- Quick Review
- How Does the Self Visa® Work?
- What the Crowd Says
- Rewards
- Benefits
- How to Get the Self Visa®
- Building Credit
- Self Visa® FAQs
Quick Review
The Self Visa® is a rare account that combines a secured credit card with a credit-builder loan. As such, it offers some pretty unique features. Here’s what you can expect:
- No risk of rejection: There’s no formal application for the Self Visa®, so there’s no way you’ll be rejected. You also won’t have to undergo a credit check to get it, which means you can qualify even with very poor credit or no credit score at all.
- High cost: With the Self Visa®, you won’t just have to pay the card’s annual fee—you’ll also need to pay fees and interest on a credit-builder loan before you can even set up your account.
- Double the credit-building potential: The Self Visa® is unlike any other card because it gets two separate credit accounts added to your credit report. This doubles your credit-building efforts while also diversifying your credit mix by adding both installment credit (i.e., a loan) and revolving credit (i.e, a credit card) to your credit report, which may benefit your credit score.
- Waiting time of 3+ months: Since you can only open a Self Visa® credit card account after making at least three on-time payments on your Self credit-builder loan, it will take you at least 3 months longer to get this card than most secured cards.
Because of its impressive credit-building or rebuilding potential, the Self Visa® is among our recommended secured credit cards.
Pros & Cons
Who Is the Self Visa® Best For?
The Self Visa® is a unique credit card with advantages and disadvantages that won’t suit everyone. You’re most likely to benefit from getting the Self Visa® if you fall into one of the following groups:
- First-time credit builders: The Self Visa® card is a decent starter credit card to try out if you’re just beginning your credit journey. It allows you to start growing your credit from all angles by adding two of the main types of credit to your credit file.
- People with damaged credit: If your credit is suffering from a bankruptcy, foreclosure, or another severe derogatory mark, then taking an intensive credit repair approach like opening both a credit-builder loan and secured credit card at the same time may be just what you need.
- Prospective loan applicants: You won’t have to undergo a credit check to open a Self Credit Builder or credit card account, which means no hard inquiries will appear on your credit report. This is an advantage if you’re trying to build credit to get a mortgage or other large loan and you don’t want multiple credit inquiries to hold you back.
How Does the Self Visa® Work?
The Self Visa® is a secured credit card you can only get after you’ve set up a Self Credit Builder account and made at least 3 months of timely payments. At this point, Self will assess your reliability as a borrower and decide whether to offer you the Self Visa® credit card.
If you’re given the option to get the Self Visa®, you’ll need to transfer at least $100 from your Self Credit Builder account to your credit card account. This will serve as your security deposit (and also your credit limit).
What the Crowd Says
The Self Visa® is widely discussed in the credit and finance sphere, mainly because it’s unlike any other secured credit card. Experts and cardholders alike praise it as an excellent credit-building solution—as long as you have patience and don’t mind paying a little extra in the long run. Below is a summary of Self Visa® reviews across the web:
| Publication | Rating |
|---|---|
| Forbes Advisor | Positive |
| WalletHub (user ratings) | 4.5/5 |
| Investopedia | 2.5/5 |
| FinMasters | 4/5 |
| Bankrate | 3.1/5 |
| LendingTree | Mixed |
| CreditCards.com | 2.5/5 |
| BestCards | 4.5/5 |
| Finder | 4/5 |
| Trustpilot (user ratings) | 1.7/5 |
| Shopper Approved (user ratings) | 4.7/5 |
| Digital Honey | Mixed |
| Kudos | Mixed |
| SmartAsset | Positive |
| Sitejabber | 4.6/5 |
| SimpleMoneyLyfe | Positive |
| Ask Mr. Credit Card | 4/5 |
| Wallet Hacks | Positive |
| FinanceBuzz | Positive |
| Possible Finance | Positive |
| Aggregate rating: 3.6 |
What Major Publications Say
Credit card reviews published on major review websites tend to be positive, with many tentatively recommending the Self Visa®—albeit to a select group of borrowers. Most, however, agree that it’s not the quickest or most cost-effective way to build credit.
The main drawbacks that reviewers point out all relate to the extra money and time you’ll need to invest in paying off a credit-builder loan before you can even access the card. This added step sneakily increases the cost of the card well beyond what you’d pay with a typical secured credit card.
What Cardholders Say
The vast majority of reviews from actual Self Visa® cardholders are very positive. Most of these users are people who have struggled with their credit and finances in the past, and signing up with Self has given them a new sense of empowerment by enabling them to save money and improve their credit score using their own money.
Lack of Transparency About How to Access Your Money
Some users aren’t aware that when you transfer funds from your Self Credit Builder account to the Self Visa®, you lose access to that money because it’s functioning as a security deposit on the card.
These cardholders are disappointed when they don’t get all their money back at the end of the credit-builder loan period. Unfortunately, the only way to access your deposit is to close your credit card account (which has the potential to hurt your credit score).
Rates & Fees
Fees
- Annual fee: $25
- Late payment fee: Up to $15
- Returned payment fee: Up to $15
The annual fee for the Self Visa® is lower than the fee for many other credit cards for no credit or poor credit. However, as mentioned, you’ll need to pay for a credit-builder loan before you can even get the card. These other expenses can really add up, and you should be sure to factor them into your calculations when deciding whether the Self Visa® credit card is worth it.
