Wells Fargo® Secured Card Terms and Conditions
Annual Percentage Rate (APR) for Purchases
This APR will vary with the market based on the
Annual Percentage Rate (APR) for Balance Transfers
This APR will vary with the market based on the
APR for Cash Advances and Overdraft Protection Advances
This APR will vary with the market based on the
How to Avoid Paying Interest on Purchases
Your due date is at least 25 days after the close of each billing period. We will not charge you interest on purchases if you pay your entire balance by the due date each month.
Minimum Interest Charge
If you are charged interest, the charge will be no less than $1.00.
For Credit Card Tips from the Consumer Financial Protection Bureau
To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at http://
Up to 5% for each balance transfer, with a minimum of $5.
Either $10 or 5% of the amount of each advance, whichever is greater.
Overdraft Protection Advances
$12.50 if the total of overdraft protection advances for the day is $50 or less;
$20 if the total of overdraft protection advances for the day is greater than $50.
Foreign Currency Conversion Fee
3% of each transaction converted to
Up to $37
Returned Check or Returned Payment
Up to $37
How we will calculate your balance
We use a method called "average daily balance (including new purchases)".
How we will calculate your variable APRs
- Unless an introductory or promotional APR is in effect, we will add a “Margin” to the
U.S.Prime Rate to determine your standard variable APR. For each billing period we will use the U.S.Prime Rate, or the average of the U.S.Prime Rates if there is more than one, published in the Money Rates column of The Wall Street Journal three business days prior to your billing statement closing date. If the U.S.Prime Rate is not published or is otherwise unavailable, whether temporarily or permanently, we will select a substitute index that we believe, in our sole discretion, to be similar to the U.S.Prime Rate. The U.S.Prime Rate is 3.50 percentage points as of 07/25/2016.
- The "Margin" for purchases and balance transfers will be 15.74 percentage points.
- The "Margin" for cash advances and overdraft protection advances will be 20.74 percentage points.
Wells Fargo reserves the right to change terms, rates (APRs) and fees, at its discretion in accordance with the Consumer Credit Card Customer Agreement and Disclosure Statement ("Agreement") for your account and applicable law.
Application of payments
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.
If you choose to link your Account to your checking account for overdraft protection, please note the following. If you have a joint checking account, you will be responsible for all advances, including interest and charges from your credit card to cover overdrafts regardless of who writes the check, makes the debit card purchase, or engages in any other transaction that causes the overdraft. An Overdraft Protection Advance Fee will be charged each day an Overdraft Protection Advance is made and interest will accrue from the date each advance is made. Refer to the Consumer Credit Card Customer Agreement and Disclosure Statement for details. Please note that you may also be able to link your checking account to your savings account for overdraft protection. No interest is charged on overdraft protection transfers from your savings account, however, fees do apply. Please refer to your Consumer Account Agreement and Consumer Account Fee and Information Schedule for details.
This is an application for a secured credit card account. In consideration of the issuance of this secured credit card account, you have authorized Wells Fargo Bank, N.A. to open a deposit account called the "Secured Card Collateral Account" (the "Collateral Account") in your name. To secure all of your obligations arising under this credit card account, you assign, transfer, pledge, grant a security interest in, and set over to the bank all rights, title, and interest in the Collateral Account and in all renewals, additions and proceeds of the Collateral Account, You agree that this security interest, pledge, and assignment includes and gives the Bank the right to redeem, collect and withdraw any part or the full amount of the Collateral Account upon any default under the Agreement or in the event your secured credit card account is terminated for any reason. You acknowledge and agree that this security interest, pledge, and assignment means that the bank has exclusive control over the Collateral Account, You may not make any withdrawals from the Collateral Account while it secures your credit card. The Secured Card Collateral Account is a non-interest bearing account, therefore no interest will be paid to you on the Collateral Account. This security interest, pledge, and assignment is given as security for any and all amounts you may owe, including but not limited to interest, fees and charges which may accrue under your secured credit card account. You agree that if the secured credit card account is closed for any reason, the bank may apply funds in the Collateral Account to pay off any balance on the credit card account. If there are still funds remaining in the Collateral Account after doing so, these funds may remain on deposit for up to 60 days before being remitted to you.
