Researching the Wells Fargo secured credit card? In this post, I'm going to be talking to you about the Wells Fargo secured credit card.
Now I own two secured credit cards at the moment, and I'm considering getting this particular secured credit card from Wells Fargo. That's what we're going to talk about, the Wells Fargo secured credit card.
Credit limit goes all the way up to ten thousand dollars
I personally currently own the Citibank secured credit card and the Discover Secured credit card. Now I'm considering getting this secured credit card, the Wells Fargo secured credit card, and the reasons why I'm considering it is because the credit limit goes all the way up to ten thousand dollars.
I currently do not have a credit card that has a ten thousand dollar limit. I have one that has a seven thousand dollar limit, I have another one that has a three thousand dollar limit, I have one that has a four thousand dollar limit, but not one that has a ten thousand dollar limit.
So personally it makes a lot of sense for me to consider this card because I can just go ahead and put the ten thousand dollars into that account and let it sit there. It's like a savings account that earns, no interest for me. That's kind of funny, but I'm considering getting the Wells Fargo secured credit card.
The information you may be considering
What I'm going to do in this post is I'm going to talk to you about the Wells Fargo secured credit card, and kind of just go over the information that you may be considering or that you might want to know in regards to the Wells Fargo secured card.
The first thing that you might want to know is doing the Wells Fargo secured credit card has an annual fee. It does have an annual fee it is $25. The minimum requirement or the minimum deposit to open this card is $300, and you can go from $300 with your deposit up to $10,000.
It is easier to open a Wells Fargo secured credit card if you have a Wells Fargo checking account because then that way they can just take the money from your checking account. If you do not have a Wells Fargo checking the account you can still open the Wells Fargo secured credit card, but you would have to mail in a check or a money order.
Open the account initially with $300
I called customer service because I wanted to make sure that I was giving you the right information. If you're interested in getting started with the Wells Fargo secured credit card but you don't have a lot of money to get started I would just advise you to open the account initially with $300. That is the minimum that you need to deposit to open the security card with Wells Fargo.
Then what you could do after 2 billing cycles or 60 days is you can fund the account in increments of $100. So you can kind of look at it as a way to save money as a savings account, and that way you're also building your credit limit which is going to be good for your credit score.
What you can do is just to get the account open, open the account with you in three dollars and you can fund it after two months after two billing cycles, you can fund it in increments of 100 dollars, and you would fund the account by contacting customer service and that gives you more information on how to fund the account.
When upgrade can keep the same card number or not
One of the main concerns that I had about the Wells Fargo secured credit card was when it was time to upgrade from the secured credit card to the unsecured card am I going to be able to keep the same card number? Which would mean that I'm going to keep the same credit history that I've already expanded this with Wells Fargo or are they going to give me a new account number, which would kind of mean that this is a brand new account and I'm starting from scratch.
I contacted customer service and I asked them this question because this was one of the concerns that I had, the main concern that I had with Wells Fargo as far as getting the secured card with Wells Fargo. The good news is the customer rep said that 95% of the time that you actually keep the same card number and you keep all that credit history that you've already established with them, and you just moved from the secured card to an unsecured card.
I was glad that I contacted customer service not just for you but for myself as well, because I'm considering getting this secured card with Wells Fargo, and I'm considering getting the secured card probably no less than $5,000. I definitely want to get $10,000 right off the bat initially, but I don't know if I want to separate myself from my $10,000, and the fact that the $10,000 it's just going to be sitting in an account getting no interest, when clearly I'm making interest off of that $10,000 right now.
Normally I go to the Wells Fargo website, and it gives you more information.