How Does LendingTree Get Paid?
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How Does LendingTree Get Paid?

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Self Visa® Credit Card Review

Self Visa® Credit Card Review

No credit check required
Open an account with no check to your credit report
Reports to all three credit bureaus
Helps in establishing and improving your credit score with positive use
Control your credit limit
You may be eligible to transfer money from your Credit Builder account to increase your credit limit over time
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Self Visa® Credit Card best for?

The Self Visa® Credit Card is best for consumers who need extra guidance while saving money and establishing or building credit with the help of a credit card.

Designed for those with Poor, this secured card charges a modest annual fee and doesn’t require a credit check. However, you must have an open and active credit builder account with Self and meet certain eligibility requirements — like making three monthly payments on time — before you can get the card.

We explain the pros and cons of the Self Visa® Credit Card, and show how it compares to similar secured cards, to help determine if it’s a good fit for you and your financial goals.

Self Visa® Credit Card overview

    • No credit check required
    • Ability to increase your credit limit over time
    • Reports your credit activity to the three major credit bureaus
    300 600
    Poor
  • Helps build credit through responsible usage
  • Opportunity to increase your credit limit
  • Can be used everywhere Visa is accepted in the U.S.

Intro Purchase APR

N/A

Regular Purchase APR

23.24% Variable

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

$25

Cash Advance Fee

N/A

Foreign Transaction Fee

None

Balance Transfer Fee

N/A

Pros and cons

Pros

  • No credit check
  • You control your credit limit
  • Reports to all three credit bureaus

Cons

  • Annual fee
  • Must have a Self Credit Builder Account
  • No rewards program

What we like about the Self Visa® Credit Card

  • No credit check required

    Unlike many traditional credit cards and secured cards, the Self Visa® Credit Card does not require a credit check or a hard inquiry on your credit to be approved. Instead, you must first open a credit builder loan, and Self will put your payments into a certificate of deposit at a partner bank.

    After you sign up for a Credit Builder account and meet the following criteria, you’ll be eligible for the Self Visa® Credit Card:

      • Make three monthly payments on time
      • Have $100 or more in savings progress
      • Have your account in good standing

    Note, once you finish paying off your credit builder loan, Self will send you your money back, minus any fees and interest.

  • You control your credit limit

    While there is a $100 minimum, you are in control of how much credit you have available based on the amount of money you move from your Credit Builder account to your Self Visa® Credit Card. As you make each monthly payment on your credit building account and keep your account in good standing, you may be eligible to increase your credit limit in multiples of $25 at a time — up to the maximum secured amount of $3,000.

  • Reports to the three major credit bureaus

    When using a credit card to help establish or build credit, it’s best to choose one that reports your account and payment activity to the three major credit bureaus (Experian, Equifax and TransUnion), as the Self Visa® Credit Card does.

What to watch out for with the Self Visa® Credit Card

  • Annual fee

    While the $25 annual fee isn’t a deal breaker, know that there may be additional fees associated with the Self Visa® Credit Card, including a late payment fee of up to $15, a returned payment fee of up to $15 and an expedited payment fee of $3.50 each time you use a debit card to pay your bill. To help avoid incurring these additional charges, you may want to set up automatic payments in the Self app.

    Also note, you’ll be subject to a one-time, nonrefundable administrative fee of $9 when you activate your credit builder account.

  • Must have a Self Credit Builder Account

    To get the Self Visa® Credit Card, you’ll need to have a Self credit builder loan. This is a reasonable first step, but it does mean that it could take several months until you’re eligible to have a Self Visa® Credit Card. Plus, this account comes with its own set of fees and interest rates that vary depending on which account type you choose.

  • No rewards program

    The Self Visa® Credit Card doesn’t offer a sign-up bonus or rewards for the purchases you make using the card.

    That said, when trying to build credit, it’s best to focus on paying at least the minimum amount due on time each month, rather than racking up rewards.

