What Aven is and who it's built for
Aven is a credit card issued by WebBank, designed for people rebuilding credit or starting from scratch. It reports to all three credit bureaus (Equifax, Experian, and TransUnion), which means your payment history can help raise a low credit score over time. The card requires a cash deposit that becomes your credit limit — if you deposit $500, your limit is $500 — so there's no approval process based on credit history.
The card works best if you're coming back from missed payments, collections, or a bankruptcy, and you want a straightforward way to show lenders you can handle credit responsibly. It's not designed for someone with good credit looking for rewards or low interest rates. If your credit score is already 650 or higher, you'll find better terms elsewhere.
Key Takeaways
- Aven requires a cash deposit equal to your credit limit, with no credit check, making it accessible if traditional cards have turned you down.
- The card charges an annual fee (the amount varies by state and changes over time, so check the current terms before opening an account) plus interest on any balance you carry.
- Your payment history reports to all three credit bureaus, so on-time payments directly help rebuild your credit score.
- You'll build credit faster with Aven if you keep your balance low and pay on time every month, rather than maxing out the card.
- The card is best compared to other secured cards from banks like Capital One, Discover, or your own bank, since terms and fees differ significantly.
How the deposit and credit limit work
When you open an Aven account, you choose how much to deposit. That deposit sits in a savings account held by the bank and becomes your credit limit. If you deposit $500, you can charge up to $500 on the card. You don't lose the deposit — it stays there as long as the account is open, and you can withdraw it if you close the card.
The deposit protects the bank if you stop paying, which is why they don't need to check your credit history. This is the main reason secured cards exist: they let people with damaged credit prove they can use credit without the bank taking on risk. After 12 to 24 months of on-time payments, some issuers will convert your account to an unsecured card and return your deposit, though this is not may provide and depends on your payment history and the bank's policies.
Fees and interest rates you'll actually pay
Aven charges an annual fee to hold the card. The exact amount varies by state — some states cap what banks can charge, others don't — so you need to check the current terms for your state before opening an account. This fee is separate from interest charges. If you carry a balance from month to month, you'll also pay interest on that balance at a rate that varies based on your creditworthiness and current market rates.
The interest rate on Aven cards is typically higher than what someone with good credit would pay, often in the range of 18% to 24% APR, though this can vary. If you charge $300 and pay only the minimum, you'll owe interest on the remaining balance. The best way to use this card is to charge small purchases and pay the full balance each month, so you avoid interest charges entirely and only pay the annual fee.
How Aven compares to other secured cards
Aven is one option among several secured cards. Capital One Secured Mastercard, Discover Secured Card, and cards from your own bank (if you have a savings account there) all work on the same deposit model. The differences are in annual fees, interest rates, and how quickly they report to credit bureaus.
Before choosing Aven, compare it to at least one other secured card. Look at the annual fee for your state, the APR they're currently offering, and whether they have a path to convert to an unsecured card. Some banks waive the annual fee for the first year or offer it lower than Aven. A few percentage points in APR or a $25 difference in annual fees might not sound like much, but over a year or two of rebuilding, it adds up. Spend 15 minutes comparing three cards — it's worth the time.
What happens to your credit score
Aven reports your payment history to all three credit bureaus each month. This means every on-time payment gets recorded, and every late payment does too. If you make your minimum payment on time every single month, your score will gradually improve — typically by 30 to 100 points over 6 to 12 months, depending on how damaged your credit was to start with.
The speed of improvement depends on several factors: how old your negative marks are (older damage hurts less), how much of your credit limit you're using (using less than 30% is better), and whether you have other accounts reporting to the bureaus. If Aven is your only active account, improvement will be slower than if you also have a car loan or another card. The key is consistency — one missed payment can erase months of progress.
When Aven might not be the right choice
If your credit score is already 650 or higher, you should look for an unsecured card instead. You'll pay lower interest rates and won't need to tie up a deposit. If you can't reliably make payments on time, a secured card won't help you — it will just cost you the annual fee and damage your credit further with late payments. Be honest with yourself about whether you can commit to paying on time every month before opening any credit card.
Aven also isn't the right choice if you need a card with rewards or cash back. Secured cards don't offer those perks — the bank is already taking on less risk by holding your deposit, so they don't need to attract you with rewards. If you want to rebuild credit and earn rewards, you'll need to wait until your score improves enough to may have access to for an unsecured card.
How to decide if Aven is right for you
Start by checking your credit score. You can get it free once a year from AnnualCreditReport.com, or from your bank or credit card issuer if you already have an account with them. If your score is below 600 or you've been turned down for other cards, a secured card makes sense. If your score is 650 or higher, try explore for an unsecured card first — you might be surprised.
Next, compare Aven to at least one other secured card. Write down the annual fee, APR, and any other terms that matter to you. Then decide how much you can afford to deposit. Don't deposit more than you can afford to lose access to for a year or two — the money is yours, but it's tied up as collateral. Once you've opened the account, use the card for one or two small purchases each month and pay the full balance. This builds your credit without costing you interest.
Frequently Asked Questions
Can I get my deposit back before my credit improves?
Yes, you can withdraw your deposit at any time, but doing so will close your account. If you close the account, you stop building credit history with that card. Most people keep the deposit in place for at least 12 months to give their credit score time to improve, then decide whether to convert to an unsecured card or close the account and retrieve the money.
What if I miss a payment on Aven?
A missed payment will be reported to all three credit bureaus and will damage your credit score. The bank may also charge you a late fee. If you miss a payment, contact the bank when ready to bring your account current. One late payment hurts, but it's not permanent — your score will recover over time if you make all future payments on time.
Does Aven convert to a regular credit card?
Aven may convert your account to an unsecured card after you've shown a history of on-time payments, though this is not may provide. The bank will review your account after 12 to 24 months and decide whether to upgrade you. If they do, your deposit is returned to you. Check Aven's current terms to see what their conversion policy is, since it can change.
How much should I deposit?
Deposit an amount you can afford to have tied up for at least a year. Many people start with $300 to $500 because it's enough to build credit history without being a large amount of money. You can always deposit more later if you want a higher credit limit, but you can't deposit less than the minimum the bank requires.
Will Aven hurt my credit score when I open it?
Opening any new credit account causes a small, temporary dip in your score — usually 5 to 10 points — because the bank pulls your credit report. This dip fades within a few months as you make on-time payments. The long-term benefit of building credit history outweighs this short-term impact, especially if your score is already low.