Well Fargo Secured Credit Card Review

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Well Fargo Secured Credit Card

The Well Fargo Secured card is a credit card designed for Well Fargo customer to enable them build or rebuild their credit history. This secured card has a low annual fee and interest rate, and requires a deposit which can be used to secure a credit limit.

All You Need To Know About This Secured Card

Like other secured cards, you are to make a minimum security deposit of $300 if you wish to get one. This deposit is placed in a security collateral account lest you default on your payments. But, you may be given access to that fund as soon as your account is upgraded to an unsecured card or closed entirely.

Notwithstanding the fact that you have made a security deposit, you are to make early, your monthly payment. As this assist you in having a decent account with which you can be qualified for an automatic upgrade. And once your account has been upgraded, you will be your security deposit in full.

Due to the fact that your security deposit determines your credit limit, some customer tends to make a higher deposit like $10,000 yet Well Fargo accepts it and give high credit limit. But some financial institution does not allow this for a secured card.

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Additionally, your credit card account activities such as your balance and payment history, together with your credit limit are being shared by your bank, with the three major credit bureaus. So, use your card wisely, so that you can be qualified for a good unsecured credit card.

Well Fargo Secured Card Fees

If you wish to apply for this credit first, compare the present interest rates of competitors to the interest rate of the bank because, it has unsteady interest rates. Normally, it has an interest rate of 19.99% though not that high.

Also, to know what Well Fargo charges as interest on balance transfers, overdraft protection advance made with the card, for purchases and cash advances is necessary. For this reason, I advice you make your balance complete every month to escape interest rates.

Moreover, it is important that you check to know if there are any annual fees for this card. Sometimes it is moderately $25. Surprisingly, you can avoid some fees excluding the annual payment, on your secured card.

For example if you are able to complete your monthly payment on time each month, you will escape late payment fee and interest fee. Also, you can avoid cash advances and balance transfers fee {these are 5% of the balance} and make sure your card is not used for overdraft protection because, you will end up incurring interest fee when you do so.

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Do not use this credit card to make purchases in foreign currency, it can be costly.
If you wish to apply or access your online account, go to the homepage of this credit card. And this all we have for now. You can visit the Well Fargo Secured Credit Card websites for more information. Thanks

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