An In-Depth Review of the Secured Self Visa® Credit Card: A Flexible Option With No Hard Credit Check

Have you ever heard the saying, “It takes money to make money”? Well, a similar sentiment is often true in the world of credit. 

Many times, it takes a certain credit score to get a credit card. That can make it difficult for folks who are just starting out or those looking to rebuild.

But with the Secured Self Visa® Credit Card, you don’t need good credit or any upfront cash to start your credit-building (or rebuilding) journey. The Secured Self Visa® Credit Card is unique because you can also opt to save for your security deposit over time with a flexible installment loan option.

This rare setup can actually help you make meaningful credit progress while you fund the Secured Self Visa® Credit Card, which will continue that momentum.

There are a lot of details to break down with this card, and I’ll walk you through them all, including the costs (because, hey, nothing’s free) and who it’s best suited for. That way, you can decide for yourself if the Secured Self Visa® Credit Card is right for you.

The Secured Self Visa® Credit Card is designed for anyone with a limited or poor credit history. It aims to offer a structured approach to building or rebuilding your credit, rather than making you navigate everything out on your own.

Self Financial is a financial technology (FinTech) company and not a bank. If you’re approved, your card will be issued by Lead Bank or another financial institution that Self Financial partners with.

No Hard Credit Inquiry Required

Unlike most credit cards, the Secured Self Visa® Credit Card doesn’t conduct a hard credit check when you apply. That can be a relief if you’re recovering from some financial missteps or if you’re starting from scratch.

When a bank runs a hard credit inquiry, it may cause your credit score to drop by as much as five to ten points. The Secured Self Visa® Credit Cardrequires only a soft credit check for approval, so applicants avoid that impact altogether.

Secured Self Visa® Credit Card

Go to application »

APPLY HERE »

• The secured Self Visa® Credit Card* requires no credit check or minimum score.
• Reports to all 3 major credit bureaus to establish and build credit, with free access to your credit score.
• Secure your credit line with a refundable security deposit as low as $100.**
• Deposits are returned upon account closure after settling outstanding balances.
• *The secured Self Visa® Credit Card is issued by Lead Bank, Sunrise Banks, N.A., or First Century Bank, N.A., each Member FDIC.
• **Qualification for the secured Self Visa® Credit Card is based on meeting eligibility requirements, including income and expense requirements and establishment of security interest. Criteria subject to change.

Show MoreShow Less See application, terms, and details. »

Our Rating

★★★★★

4.7

One important thing to understand is that “No Hard Credit Check” does not mean guaranteed approval. You’ll still need to show that you can pay off any balance you rack up. Your income is certainly a part of that, and you’ll need to list your income and expenses for the bank to verify.

But perhaps the biggest reason you can skip the hard credit check is that you are putting down a security deposit. This means the bank isn’t taking on as much risk, which changes the upfront qualifications.

In keeping with the theme of accessibility, the Secured Self Visa® Credit Card also offers a unique and flexible way to pay your security deposit.

Security Deposit Funding (Including the Credit Builder Account)

You must put down a security deposit between $100 and $200 to get the card, which can be made with a debit card or directly from your bank account. Your security deposit amount also sets your initial credit limit.

If you don’t have enough money for your deposit, the Secured Self Visa® Credit Card offers an option that can help you work your way up to its secured credit card, while also adding positive information to your credit profile. 

The Credit Builder Account is an installment loan that you repay over 24 months. Depending on the plan you choose, you’ll pay $25, $35, $48, or $150 per month, with the funds going into a certificate of deposit (CD). 

At the end of the loan term, you’ll receive the cash you paid into the account, minus interest (currently hovering around 16%) and any fees. For example, if you choose the $25-per-month plan, you’ll pay $600 over 24 installments, but will only get back $520.

You can also use the money saved in the account to cover your Secured Self Visa® Credit Card security deposit in as little as three months. Having the Credit Builder Account and the Secured Self Visa® Credit Card could give you a bigger credit score boost than just having the secured credit card alone.

Three Bureau Credit Reporting

Payment history is the biggest factor in your credit scores, and the Secured Self Visa® Credit Card reports your on-time monthly payments to all three credit bureaus (Experian, Equifax, and TransUnion). If you use your card regularly and responsibly, you could see a significant credit score increase over time. 