Collateral account authorization. You request that the Bank open the Collateral Account described above and agree:
- The Collateral Account and Bank's practices are subject to the terms of the Collateral Account, to Federal and State laws and regulations, and to Bank policies.
- To pay all charges and follow all practices set forth in the terms applicable to the Collateral Account.
- To hereby stipulate to the terms of the arbitration program described in the Agreement.
- To abide by all future changes to the terms and charges for the Collateral Account.
- The Bank may disclose information about the Collateral Account and credit card accounts to credit reporting agencies and to other persons or agencies who, in its judgment, have legitimate business purpose for obtaining such information, subject to applicable law.
Important information about procedures for opening a new account
To help the government fight the funding of terrorism and money laundering activities,
Notice to Ohio residents
The Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.
Notice to married Wisconsin residents
If you are married, by submitting your credit card application you are confirming that this credit card obligation is being incurred in the interest of your marriage and your family. No provision of any marital property agreement (pre-marital agreement), unilateral statement under 766.59 of the Wisconsin Statutes, or a court decree under 766.70 adversely affects the interest of the creditor unless the creditor, prior to the time the credit is granted, is furnished a copy of the agreement, statement or decrees or has actual knowledge of the adverse provision. If the credit card for which you are applying is granted, you will notify the Bank if you have a spouse who needs to receive notification that credit has been extended to you.
This application is for a credit card with Wells Fargo Bank, N.A. You certify that all information provided is true, correct, and complete and that you have the legal capacity to enter into this contract. The Bank is authorized to verify or check any of the information given, to obtain credit reports on you and to make Overdraft Protection advances if you requested that feature. You authorize the Bank to obtain information from others to investigate your credit, employment and income history and state records including state employment security agency records and to report information regarding your account to consumer reporting agencies. You agree that the Bank will determine the amount of credit extended, as well as which product you qualify for, based on the Bank's review criteria. If you do not qualify for the product or pricing requested or for the lowest pricing offered, you authorize the Bank to grant you the product and pricing for which you do qualify. You agree to be bound by the terms and conditions of the Agreement, which will be sent to you, and understand that the terms of your account may be changed at any time, subject to applicable law. You hereby stipulate to the terms of the arbitration program described in the Agreement. You understand and agree that you will be liable for payment of all amounts owing on the account. You understand and agree that each person applying will have full and equal access to any credit line extended and each will be individually and jointly liable for payment of all amounts owed even if only one applicant uses the account.
A consumer report from consumer reporting agencies will be obtained in considering this application and for the purposes of any update, renewal, extension of credit, review or collection of the account. Upon request, we will inform you of the name and address of each consumer reporting agency from which we obtain a consumer report relating to you. If you are a married applicant you may apply for credit in your own name.
Please call to confirm receipt of your new card as soon as you receive it. If you do not do so, your requests for certain services such as balance transfers, Overdraft Protection, Wells Fargo Online banking and ATM access may be delayed and you may be denied access to your account.
This information about the cost of the credit card account described in this disclosure is accurate as of July 2016. This information may have changed after that date. To find out what may have changed, call 1-800-642-4720.
Cellular telephone protection
Cellular Telephone Protection can reimburse the eligible Wells Fargo Consumer credit card cardholder for damage to or theft of a cellular wireless telephone. Eligible Cellular Wireless Telephones are limited to the primary line and up to the first three additional lines as listed on your provider's monthly statement. Cellular Telephone Protection is subject to a $25.00 deductible per claim and a maximum of 2 claims per 12 month period. The maximum benefit limit is $600.00 per occurrence and $1,200.00 per 12 month period. You will receive no more than the value of the original phone or a replacement phone with similar features and functionality, less a $25.00 deductible. This benefit does not cover cellular telephones that are lost. This protection is only available when cell phone bills are paid from your Wells Fargo Consumer Credit Card. The coverage does not apply if the cell phone bill is paid from a Wells Fargo Debit Card, Wells Fargo Business Credit Card, or from the card that is linked to a Line of Credit. Coverage does not apply for electronic failure or cell phones that are received as part of a pre-paid plan. Cellular telephone protection coverage begins the first day of the calendar month following your first cellular telephone billing on your Wells Fargo Consumer Credit Card, and remains in effect when you continue to charge your total monthly cellular telephone bill to your Wells Fargo Consumer Credit Card. This protection may not be equivalent to or better than other applicable coverage you may have presently or in the future, such as your homeowner's or automobile insurance policies, or through a plan provided through the seller of the telephone. For complete coverage benefits and exclusions regarding this protection call 1-800-642-4720, 24 hours a day, seven days a week or go to wellsfargo.com/cellphone.