Self Credit Builder Plans Pricing Table
| Small Builder | Medium Builder | Large Builder | X-Large Builder | |
|---|---|---|---|---|
| Monthly cost | $25 | $35 | $48 | $150 |
| Admin Fee | $9 | $9 | $9 | $9 |
| Repayment Term | 24 months | 24 months | 12 months | 12 months |
| Total Amount Paid | $600 | $840 | $576 | $1,800 |
| APR | 15.92% | 15.97% | 15.65% | 15.91% |
| Total Cost | $89 | $125 | $46 | $146 |
Even if you have a bad credit score or a limited credit history, you can still find a credit card without any fees. If you want a card that will benefit your credit in the long term without a major financial commitment, it’s worth exploring no-fee credit cards.
Interest Rates
- Purchase APR: 26.99% (variable)
- Cash advance APR: N/A
- Balance transfer APR: N/A
- Penalty APR: None
The interest rate for the Self Visa® card is relatively high, which means it’ll cost you a lot of money to carry a balance from one month to the next.
Rewards
Benefits
The Self Visa® credit card comes with a few basic cardholder benefits.
| Benefit | What It Means |
|---|---|
| Visa Zero Liability | You won’t be held responsible for unauthorized transactions charged to your Self Visa® credit card account. |
| Free credit score access | Get free access to your VantageScore 3.0 credit score. |
| Mobile app | Use the Self Financial mobile app for Android or iOS to manage your Self Visa® credit card and credit-builder accounts. |
| $10 referral bonus | Earn $10 for each friend or family member you refer who opens a Self Credit Builder account after they make their first loan payment. |
How to Get the Self Visa®
Credit Score Required
There’s no minimum credit score required for the Self Visa® credit card, and you won’t even have to undergo a credit check to get one. This card is a credit-building tool, and you’ll be able to qualify even with a bad, limited, or nonexistent credit history.
How to Apply
There’s no formal application process for the Self Visa® credit card. Instead, to become eligible, you’ll need to first open a Self Credit Builder account and demonstrate responsible account management.
To be eligible for the Self Visa®, you must meet the following criteria:
- Make three on-time payments toward your credit-builder loan
- Have $100 or more in “savings progress” (the amount you’ve paid toward the loan)
- Have your Self Credit Builder account in good standing
Once you meet these qualifications, you’ll automatically be eligible for the Self Visa® card. You can then choose what portion of your savings ($100 or more) you want to use to secure your card and then submit your card request.
Building Credit
Security Deposit
Secured credit cards like the Self Visa® require a security deposit, which also functions as your credit limit. Having a high security deposit is important for building credit because it increases your available credit line, allowing you to demonstrate your ability to resist overspending. The less of your available credit that you use, the better your credit score will be.
The security deposit on the Self Visa® is refundable, meaning you’ll get it back when you close your account as long as you’ve paid your balance in full. It also functions differently from a security deposit on a typical secured credit card because it comes from your credit-builder loan account.
Although you’ll be using funds you’ve already saved, the maximum security deposit you can start off with is limited to however much you’ve already put into your Self Credit Builder account. For example, if you opted for the Medium Builder plan ($35/month), you’ll only be able to increase your deposit by $100 every 3 months or so.
Credit Card Upgrades
After you’ve had the Self Visa® secured credit card for at least 6 months, your card issuer will review your account history to determine whether or not to offer you a credit card upgrade.
If you’ve done a good job of managing your credit card account and you’re deemed eligible, Self will increase your credit limit beyond the amount that you put down as a security deposit, essentially transforming your credit card from a secured card into an unsecured credit card.
Credit Reporting
Credit reporting is a major part of the credit-building process because your credit score is calculated based on the information that your creditors report to the credit bureaus.
Self reports during the first week of every month, and they’ll report your activity on both your installment loan and credit card. As long as you manage your payments well, this can help you build or improve your credit faster than just having one credit account.
Tips for Building Credit
The Self Visa® credit card provides a solid foundation for boosting and growing your credit, but there are still several things you’ll need to do to stay on the right track and prevent your credit score from dropping:
- Make all your payments on time: The most important factor influencing your credit score is your payment history. You’ll be managing two different credit accounts if you have the Self Visa® credit card and Self Credit Builder account, but it’s equally important that you meet the payment due dates on both accounts.
- Keep your balance low: You should only use your card for small purchases, especially when you’re starting off with a low credit limit. This will help maintain a low credit utilization rate, which is crucial for achieving good credit.
- Increase your security deposit: Moving money from your Self Credit Builder account to your Self Visa® card whenever you can will help you increase your total available credit line, which will improve your credit score.
Self Visa® FAQs
Can you get a cash advance with the Self Visa®?
The Self Visa® card does not allow cash advances. A credit card cash advance is the process of using your credit card to access cash, typically by withdrawing money from an ATM. If you need a credit card that you can rely on for cash in an emergency, then you should explore alternative credit cards that permit cash withdrawals.
Does the Self Visa® allow balance transfers?
You can’t use the Self Visa® for a balance transfer. Balance transfers are a type of transaction that involves moving debt from one account to another, often as a form of debt consolidation.
Even if Self Financial eventually allows balance transfers on the Self Visa® secured card, the card has such a high APR that it probably wouldn’t be worth using for a credit card balance transfer. You’d be better off getting a different card instead.
Can you use the Self Visa® card abroad?
The Self Visa® credit card doesn’t allow foreign transactions, meaning you can’t use the card abroad. This is unusual since most major credit cards can be used internationally, and it’s a major drawback if you travel frequently.
Can you add an authorized user to the Self Visa® card?
At this time, you can’t add a credit card authorized user to your Self Visa® account. This means you’re the only one who can make purchases and build credit using the credit card.