If you have the Credit Builder Account and the Secured Self Visa® Credit Card, you could see an even bigger credit score boost because you’ll have two reported payments. And the combination of a well-managed installment loan (the Credit Builder Account) and revolving account (the Secured Self Visa® Credit Card) can help you in the Credit Mix category.

Obviously, for this reporting to help, you need to pay at least the minimum due on time every month. If you can, try to pay off the entire balance each month to avoid interest charges (thanks to your grace period). 

[FICO and VantageScore scoring categories table]

If you can’t pay it all off, at least try to keep your credit utilization percentage under 30%, which credit scoring models tend to favor. That means if you have a $150 credit limit, your balance will ideally be under $50. 

Credit utilization, or the amount you owe compared to your overall credit limit, is the second biggest factor in calculating your credit scores.

Fees and Interest Rates

Before you apply for the Secured Self Visa® Credit Card, you should know what you’re signing up for, cost-wise. So, here are the fees and interest rates you can expect with the Secured Self Visa® Credit Card

Most of these fees are standard with secured credit cards, but you’ll want to avoid the Instant Debit Fee if you can. 

It is $3.50 if you use a debit card to make a payment toward your Secured Self Visa® Credit Card balance. You can avoid that by paying with a bank transfer (or ACH), which is free.

Note that the annual fee rises from nothing to $25 starting in the second year. This should give you plenty of time to decide whether the account is working for you and if it might be worth that $25 annually to keep building for another year (or more). 

And you’ll certainly need to watch out for the APR if you plan to carry a balance. If your credit limit isn’t that high and you don’t pay your statement in full every month, your available credit could dwindle fast. That could also stunt any credit score gains you’re working on by increasing your credit utilization ratio.

Potential Unsecured Credit Line Increases

Self will start reviewing your account after it’s been open for six months. If it’s in good standing, you have sufficient income for repayment, and you meet other unspecified criteria, you may qualify for an unsecured credit line increase. 

If you’re eligible, Self will automatically boost your spending power and notify you of your new limit. You won’t have to make an additional security deposit to access your extended line.

And, as I’ve mentioned a few times, having a higher credit limit can boost your credit score by lowering your credit utilization ratio. However, you won’t see that benefit if you increase your spending to match.

Self is pretty tight-lipped about its qualification requirements. The company acknowledges that there are income and expense criteria you have to meet, but it doesn’t offer specifics. 

However, I did find some requirements that Self acknowledges applicants need to satisfy. To qualify for an account, you must be:

• A U.S. citizen or permanent resident with a valid Social Security number.
• Age 18 or older.
• Able to receive electronic statements.
• Able to apply for the account electronically.
• Able to make electronic payments via a bank account or debit card.

While Self doesn’t share precise approval odds, the company does say the card has a high approval rate. That shouldn’t be surprising because it doesn’t require a hard credit check, and it is designed to be accessible for people in practically any credit situation.

The Self website is fairly easy to navigate. It wasn’t hard to locate information about the Secured Visa and Credit Builder Account, and get to the applications.

And cardholders have an even better option when it comes to finding information and managing their accounts: The Self app.

It provides plenty of tracking features, credit-building tools, and access to support channels, all from anywhere.

The Self App 

The Self app is a central dashboard for managing your credit card (and your Credit Builder Account if you have one). It also has some built-in features that can help you access extra cash and add more monthly payments to your credit reports.

Here’s a quick overview of what you can do through the Self app:

• Manage your Credit Builder Account and Secured Self Visa® Credit Card (including bill payments).
• Get a cash advance (not tied to your card) if you qualify and your state allows it.
• Track your credit score (VantageScore 3.0).
• Get your rent and other bill payments reported to the credit bureaus (a fee may apply).

The cash advance feature, called Self Cash, allows you to borrow up to $100 and have it deposited directly into your regular checking account. 

You won’t pay interest on this advance, and it doesn’t require a credit check, but it does come with a $3 to $6 fee, depending on the amount, if you need the money instantly. But if you can wait three days, this feature is free. While it won’t cover a major expense or a big bill, it could be a small safety net and provide you with some peace of mind.