Terms applicable to secured card collateral account
In the following Terms Applicable to Secured Card Collateral Account ("this Collateral Account Agreement"), "you" and "your" refer to the owner and, where applicable, each coowner of a Secured Card Collateral Account (the "Collateral Account"). The "Bank," "we" or "us" refers to Wells Fargo Bank, N.A.
Together, you agree that this Collateral Account Agreement and the Secured Agreement form a binding contract and make up the entire agreement between you and the Bank regarding the handling of your Collateral Account. This Collateral Account Agreement applies to each deposit account at the Bank, as well as all substitutions and replacements thereof, that has been assigned or pledged by you as collateral for the credit card
The bank's liability to you
Acts and omissions of other financial institutions. The Bank will not be liable for the intentional wrongdoing or the lack of ordinary care by any financial institution to which the Bank has forwarded a check, draft, or other order or instruction for the payment, transfer or withdrawal of funds (an "Item") for deposit to your Collateral Account.
Waiver. If the Bank waives any of its rights on any one occasion, it will not be considered a waiver of the Bank's rights on any other occasion.
Verification of transactions; rights to reverse erroneous credits. All transactions, including without limitation those for which the Bank has provided a receipt, are subject to the Bank's final verification. The Bank may reverse any credit it has erroneously made to your Collateral Account at any time without prior notice.
General limitations. The Bank will have no liability to you, other than as provided in this Collateral Account Agreement. The Bank will meet its duty to care for your Collateral Account if it exercises ordinary care in the transaction at issue. When the Bank takes an item for processing by automated means, "ordinary care" does not require that the Bank examine the item. "Ordinary care" requires only that the Bank follow standards that do not vary unreasonably from the general standards followed by similarly situated banks. A mere clerical error, or an honest mistake, will not be considered a failure of the Bank to perform any of its obligations. Unless imposed by law, the Bank will not be liable for consequential, special, punitive or indirect loss or damages.
The Bank is authorized to supply your endorsement to any Item taken for collection, payment or deposit to your Collateral Account.
Deposits and withdrawls
This Collateral Account serves as the collateral for the credit card
Statements and items paid
Mailing of statements. Statements and other information regarding your Collateral Account will be mailed to you at the last address you have given the Bank, unless the Bank agrees otherwise in writing. If your Collateral Account is a joint account, the Bank may mail the statement to any owner.
Your obligation to review statements and items and to report irregularities. You agree to promptly and carefully examine each statement you receive from the Bank. You will promptly report any erroneous credit. Within 30 days after the Bank mails or otherwise makes the statement available to you, you will report to the Bank any claim for credit or refund due for example (and without limitation) to either an erroneous debit, a missing signature, an unauthorized signature, or a material alteration. If you don't, the stated balance will be conclusively presumed to be correct. This means that the Bank is released from all liability for the Items charged to your Collateral Account, and for all other transactions or matters covered by the statement.
Fees and expenses
You will pay the Bank a fee for its services in accordance with its then current fee and information schedule. Account-related services obtained through an affiliate bank are subject to the fees disclosed in its then current fee and information schedule. Fees and expenses described in this section may be deducted from your Collateral Account and may, at the Bank's option, be charged against your Collateral Account during a statement period other than the one to which they relate. If your Collateral Account is closed, you will continue to be responsible for any fees that may have accrued, any Items deposited to your Collateral Account prior to its being closed, and any fees and expenses related to those Items. If the Bank incurs any costs or expenses enforcing this Collateral Account Agreement, you will pay those costs and expenses, including reasonable attorneys' fees and court costs.
