What the Secured Self Visa Card Does
The Secured Self Visa is a secured credit card issued by Self Financial, a company that specializes in credit-building products. You deposit cash into a savings account, and that deposit becomes your credit limit — so a $500 deposit gives you a $500 card limit. You then use the card like any other Visa, and your payments are reported to the three major credit bureaus: Equifax, Experian, and TransUnion.
The card is designed for people rebuilding credit or starting from scratch. Because your deposit secures the card, Self can issue it to people with no credit history, a low credit score, or a history of missed payments. The deposit stays in the account the entire time you hold the card — you do not spend it. You spend against your credit limit instead, just as you would with an unsecured card.
Self makes money by charging an annual fee and by collecting interest on any balance you carry month to month. The card reports your payment history to the credit bureaus, which is the main reason to use it: to build a record of on-time payments that raises your credit score over time.
Key Takeaways
- Your cash deposit becomes your credit limit, so you control how much credit you take on by choosing your deposit amount.
- Self reports your payment activity to all three credit bureaus each month, which is how the card builds your credit history.
- You pay an annual fee regardless of whether you use the card, and you pay interest on any balance you do not pay off in full each month.
- The deposit is held in a savings account and earns a small amount of interest, but you cannot withdraw it while the card is active.
- After 18 to 24 months of on-time payments, you may be able to convert the card to an unsecured card and get your deposit back.
How to Open a Secured Self Visa Account
You start by visiting Self Financial's website and clicking the button to open a card. Self will ask for your name, date of birth, Social Security number, and address. This is a hard inquiry — Self checks your credit report, which temporarily lowers your credit score by a few points.
Next, you choose your deposit amount. Self allows deposits from $25 to $2,500. Your deposit becomes your credit limit, so a $300 deposit means a $300 limit. You can increase your deposit later, which increases your limit, but you cannot decrease it without closing the account.
Self then asks you to fund the deposit. You can link a bank account and transfer money electronically, or you can pay by debit card. The deposit is held in a savings account at a partner bank and earns interest — currently a small percentage that varies. Once the deposit clears, your card is activated and ready to use.
The entire process takes about 5 to 10 minutes online. Your physical card arrives by mail within 7 to 10 business days. You can use the card number when ready through Self's app while you wait for the physical card.
Fees, Interest, and What It Costs
Self charges an annual fee of $25. This fee is charged once per year, regardless of whether you use the card. You pay it whether you carry a balance or pay in full each month.
If you carry a balance — meaning you do not pay off your entire statement by the due date — you pay interest on that balance. Self's annual percentage rate (APR) is currently 18.9%. This is higher than many unsecured cards, but typical for secured cards aimed at people rebuilding credit. If you charge $300 and pay $100 by the due date, you owe interest on the remaining $200 until you pay it off.
There is no foreign transaction fee, which means you can use the card internationally without an extra charge. There are no fees for late payments, over-limit fees, or inactivity fees — you only pay the annual fee and interest on any balance you carry.
To keep costs low, pay your full statement balance by the due date each month. This avoids interest charges and shows the credit bureaus that you can manage credit responsibly. If you cannot pay the full balance, pay as much as you can — even small payments on time help your credit score.
How the Card Reports to Credit Bureaus
Self reports your account activity to Equifax, Experian, and TransUnion every month. The report includes your credit limit, your current balance, and whether you paid on time. This monthly reporting is what builds your credit history and raises your credit score.
Your payment history is the most important factor in your credit score — it accounts for about 35% of your score. Making on-time payments every month, even small ones, signals to lenders that you are reliable. After several months of on-time payments, you should see your score begin to rise.
Self also reports your credit utilization — the percentage of your limit that you are using. If your limit is $500 and your balance is $250, your utilization is 50%. Credit bureaus prefer to see utilization below 30%, so try to keep your balance low relative to your limit. This is another reason to choose a deposit amount you can afford to use without maxing out the card.
When You Can Convert to an Unsecured Card
After 18 to 24 months of on-time payments, Self may offer to convert your secured card to an unsecured card. When this happens, your deposit is returned to you, and you keep the card with the same credit limit or a higher one. The conversion is not automatic — Self reviews your account and decides whether to offer it based on your payment history.