Another tool available through the app is rent reporting, which reports your monthly rent to all three major credit bureaus. This can be a big boost for anyone looking to improve their credit scores because rent is often the biggest, most consistent monthly bill they pay.

Rent reporting is free, but Self offers a premium tier that includes reporting cell phone and utility bills, but currently only to TransUnion. This tier has a monthly charge and also includes credit monitoring and identity theft insurance.

There’s also the Lookback feature, which can go back and find up to two years of your rent history and report it. That has a one-time cost of around $50, but it could be worth it if you’re looking to build a solid payment history quickly.

In general, cardholders seem to enjoy the app, giving it 4.4 stars in the Google Play Store and 4.9 stars in the Apple App Store.

Customer Support

If you need help, you can talk to a Self representative over the phone Monday through Friday from 7 AM to 6 PM CT. On weekends, live text-based chat is available from 8 AM to 5 PM CT by logging in to the mobile app or through the Self website. 

While I’m not wild about the limited service hours, I’m not stressed out about them, either. At the end of the day, your Secured Self Visa® Credit Card is a Visa, so if it’s lost or stolen, you should be able to call 1-800-847-2911 (a direct line to Visa) for assistance 24/7.

Since I don’t have a Self account, I couldn’t test the live chat support channel. However, on a Friday afternoon, I called the customer support line at 1-877-883-0999. 

I went through a handful of automated prompts, but was pleasantly surprised when a representative picked up within two minutes of initiating the call. The representative was courteous and quickly answered my questions about how live chat works.

Transparency & Trust

I like how upfront Self is about its fees. They’re prominently shared on the product information pages for both the Credit Builder Account and the Secured Self Visa® Credit Card.

While I wish the company would disclose the specific eligibility criteria it uses for credit line increases, I understand that it may not want to add restrictions or limitations to its process.

Also, if you’ve built a nice credit score and it’s time to move on from your Secured Self Visa® Credit Card, the account closure process doesn’t seem hard. The only inconvenient aspect is that you may have to wait two months (or longer) to get your security deposit back. 

That could be an issue if money is tight and you closed the card because you found it hard to manage in a way that improved your credit scores. 

But, hopefully, you’d be closing the account because your financial situation improved, and not having access to that cash isn’t as big a problem.

The application for the Secured Self Visa® Credit Card is fairly quick and easy. And since the process doesn’t involve a hard credit check, you may breathe a little easier during the final step, knowing that ordering the card won’t impact your credit score.

But you’ll still need to provide plenty of personal and financial information, so it’s still good to know what you’ll see. I’ll walk you through the process:

Step 1: Email Address

I started on the Secured Self Visa® Credit Card homepage, where I can immediately begin the application process.

So, I entered my email address and clicked “Get started.”

Step 2: Legal Name and Create a Password

On this screen, I enter my first and last name, and then I create a password. The system was a little picky and required my password to contain a capital letter, a lower-case letter, a number, and a special character. 

I liked the bar showing the strength of my intended password, and I was even more pleased to see that my go-to password was deemed strong.

Then, I clicked on and read:

• Self’s Terms of Service.
• Self’s Privacy Policy.
• The electronic records and signatures in accordance with the ESIGN Act document.

After reading all of those documents, I click “Next.”

Step 3: Review the Steps

This isn’t as much a step as it is just an informative screen. It lists the four easy steps I’ll encounter before I open an account.

Once I read those, I click “Next.”

Step 4: Mobile Phone Number

I enter my cellphone number and choose whether I want to receive marketing updates from Self. 

I also read Self’s Mobile Terms of Service, but the Privacy Policy is a repeat from step 2, so I skipped that one. 

Then, I click “Next.”

Step 5: Verify Phone Number

I check my text messages for the six-digit code Self sent me, and I enter it on the application screen to verify my phone number. 

Note: You can also change the phone number you want associated with your account or request a new code if needed. Once I type the code in, I click “Next.”

Step 6: Residential Address

I start entering my street address and watch as it autopopulates mid-way through. I don’t know why, but this still amazes me.

Please note: Self doesn’t permit you to enter a PO box here.

Once I’m done, I click “Next.”