Direct deposits returned by the bank
If in connection with a direct deposit plan funds are deposited to your Collateral Account and later returned to the originator, the Bank may deduct the amount from that or any other account you have, without prior notice and at any time, except as prohibited by law. The Bank may also use any other legal remedy to recover the amount.
The bank's right to set off
Security interest. The Bank may setoff against any accounts you own in your name (including matured and unmatured time accounts) for any credit card obligation you owe the Bank, whether due or not, at any time and for any reason as allowed by law. This includes as permitted by law, both secured and unsecured debts and debts you owe individually or together with someone else. If there is more than one owner of your Collateral Account, this includes the debts and liabilities of any owner without regard to your contribution to the funds then on deposit in the Collateral Account. The Bank may consider this Collateral Account Agreement as your consent to the Bank's exercise of its right of setoff should any law require your consent. To secure your performance of your obligations under the secured credit card account issued to you by the Bank, you grant the Bank a lien on and security interest in this Collateral Account, you pledge this Collateral Account to the Bank and you assign all your interest in this Collateral Account to the Bank. This pledge, assignment and security interest is independent of the Bank's right of setoff.
The bank's right to change your collateral account to another bank product
The Bank may convert your Collateral Account to another product offered by the Bank at any time by giving you prior notice. If you do not close your Collateral Account it may convert to that other product on the date specified in the notice.
If more than one of you open a Collateral Account it will be presumed to be a joint account with right of survivorship unless state law creates a contrary presumption or the Bank otherwise agrees with you in writing. Any sums in a joint account may be paid, on request, to any owner without regard to whether any other owner is then incapacitated or deceased or whether the account includes a right of survivorship. If your Collateral Account does include a right of survivorship and one of you dies, the Collateral Account is payable to any survivor, subject to the Bank’s right of setoff and security interest. If your Collateral Account does not include a right of survivorship and one of you dies, the Collateral Account may, subject to the Bank’s right of setoff and security interest, be paid to any survivor or to the personal representative, heirs or successors of the deceased owner even though not the last surviving owner. The Bank has no obligation to separately account for each of your interests in the Collateral Account. An owner may supply an endorsement of another owner. The Bank may act on the instructions of any owner; however, instructions to remove an owner’s name or restrict an owner’s use may only be made by the owner whose name is to be removed or whose use is to be restricted, by that owner’s legal representative(s) or by court order. Subject to the terms of this Collateral Account Agreement, the Bank may close the Collateral Account on the instructions of any one of you or your legal representative(s).
Transferring collateral account ownership
You may not pledge, assign or in any other manner transfer all or a part of or any interest in your Collateral Account. The Bank does not have to recognize the transfer, has no duty to make further inquiry and may make its acceptance conditional.
Deposited items returned unpaid
The Bank has the right to charge back to your Collateral Account any Item deposited to your Collateral Account that is returned. The Bank has the right to pursue collection of such Items, even to the extent of allowing the payor bank to hold an Item beyond the midnight deadline in an attempt to recover payment. These collection efforts may include sending such Items back for collection one or more times. The Bank will have no liability for resubmitting or not resubmitting these Items (or for taking any other action it considers reasonable to recover payment) without notice to you.
Non interest-bearing collateral account
No interest will be paid to you on this collateral account.
Minimum deposit requirements. In order to open this Collateral Account, a minimum deposit of $300.00 is required as security for a credit card account.
Primary collateral account owner. The primary account owner of this Collateral Account must be the same person who is the primary holder of the credit card account that is secured by the funds in this Collateral Account.
Deposits to the collateral account. Deposits to your Collateral Account may only be made by check, money order or cashier's check and must be in increments of $100.00 and mailed to the following address:
Wells Fargo Card Services
P.O. Box 9376
Des Moines, IA 50306-9376
Notices and other mail
Any notice you send the Bank will not be effective until it is actually received and the Bank has a reasonable opportunity to act on it. Any notices, statements, or other correspondence the Bank sends you may be sent by ordinary mail to the last address the Bank has for you in its records. If there is more than one owner or person authorized to transact business on your Collateral Account, notices, statements and correspondence may be sent to any one of you. You assume the risk of loss in the mail. Any notice the Bank sends you will be effective when mailed.