To be considered for conversion, you must make every payment on time during the review period. A single late payment can delay or prevent the conversion. You also need to keep your balance low and use the card regularly — Self wants to see that you are managing credit responsibly.
If Self does not offer conversion after 24 months, you can request it. Some cardholders have had success calling Self's customer service and asking to be reviewed for conversion. There is no may provide, but it is worth asking if you have maintained a clean payment record.
Once your deposit is returned, you can use it however you want. Many people use it to pay down the card balance or to build an emergency fund. The card itself continues to work and report to the credit bureaus, now as an unsecured card.
How the Secured Self Card Compares to Other Secured Cards
Several banks and financial companies offer secured credit cards. The Secured Self Visa is one option, but it is not the only one. Here is how it stacks up:
Capital One Secured Mastercard charges a $29 annual fee and has an APR of 26.99%. It reports to all three bureaus. Capital One is a larger, more established bank, which some people prefer. The higher APR makes it more expensive if you carry a balance.
Discover Secured Card charges no annual fee and has an APR of 19.99%. It also reports to all three bureaus and offers cash back on purchases. The no-annual-fee structure makes it cheaper if you do not carry a balance. However, Discover is less widely accepted than Visa or Mastercard, particularly outside the United States.
OpenSky Secured Visa charges a $35 annual fee and has an APR of 18.9%. It does not require a credit check to open, which appeals to people with no credit history. However, the higher annual fee makes it more expensive than Self.
The Secured Self Visa sits in the middle on price and features. Its $25 annual fee is lower than Capital One or OpenSky. Its 18.9% APR is lower than Capital One but higher than Discover. Self's main advantage is that it is designed specifically for credit building, with tools in the app to track your progress. Choose based on which features matter most to you: lowest fee, lowest APR, cash back, or credit-building tools.
What Happens If You Miss a Payment
If you miss a payment, Self reports it to the credit bureaus as a late payment. This damages your credit score significantly — a single 30-day late payment can lower your score by 100 points or more, depending on your current score. A late payment stays on your credit report for seven years.
Self charges a late fee of up to $25 if your payment is more than 60 days late, though this varies by state. If you are more than 60 days late, Self may close your account. Your deposit is returned to you, but the late payment remains on your credit report and your credit score remains damaged.
If you are struggling to make a payment, contact Self before the due date. Self's customer service may be able to work with you on a payment plan or temporary adjustment. It is always better to call ahead than to miss a payment and deal with the consequences.
Frequently Asked Questions
Can I use the Secured Self Visa anywhere that takes Visa?
Yes. The Secured Self Visa is a standard Visa card, so it works anywhere Visa is accepted — online, in stores, and internationally. You can use it to make purchases, pay bills, and withdraw cash from ATMs. The only limit is your credit limit, which is set by your deposit amount.
What happens to my deposit if I close the card?
Your deposit is returned to you within 5 to 10 business days after you close the account. If you have an outstanding balance on the card, Self deducts that balance from your deposit before returning the remainder. Make sure you pay off any balance before closing the card if you want to get your full deposit back.
Can I increase my credit limit?
Yes. You can increase your credit limit by adding more money to your deposit account. For example, if you started with a $300 deposit and want a $500 limit, you can deposit an additional $200. The new deposit is added to your savings account and your limit increases when ready. You cannot decrease your deposit without closing the account.
How long does it take to rebuild my credit with this card?
Credit score improvement depends on your starting score and your payment history. Most people see a noticeable increase within 3 to 6 months of on-time payments. Larger improvements typically take 12 to 24 months. The longer your history of on-time payments, the more your score improves. Other factors like the age of your accounts and the total amount of debt you owe also affect your score.
Do I need to use the card every month to build credit?
You do not need to use the card every month, but regular use helps. If you make at least one small purchase and pay it on time each month, Self reports that activity to the credit bureaus. Inactivity does not hurt your score, but activity helps it grow. Even a small charge of $5 to $10 per month, paid in full, demonstrates responsible credit management.