Yes, Wells Fargo offers a secured credit card called the Wells Fargo Secured Card
Wells Fargo's secured card is designed for people building or rebuilding credit history. You deposit money into a savings account, and that deposit becomes your credit limit — typically between $500 and $10,000, depending on how much you put down. You then use the card like a regular credit card, and your payment history gets reported to the three major credit bureaus.
The card itself is a Visa, so it works anywhere Visa is accepted. Wells Fargo does not require a minimum deposit amount to open the account, but the amount you deposit directly determines your starting credit limit. This structure means you control how much credit you want to build with, rather than Wells Fargo deciding for you based on an income or credit score.
Key Takeaways
- Wells Fargo's secured card requires a cash deposit that becomes your credit limit, ranging from $500 to $10,000 or more depending on what you deposit.
- The card charges an annual fee of $25, and you earn no rewards or cash back on purchases.
- Your payment history reports to all three credit bureaus each month, building your credit record over time.
- After demonstrating responsible use — typically 6 to 18 months of on-time payments — you may be able to convert to an unsecured card or have your deposit returned.
How the deposit and credit limit work
When you open the Wells Fargo Secured Card, you choose how much to deposit into a linked savings account. That amount becomes your credit limit. If you deposit $1,500, your credit limit is $1,500. Wells Fargo holds the deposit as collateral while you use the card, so the bank's risk is minimal — they already have your money if you do not pay.
The deposit earns interest at whatever rate Wells Fargo offers on savings accounts at that time. You can add more money to the savings account later to increase your credit limit, though you will need to request the increase through Wells Fargo. You cannot withdraw the deposit while the account is open and secured, but once you convert to a regular card or close the account, the money is yours to take out.
Annual fee and interest rates
The Wells Fargo Secured Card charges a $25 annual fee, which is typical for secured cards in this category. This fee is charged once per year and appears on your statement. The card offers no rewards, cash back, or points on any purchases, so you are paying the annual fee purely for the ability to build credit history.
Interest rates on the card vary based on your creditworthiness at the time you open it. Wells Fargo will quote you a specific rate when you explore. If you carry a balance month to month, you will pay interest on that balance at the rate you were given. Paying your full statement balance each month avoids interest charges entirely and is the most effective way to build credit with a secured card.
How payment history gets reported
Every month, Wells Fargo reports your account activity to Equifax, Experian, and TransUnion — the three major credit bureaus. This means on-time payments build your payment history, which is the largest factor in your credit score. Late payments also get reported and damage your score, so the card works both ways: it helps you if you pay on time, and it hurts you if you do not.
The card reports your credit limit (the deposit amount), your current balance, and your payment status each month. Over time, a consistent record of on-time payments demonstrates to future lenders that you manage credit responsibly, even if your credit score started very low.
Converting to an unsecured card or closing the account
Wells Fargo does not publish a specific timeline for conversion, but many cardholders report being offered an upgrade after 6 to 18 months of on-time payments. When you convert, the bank removes the secured status, returns your deposit to you, and your credit limit may increase or stay the same depending on your credit history at that point.
You do not have to wait for Wells Fargo to offer conversion — you can also request it yourself after demonstrating consistent payment. If you close the account before converting, you get your deposit back, but the account stops reporting to credit bureaus, which means you lose the ongoing benefit of showing active, responsible credit use.
Comparing Wells Fargo to other secured card options
Wells Fargo's secured card is one option among several. Other banks offer secured cards with different terms: some charge no annual fee, some offer rewards, and some have lower or higher deposit minimums. Capital One Secured MasterCard, for example, charges no annual fee but has a lower maximum credit limit. Discover Secured Card also charges no annual fee and offers 2% cash back on dining and gas.
The choice depends on what matters most to you: whether you want to avoid the annual fee, whether you want rewards on purchases, or whether you prefer banking with Wells Fargo because you already have other accounts there. If you already have a Wells Fargo checking or savings account, explore for their secured card may be simpler since the bank already has your information on file.
What happens if you miss a payment
Missing a payment on a secured card has the same consequences as missing a payment on any credit card: it gets reported to the credit bureaus, damages your credit score, and may trigger late fees. Wells Fargo charges late fees if your payment arrives after the due date, typically $25 to $35 depending on your account terms.
If you fall behind on payments, Wells Fargo may also freeze your account or close it. A closed account stops building your credit history going forward, though the payment history you already built remains on your credit report. If you know you will have trouble making a payment, contact Wells Fargo before the due date to discuss options — some banks offer hardship programs or payment deferrals.
Frequently Asked Questions
Can I use a Wells Fargo secured card if I have no credit history?
Yes. The secured card is designed for people with little or no credit history, as well as those rebuilding after past problems. Wells Fargo does not require an existing credit score to open the account. You will need to provide basic identity information and pass a background check, but the deposit itself is what secures the credit line.
What happens to my deposit if I close the card?
Your deposit is returned to you, usually within 5 to 7 business days after you close the account. If you have an outstanding balance on the card when you close it, Wells Fargo may hold the deposit until the balance is paid off. Once the account is closed, it stops reporting to credit bureaus, so you lose the ongoing benefit of showing active credit use.
Can I increase my credit limit without adding more money?
Not automatically. Your credit limit is tied to your deposit amount. To increase your limit, you must deposit more money into the linked savings account and request a credit limit increase through Wells Fargo. Some cardholders report that after demonstrating good payment history, Wells Fargo may offer an unsecured card with a higher limit instead.
How long does it take to build credit with this card?
Credit bureaus begin reporting your account within 30 to 60 days of opening it. You will see changes in your credit score within a few months if you make on-time payments, though the full benefit of a longer payment history takes 6 to 12 months to show. Building credit is a gradual process, and one card alone is usually not enough to reach a high score quickly.
Does Wells Fargo check my credit when I explore?
Wells Fargo performs a hard inquiry into your credit when you explore, which may lower your score slightly. However, because the card is secured by your deposit, Wells Fargo's approval decision does not depend heavily on your existing credit score. The hard inquiry itself is temporary and has less impact than multiple applications in a short time.