Step 7: Date of Birth and Social Security Number

I enter my date of birth and Social Security number to help Self confirm my identity. But don’t worry, Self encrypts your information and won’t use it to run a credit check.

Then, I click “Next.”

Step 8: Review the Information

I review all of the information I have entered so far. Of course, I redacted my info on the screenshot.

Once I’m satisfied it is all correct, I click “Next.” 

Step 9: Monthly Income and Expenses

Here, I enter my typical monthly income and expenses. Once I type them in, I check the box to confirm the figures are accurate. 

If I’m not sure what to include in each box, I can click on the question mark icon next to each field for more guidance

Then, I click “Next.”

Step 10: Select Security Deposit Amount

I used the slider to set my security deposit (and also my starting credit limit) at $100. I can choose an amount between $100 and $200 to start.

If I don’t have the money right now, I can click the “Don’t have $100 today?” link. It takes me to a page where I can explore and open a Credit Builder Account. 

For the purposes of this guide, I chose to pay my security deposit up front. 

 Then, I click “Next.”

Step 11: Funding the Security Deposit

I select “Manually add bank account” to pay my security deposit now by entering my bank account information.

If you don’t want to manually type your account details, you can also link your account via Plaid or add your debit card. 

You can only fund your security deposit in one of these three ways, so sending a check, money order, or cash is off the table. Self won’t deduct this money from your account until you order your card.

Once I’m done, I click “Next.”

Step 12: Bank Account Information

Because I opted to fund the deposit through my bank account, I enter my bank routing and account numbers here.

Once I finish, I re-enter the account number to ensure accuracy. FYI: My name autopopulated in the last field.

Note: This step may look different for you depending on how you choose to pay your security deposit. If you choose to fund it through Plaid or your debit card, I assume you’d fill out those details in this step.

Once I’m done, I click “Add bank account.”

Step 13: Approval and Card Ordering

At this stage, I realize I have been approved for the card. I verified my mailing address, then read the Card Application and Cardmember Agreement.

I did not click “Order my card” because I don’t intend to open this account. However, if I did go through with this final step, I would look for my new card to arrive in the mail in the next two weeks.

While the Secured Self Visa® Credit Card may be right for some consumers, it’s not going to be the best fit for everyone. But some aspects of your situation might make it a better fit.

Here are some reasons the card might work well for you (and some reasons why you might want to keep looking):

The card may be ideal if you:

• Can’t qualify for an unsecured card or a secured card with fewer fees and better perks.
• Don’t need a high credit limit (it initially maxes out at $200).
• Plan to pay off the full balance every month (the APR is high).
• Can afford to make your security deposit upfront, or don’t mind going through the Credit Builder Account process.

On the other hand, you may want to go with a different option if you:

• Can qualify for an unsecured card with a reasonable interest rate.
• Need more spending power.
• Think you’ll carry a balance often.
• Can’t afford to make the security deposit and don’t want to open a Credit Builder Account.

There are plenty of situations in which the Secured Self Visa® Credit Card will work wonders for you. But, if you can’t afford the security deposit or plan to carry a balance from month to month, you may want to reconsider.    

In addition to having a profile on ideal (and non-ideal) cardholders, it’s also good to know the benefits and drawbacks of any financial product. Trust me, all financial products have pros and cons; it’s just a matter of which side outweighs the other for you. 

Here are the Secured Self Visa® Credit Card‘s perks and pitfalls:

Being able to use a Credit Builder Account to save up for your security deposit makes the Secured Self Visa® Credit Card more accessible when you’re on a tight budget. 

However, the Credit Builder Account also charges a relatively high interest rate, so you’ll have to decide if the cost is worth it.

The Secured Self Visa® Credit Card is one of many solid options available on the secured credit card market. Here are two others you should look at before submitting your application:

opensky® Secured Visa® Credit Card

APPLY HERE »

• Earn up to 10% cash back on everyday purchases
• No credit check required – 89% approval rate with zero credit risk to apply!
• Boost your credit score fast—2 out of 3 opensky® cardholders see an average increase of 47 points after 6 months
• Track your progress with free access to your FICO® score in our mobile app
• Build your credit history with reporting to all three major credit bureaus: Experian, Equifax, and TransUnion
• Seamless payments—add your card to Apple Pay, Google Pay, and Samsung Pay
• Start with just $200—secure your credit line with a refundable deposit
• Fast and easy application—apply in minutes with our mobile-first experience
• Flexible payment options—pick a due date that works for you
• More time to fund—spread your security deposit over 60 days with layaway
• Join 2 million+ cardholders who have used opensky® to build better credit!

