The Wells Fargo secured credit card is one of the many credit cards offered by Wells Fargo Bank, one of the top five largest banks in the U.S. This credit card works like any other credit card, and can be used wherever bank credit cards are accepted or more specifically, wherever Visa credit card are accepted. Since the Wells Fargo Secured Card is a secured credit card it requires a deposit with the bank to be activated and used.
The credit card limit is directly proportional to the amount of the deposit made with the bank. The deposit amount can range from $300.00-$10,000.00 which then sets the credit card limit between that amount. The deposit with the bank secures the credit card for use, but as with most all credit cards, regular monthly payments must be made based on the outstanding credit card balance and the terms of repayment.
With the Wells Fargo card, credit card holders are allowed free online account access in which users can view credit card charges, transfer funds between accounts and more.
Qualifying for the credit card is relatively easy, new credit card applicants are not required to have a credit history and it does matter if you have been turned down for credit in the past. The bank requirements include that the applicant must be at least 18 years old, not have declared bankruptcy within the past 12 months, and not have any outstanding liens filed against them.
The credit card rate is set at 18.99% which is a variable rate based on the prime rate. This rate is for purchases and balance transfers. The credit card rate for cash advances is 23.49% and is also based on a variable rate tied to the prime rate. The Margin added to the prime rate to establish future rate changes on purchases and balance transfers is 13.24 percentage points for cash advances the margin added to the prime rate is 17.74 percentage points.
Although interest charges begin to accrue immediately on cash advances and balance transfers based on the transaction date, credit card purchases have a 25 day grace period after the close of each billing period if the entire credit card balance is paid by the due date each month before interest charges accrue.
Terms and conditions may change. The credit card rates and APRs are not guaranteed to remain in effect for a set length of time. The terms on the account, including the credit card APRs, are established by Wells Fargo and are subject to change.
The credit card is a secured credit card and requires a bank account or collateral account with Wells that is necessary to open the credit card which is a non-interest bearing account; therefore no interest is paid on that account. The security account gives the bank the right to redeem, collect and withdraw any the funds if the account is in default or is terminated with an existing balance outstanding.
Wells Fargo Bank is part of Wells Fargo & Company, a diversified financial services company that offers a wide array of bank products and financial services including credit cards, bank CDs, savings accounts, auto loans, mortgages and a whole host of financial products and services. The bank manages a network of over 11,000 bank centers and 12,300 ATMs. The bank also provides bank services by phone as well as online banking.
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