- Deposit an amount, from $300 to $10,000 into a Collateral Account. Your credit card limit equals the amount of money in your Collateral Account.
- Your purchases are billed to you each month and you are responsible for making at least the minimum monthly payment. Payments are not deducted from your Collateral Account.
- As a cardholder, your account performance is reported to major credit bureaus.
Unlike a debit card or a prepaid card, we report secured card payment information to major credit bureaus, providing you the opportunity to build a credit history with responsible use. Missing payments may hurt your credit score.
Annual Percentage Rate (APR)
Read the Wells Fargo Secured Card Agreement (PDF*).
All Wells Fargo Credit Cards are subject to credit qualification. Wells Fargo reserves the right to change terms, rates, and fees at its discretion in accordance with the card agreement and applicable law. Generally, we will apply your minimum payment first to lower APR balances (such as purchases) before balances with higher APRs (such as cash advances). Payments made in excess of the minimum payment will generally be applied to balances with higher APRs first before balances with lower ones.
Applying for a Secured Card
- When you apply, you indicate how much you would like to deposit into a Wells Fargo Collateral Account (between $300 – $10,000).
- Upon approval of your application, we’ll transfer the funds you provide into the Collateral Account. This can take approximately 7 – 10 days, and these funds need to be available in your account to process the transfer and open your credit card account.
Free credit education
All Secured cardholders have access to free online credit education courses and tips to help you manage credit wisely.
A good credit rating gives you the freedom to make choices. You’ll find that you need good credit to do almost everything from buying a car or a home to establishing utility services. Make on-time payments, stay within your credit line — and you’ll be on your way to establishing better credit.
Secured Card accounts are reviewed periodically and may become eligible for an unsecured credit card and have the Collateral Account funds refunded.
Built-in management tools and flexibility
- Choose your monthly payment due date and also sign up for automatic or online payments.
- Stay on top of your account activity with free email alerts when you approach your credit limit, a payment is due, and more.
- Easily track your expenses. My Spending Report with Budget Watch has built-in tools that help you see where your money is going and easily set up a budget.
All Wells Fargo Credit Cards automatically protect you from liability for unauthorized transactions when you report them promptly.
You may link your credit card to your checking account to help avoid overdrafts.
Help protect your cellular telephone from damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Credit Card.
For Visa® customers. Get fast text and email alerts for monitoring spending, tracking purchases, and receiving notifications of irregular or suspicious activity.
Protect your Wells Fargo Visa card with a unique password for online shopping.
- Auto rental collision damage waiver
- Emergency card replacement
- Roadside dispatch
- Travel and emergency assistance services
Download the Visa Guide to Benefits (PDF*) to learn more.
Wells Fargo Secured Card questions
How does the Wells Fargo Secured Card work?
You deposit $300 – $10,000 into a Wells Fargo Collateral Account. The amount of the Collateral Account determines your credit limit, which is the maximum amount you may charge on the credit card.
Upon approval of your application, we’ll transfer the funds you provide into the Collateral Account. This can take approximately 7 – 10 days, and these funds need to be available in your account to process the transfer and open your credit card account.
You must make at least the minimum monthly payments toward any amount you owe, as with any other credit card.
What should I expect after I apply online?
Upon submitting the online application, you will receive the status of your application on the confirmation page and we will send you a confirmation email.
If we need more time to review your application, you will receive an application ID and a phone number that you can call to check your application status.
Upon approval of your application, we’ll transfer the funds you provide into the collateral account. This can take approximately 7 – 10 days, and these funds need to be available in your account to process the transfer and open your credit card account.
How is a secured card different than other credit cards?
The Wells Fargo Secured Card can be used wherever Visa credit cards are accepted. However, it requires a deposit of $300 to $10,000 be placed into a Collateral Account to secure the credit line. Your credit line equals the deposit in the Collateral Account. The funds are not available to you unless the credit card account is closed or you become eligible for an unsecured Platinum Visa card.
Why do I need to have a Collateral Account?
The money you deposit into the Collateral Account is held as a deposit to help ensure payment of the credit card balance. By borrowing against and then paying off the credit card, you can establish a history of on-time payments. This can help establish you as a responsible borrower and lead to credit with better rates and possible future eligibility for unsecured credit.
Do the funds in the Collateral Account earn interest?
No, the funds in the Collateral Account do not earn interest.
Do I still need to make monthly payments, even if I already provided the funds for the Collateral Account?
Yes, the secured card requires minimum monthly payments like any other credit card. To keep the credit card account in good standing, you still need to make the required minimum monthly payment toward any balance accrued or pay the balance in full each period and keep the balance within the established credit limit. By paying at least the required minimum payment before the due date and staying within the credit limit, you show the bank and the credit bureaus that you can manage credit responsibly.
Does the secured card look any different than an unsecured platinum Visa card?
No, the card design looks exactly like the Wells Fargo Platinum Visa card.
When can I become eligible for the unsecured Platinum Visa card?
Secured card accounts are reviewed periodically. Cardholders with a valid Social Security number (U.S. citizens and permanent residents) may become eligible for an unsecured credit card and have the Collateral Account funds refunded. To qualify, your overall performance across credit products will be considered, which includes your account performance on your Wells Fargo Secured Card.
How do I use my credit card for Overdraft Protection?
You must have a Wells Fargo checking account and a Wells Fargo Credit Card to use this optional service.
If you don't have a Wells Fargo Credit Card:
- Apply for a credit card and check the Overdraft Protection box on the application. Subject to credit qualification.
- If you also need a Wells Fargo checking account, please apply at a Wells Fargo location.
If you already have a Wells Fargo Credit Card, but you do not have a Wells Fargo checking account:
- Apply for a checking account and select the Overdraft Protection box on the application. Subject to credit qualification.
- If you already have a Wells Fargo checking account, call 1-800-642-4720 to enroll.