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Our Rating

opensky® Secured Visa® Credit Card

4.6/5.0

About this rating

BadCredit.org’s secured credit card ratings are based on our experts’ evaluation of APRs, fees, deposit requirements, credit building resources, and issuer reputation. We also consider cardholder benefits, upgrade potential, and customer support. Our ratings are unbiased and regularly updated.

Ashley Fricker Senior Editor

Close

★★★★★

4.6

Application Length	Interest Rate	Reports Monthly	Reputation Score
9 minutes	23.89% (variable)	Yes	7.0/10

The opensky® Secured Visa® Credit Card is similar to the Secured Self Visa® Credit Card in that it reports to all three credit bureaus and doesn’t check your credit when you apply. You could also qualify for a credit limit increase in as little as six months. 

And while paying more fees is generally considered a bad thing, the presence of a foreign transaction fee and a cash advance fee indicates that you can use this card abroad or take money out at an ATM — two things you can’t do with the Secured Self Visa® Credit Card.

The downside? The minimum security deposit is $200, so it may be harder to get started if you’re on a tight budget. Plus, the annual fee is higher than the Secured Self Visa® Credit Card.

The secured Chime Visa® Credit Card

APPLY HERE »

• No minimum balance requirements*
• No credit check**
• 2% cash back on category of choice with direct deposit***
• The perks of credit building meet the best of banking****
• Chime Checking Account required to apply for the Chime Visa® Credit Card

• Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The secured Chime Visa® 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. *Money added to Chime CardTM will be held in a secured deposit account as collateral for your Chime Card, and you can spend up to this amount. You can use money deposited in your Secured Deposit Account to pay off your charges at the end of every month. **Out-of-network ATM withdrawal and over the counter advance fees may apply. ***With a qualifying direct deposit, earn 2% cash back on category of choice on eligible secured Chime Visa® Credit Card purchases. ****On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Results may vary.

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Our Rating

The secured Chime Visa® Credit Card

4.8/5.0

About this rating

BadCredit.org’s secured credit card ratings are based on our experts’ evaluation of APRs, fees, deposit requirements, credit building resources, and issuer reputation. We also consider cardholder benefits, upgrade potential, and customer support. Our ratings are unbiased and regularly updated.

Ashley Fricker Senior Editor

Close

★★★★★

4.8

Application Length	Interest Rate	Reports Monthly	Reputation Score
5 minutes	N/A	Yes	9.5

Like the Secured Self Visa® Credit Card, The secured Chime Visa® Credit Card doesn’t check your credit when you open an account. It also doesn’t charge you an annual fee, a late fee, or interest. Plus, there’s no minimum security deposit requirement.

The Chime Credit Builder Visa functions like a debit card, but offers the potential credit-score-boosting benefits of a credit card. You put money into your Chime® Checking Account, and, like a traditional secured credit card, that amount becomes your spending limit.

So, what’s not to like? Well, you have to open a Chime® Checking Account to get this card. That may be a deal breaker if you’re happy with your current bank.

The Secured Self Visa® Credit Card is a good option if you want to build or rebuild your credit. I like the lack of a hard credit inquiry and the opportunity to save up for your security deposit over time.

The Credit Builder Account is a unique way to fund your security deposit and can even help your credit score. But if you’re going to spend a few months saving up for your security deposit anyway, it could also make sense to put money into a high-yield savings account, where your money would actually make money.

Although with that strategy, you wouldn’t see any positive payments added to your credit report. And that’s really where the Secured Self Visa® Credit Card, and its process, shines.

If you want to get to work improving your credit score, the Secured Self Visa® Credit Card provides a way for you to get started right now. And the cost can be well worth it for all of the credit-building tools you’ll have at your fingertips, including rent and utility bill reporting.