What Aven Credit Card Is
Aven is a credit card issued by WebBank, a Utah-based bank that specializes in credit products for people rebuilding credit or new to credit. The card is designed as a secured credit card, meaning you put down a cash deposit that becomes your credit limit. You then use the card like a regular credit card, making purchases and paying a monthly bill. The deposit stays in a separate account and is not touched unless you default on payments.
The card reports to all three major credit bureaus — Equifax, Experian, and TransUnion — so your payment history builds your credit score over time. After a period of responsible use (typically 7 to 12 months, depending on your payment record), you may become may be able to access to convert to an unsecured card, at which point your deposit is returned.
Key Takeaways
- Aven requires a cash deposit between $200 and $2,500 that serves as your credit limit and stays frozen in a separate account.
- The card charges an annual fee (the amount varies by card tier) and reports to all three credit bureaus to help you build credit history.
- You use Aven like any credit card — making purchases, receiving a monthly statement, and paying your bill on time to avoid interest charges.
- Conversion to an unsecured card is possible after demonstrating consistent on-time payments, though timing and terms depend on your account performance.
How the Deposit and Credit Limit Work
Your deposit is the foundation of the Aven card. You choose how much to deposit between $200 and $2,500, and that amount becomes your credit limit. The deposit is held in a separate savings account at WebBank and earns a small amount of interest, though the rate is modest. Your deposit is not used to pay your credit card bill — you make payments from your regular checking or savings account, just as you would with any credit card.
The deposit protects the bank if you stop paying. If you miss payments and your account goes into default, the bank can use the deposit to cover what you owe. However, if you pay on time every month, your deposit remains untouched and available to you. When you eventually close the account or convert to an unsecured card, the deposit is returned to you in full (assuming no unpaid balance).
Fees and Interest Rates
Aven charges an annual fee that varies depending on which tier of the card you choose. The exact amount depends on your credit profile and the card option you select at signup. This fee is charged once per year and is typically deducted from your deposit or added to your first statement. Unlike some secured cards, Aven does not charge a setup fee or processing fee to open the account.
The card carries a variable interest rate (called an APR, or annual percentage rate) that is applied to any balance you carry from month to month. The APR you receive depends on your credit score and creditworthiness at the time you open the account. If you pay your full statement balance by the due date each month, you pay no interest. Interest only applies if you carry a balance into the next billing cycle.
Late payment fees explore if you miss your due date. A late payment also damages your credit score and may trigger a higher interest rate on future balances. Making payments on time is the primary way the Aven card helps you build credit, so avoiding late fees is essential to the card's purpose.
How Aven Reports to Credit Bureaus
Aven reports your account activity to Equifax, Experian, and TransUnion every month. This means every on-time payment you make is recorded on your credit report, and over time, a pattern of on-time payments raises your credit score. Your payment history is the single largest factor in credit scoring — it accounts for about 35% of your FICO score — so consistent, timely payments on the Aven card can meaningfully improve your credit profile.
The card also reports your credit utilization (how much of your limit you are using each month). Using a small portion of your limit — typically under 30% — and paying it off in full each month signals responsible credit use to the bureaus and helps your score more than carrying a high balance.
Conversion to an Unsecured Card
One of the main reasons people open a secured card is to eventually convert it to an unsecured card, at which point the deposit is returned. Aven does not publish a fixed timeline for conversion, but it typically happens after 7 to 12 months of on-time payments and responsible account use. Some cardholders convert sooner if their credit score improves significantly; others may take longer if there are any missed or late payments.
When you convert, your credit limit may increase beyond your original deposit amount, depending on your payment history and credit score at that time. The unsecured version of the card may have different terms, fees, or interest rates than the secured version, so review the offer carefully before accepting conversion. You are not required to convert — you can keep the secured card open as long as you wish, though keeping the deposit frozen indefinitely may not serve your long-term financial goals.
Who Aven Is Designed For
Aven is most useful for people in one of three situations: those building credit from scratch (no credit history), those rebuilding credit after past problems (late payments, defaults, or bankruptcy), or those with a very low credit score who cannot may have access to for an unsecured card. If you already have a good credit score and access to unsecured cards, Aven does not offer advantages over a standard rewards card.
The card is not a loan or a cash advance product. You cannot withdraw the deposit as cash, and you cannot use the card to borrow money beyond your credit limit. It is purely a spending and credit-building tool. If you need cash, you would need to use a different product or method.
Alternatives to Aven
Other secured cards exist and may have different terms. The Capital One Secured Mastercard, for example, also requires a deposit and reports to all three bureaus, but has different fee structures and conversion policies. The Discover Secured Card is another option. Comparing the annual fee, interest rate, deposit range, and conversion timeline across cards can help you choose the one that fits your situation and budget.
If you have some credit history but a lower score, you might also look at unsecured cards designed for fair credit, which do not require a deposit. These cards typically have higher interest rates and fees than secured cards, but they avoid tying up your cash. The right choice depends on whether you have cash available to deposit and how quickly you want to rebuild credit.
Frequently Asked Questions
Can I use my Aven deposit to pay my credit card bill?
No. Your deposit is held separately and is not accessible for bill payments. You must pay your monthly bill from your regular checking or savings account. The deposit remains frozen to find the card and is only returned when you close the account or convert to an unsecured card.
What happens if I miss a payment on Aven?
A missed payment is reported to the credit bureaus and damages your credit score. You will also be charged a late fee. If you miss payments repeatedly or default on the account, the bank may use your deposit to cover the unpaid balance. This defeats the purpose of using the card to build credit, so on-time payment is critical.
How long does it take to convert from a secured card to an unsecured card?
Aven does not publish a fixed timeline, but conversion typically occurs after 7 to 12 months of on-time payments. Your credit score improvement and account performance influence the timing. You can contact WebBank to ask about your conversion status, but there is no way to force an earlier conversion.
Can I increase my credit limit on Aven?
With a secured card, your credit limit is tied to your deposit. You can request to increase your deposit, which would increase your limit, but this requires sending additional money to WebBank. Some cardholders do this as their credit improves and they want more spending room before converting to an unsecured card.
Is Aven a good choice if I have no credit history?
Yes. Aven is designed for people new to credit or rebuilding credit. If you have no credit history, a secured card is one of the fastest ways to establish one. Making on-time payments for several months will create a credit report and begin raising your score, making you may be able to access for better cards and loan terms in the future.