Minimum balance requirements; other restrictions
The Bank may impose minimum balance requirements or other limitations or restrictions on your Collateral Account, provided such requirements are disclosed to you.
Legal actions affecting your collateral acount
Your Collateral Account may be subject to legal action, such as a tax levy, third party garnishment, or levy, seizure or forfeiture. Such legal action is subject to the Bank's security interest and right of setoff. Fees or expenses the Bank incurs in responding to legal action (including without limitation attorneys' fees and the Bank's internal expenses) may be charged against your Collateral Account.
Closing your collateral account
The Bank may, in its discretion, close your Collateral Account at any time. If it does, it may send the balance by ordinary mail to the last address the Bank has for you in its records. Payment may be in cash, by cashier's check or bank draft. Before closing your Collateral Account, it will give you any notice required by law. You may not close the Collateral Account until your obligations under the Agreement have been fully paid and the credit card account is closed. We may use the funds in this Collateral Account to pay any balances on your credit card account. You agree that if the credit card account issued to you by the Bank is closed for any reason, the Bank may apply the funds in this Collateral Account to pay off any balance on the credit card account. We may hold funds in this Collateral Account for a minimum holding period of sixty days after the credit card balance is paid in full and the credit card account is closed in order to cover transactions that may be posted to the credit card account after it is closed.
If the Bank receives a claim to all or a portion of your Collateral Account that is adverse to your interest and the Bank does not believe that it is otherwise adequately protected if it ignores that claim, the Bank may place a hold on funds that are subject to the claim. The hold may be placed for any period of time the Bank believes to be reasonably necessary to allow a legal proceeding to determine the merits of the claim to be instituted.
The Bank's business days are Monday through Friday. Holidays observed by the Bank are not included. The Bank's business hours are listed in its then current fee and information schedule or location guide which is available upon request.
Disclosure of information
Generally, the Bank will not disclose information to third parties about your Collateral Account, but may do so under the following circumstances:
- when the Bank needs to in order to complete transactions;
- to verify the existence and condition of your Collateral Account for a third party, such as a merchant or credit bureau;
- to comply with statute, regulation or rule;
- when reporting the involuntary closure of your Collateral Account;
- to comply with a subpoena, search warrant or other government agency or court order;
- when the Bank concludes that disclosure is necessary to protect you, your Collateral Account, or the interests of the Bank;
- in connection with examinations by state and federal banking authorities;
- to Wells Fargo and Company, its affiliates, and its subsidiaries, unless otherwise restricted by law;
- to agents of the Bank acting in their official capacity; or
- if you give your permission.
Secured card marketing summary
How it works
- The Wells Fargo Secured Credit Card helps build credit history with responsible use.
- You make a security deposit at account opening, which establishes your secured credit line.
- Wells Fargo shares your secured credit card payment activity with the three major credit bureaus, helping you establish credit history.
- To improve your credit, you must use your credit card responsibly. Helpful tips include:
- Use the credit card without spending beyond your means.
- Pay at least the minimum payment on your monthly bill on time, every time. Payment cannot be applied from the security deposit.
- Do not exceed the credit limit.
- Keep payments to other creditors current.
- When you apply, you’ll provide a security deposit with a minimum of $300, or up to $10,000.
- Your credit line is equal to your security deposit. Your credit line is the maximum amount you may charge on the credit card.
- Your security deposit must be available to approve your account.
- You cannot withdraw funds from your security deposit. Payments are not deducted from your security deposit.
- Your security deposit does not earn interest.
Upgrade to an unsecured credit card
- Wells Fargo reviews Secured Credit Card accounts, and upgrades qualified accounts periodically.
- There is not a preset time that Wells Fargo performs account reviews for potential upgrade.
U.S.Citizens and Permanent U.S.residents qualify for upgrades to an unsecured credit card.
- Your security deposit is refunded if your account is upgraded.
See the Secured Credit Card Customer Agreement and Disclosure Statement for full details.