, this one is available to citizens, permanent residents and nonresidents of the US.

Compare the Wells Fargo Secured Credit Card to the OpenSky® Secured Visa® Credit Card

How to make the high APR worth it

The Wells Fargo Secured Credit Card is a solid way to re-establish your credit if you use it responsibly. To avoid paying the high 20.74% variable APR on your purchases, pay your monthly balance on time or within the grace period. With on-time payments, you may be able to eventually upgrade to an unsecured credit card.

What to watch out for

Because Wells Fargo reports your responsible payments to the three major credit bureaus, you can re-establish your creditworthiness. But keep a few factors in mind.

  • $25 annual fee. It’s not uncommon to pay a fee for a secured card, but you can find secured cards that don’t require an annual fee.
  • No set time for upgrade. Wells Fargo’s graduation process is murky, and some secured credit card users complain that they’ve paid their bills on time but haven’t yet been upgraded.
  • No rewards. You won’t get cash back or rewards with this card.

Compare secured credit cards

Name Product Filter values Purchase APR Annual fee Recommended minimum credit score
26.99% variable
Get access to a higher credit line after making your first 5 monthly payments on time.
19.14% variable
A secured Visa® credit card that helps you build your credit quickly.
9.99% fixed
This secured card can help you rebuild your credit with an initial deposit of $200 to $1,000.
20.74% variable
Build your credit with all three major credit bureaus.
13.99% fixed
Open a personal savings deposit account to secure a credit line from $200 to $5,000.
25.9% to 29.99% variable
See if you’re prequalified with no impact to your credit score.
29.99% variable
$125 intro annual fee for the first year ($96 thereafter)
The Surge credit card is designed for people with less than perfect credit who want to get back on track.
26.74% variable
No credit history or minimum credit score required for approval.
29.99% variable
From $99
Build or rebuild your credit with an unsecured card that reports to all three major credit bureaus.
9.99% fixed
Low fixed interest rates with no penalty rate.
14.74% variable
No minimum credit score and no credit history required.
10.74% variable
Build or rebuild your credit with this secured card.
13.99% fixed
Designed for those with little or poor credit, the Green Dot primor® Mastercard® Classic Secured Credit Card has no minimum credit score requirements and no processing or application fees to worry about.
9.99% fixed
Fast, easy application process with no processing or application fees.
17.99% fixed
Borrow up to $10,000 and get your credit score back on track.
19.99% fixed
The power to build your credit with reporting to the three major credit bureaus.
See issuer's website
See terms
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How to apply for the Wells Fargo Secured Credit Card

To apply for a Wells Fargo Secured Credit Card, you must:

  • Be at least 18 years old.
  • Be employed with the ability to provide proof of your income.
  • Have an existing Wells Fargo checking or savings account, if you’re applying online.

1. Apply for the Wells Fargo Secured Credit Card by visiting Wells Fargo’s website. Look for the Build Credit option or search the site.

Wells Fargo Secured Credit Card step 1

2. Select the Wells Fargo Secured Credit Card option and click Apply Now.

Wells Fargo Secured Credit Card step 2

3. Enter your personal and financial information as requested and submit. If you don’t already have an account at Wells Fargo, you’ll need to visit the bank in person to open and link a checking or savings account to your card.

Wells Fargo Secured Credit Card step 3

Because Wells Fargo’s site provides conditional approval of your application, you should find out if you’re approved within minutes.

I got the card. Now what?

To improve your credit score, you’ll need to make timely monthly payments and keep track of your credit use.

  • Avoid unnecessary fees and interest. If you’re worried about paying your statement on time, consider setting up autopay through Wells Fargo’s website.
  • Build good habits. Spending smaller amounts and paying them off right away can help you establish good credit habits.
  • Graduate to an unsecured card. If you keep your credit utilization ratio low, you’ll improve your credit more quickly and effectively.
  • Contact customer service. Call 1-800-869-3557 24/7 or send a secure email from your online account. Connect on Facebook @WellsFargo or Twitter @Ask_WellsFargo.

What customers are saying about the Wells Fargo Secured Credit Card

The Wells Fargo Secured Credit Card gets mostly average online reviews. Consumer Affairs give Wells Fargo Bank 2 out of 5 stars, while TrustPilot gives the bank a rating of “bad.”

Bottom line

Secured credit cards are designed to help you build — or rebuild — your credit with regular reporting to the three main credit bureaus. With responsible spending, you could be upgraded to an unsecured credit card with perks or rewards for your spending.

Common questions about the Wells Fargo Secured Credit Card

Credit-building cards and secured card ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our team evaluates credit cards to determine their value against similar cards on the market.

We rank card types — travel, cash back, business — on a set of factors that are most relevant to that type of card. We create these rankings to help you narrow down a credit card that best suits your spending and budget.

Learn the details of our methodology and scoring.

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