Alternate card to the Self Visa® Credit Card

Compare it to the Discover it® Secured Credit Card

| Disclosures
Discover it® Secured Credit Card
Discover it® Secured Credit Card
on Discover's secure site
N/A
26.74% Variable APR
$0
2% cash back at Gas Stations and Restaurants on up to $1,000
  • No credit score required to apply.
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • Establish your credit line by providing a refundable security deposit of at least $200. That means a $200 deposit for a $200 credit line. Or a $500 deposit for a $500 credit line. Bank information must be provided when submitting your deposit, and the security deposit equals your credit limit.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • Discover helps remove your personal information from select people-search websites. Activate by mobile app for free.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • Click "Apply Now" to see terms and conditions.
300 600
Poor/Limited

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

If you want to build credit with the help of a secured card that offers a simpler application process, as well as a rewards program and minimal fees, the Discover it® Secured Credit Card is a good alternative.

Designed for individuals with poor/limited credit, this card requires a refundable security deposit ranging from $200 to $2,500, which will serve as your line of credit. And like the Self Visa® Credit Card, the Discover it® Secured Credit Card reports your credit usage to the three major credit bureaus, so with responsible usage, it can help you establish or rebuild your credit over time. In fact, after seven months of use, Discover conducts monthly reviews on your account to consider upgrading you to an unsecured card and refund your deposit.

Additionally, the Discover it® Secured Credit Card lets cardholders earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically. Plus, Discover will match all the cash back you’ve earned at the end of your first year.

But while the Discover it® Secured Credit Card comes with a $0 annual fee and waives the $41 late fee the first time you pay late, beware that it has a charges a high 26.74% Variable APR on purchases if you carry a balance on your card from month to month. There is, however, a 10.99% Intro APR for 6 months on balance transfers — which is rare for a secured card. After the intro period ends, a 26.74% Variable APR applies.

Additionally, unlike the Self Visa® Credit Card, the Discover it® Secured Credit Card can be used to make purchases outside of the U.S.

Compare the Self Visa® Credit Card to similar cards

Comparison of four different credit cards
Self Visa® Credit Card Discover it<sup>®</sup> Secured Credit Card Capital One Platinum Secured Credit Card Capital One Quicksilver Secured Cash Rewards Credit Card
Self Visa® Credit Card Discover it® Secured Credit Card Capital One Platinum Secured Credit Card Capital One Quicksilver Secured Cash Rewards Credit Card
Read Review
Apply Now
on Discover's secure site
Apply Now
on Capital One's secure site
Apply Now
on Capital One's secure site
Welcome Offer
None Discover will match all the cash back you’ve earned at the end of your first year. No bonus N/A
Rewards Rate
None 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically Non-rewards Card 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply)
Annual Fee
$25 $0 $0 $0
Intro Purchase APR
N/A N/A N/A N/A
Regular APR
23.24% Variable 26.74% Variable APR 28.49% (Variable) 28.49% (Variable)
Intro Balance Transfer APR
N/A 10.99% Intro APR for 6 months N/A N/A
Regular Balance Transfer APR
N/A 26.74% Variable APR 28.49% (Variable) 28.49% (Variable)
Recommended Credit
Poor Poor/Limited Poor/Limited Poor/Limited
Card Details
Self Visa® Credit Card Discover it® Secured Credit Card Capital One Platinum Secured Credit Card Capital One Quicksilver Secured Cash Rewards Credit Card

Is the Self Visa® Credit Card right for you?

Due to the nature of the Self Visa® Credit Card being connected to the Self Credit Builder Account, and the financial requirements of the program, this card is best for someone who feels they have little self discipline when it comes to handling money. If you’re someone who has a difficult time saving money on your own, then having outside accountability may help you get on track and develop good financial habits.

But if you’re just looking to build credit with the help of a secured card, you may prefer one with a $0 annual fee and fewer requirements, like the Discover it® Secured Credit Card.

The information related to the Self Visa® Credit Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.