Wells Fargo Secured Credit Card

Wells Fargo Secured Credit Card - Long Form Transcript (English)

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Whether you're just starting to build credit or you need to rebuild, it's important to put the right pieces in place.

The Wells Fargo Secured Credit Card can help.

It works like other credit cards.

You can use it to make purchases in stores, at restaurants, online--anywhere Visa cards are accepted.

Like other credit cards, you receive a monthly bill that must be paid on time.

How does it help build credit?

Well, unlike debit and prepaid, a Secured Credit Card helps build credit history by reporting how much you owe, when you pay, and when you don't pay - to the credit bureaus, the companies that calculate your credit score.

Examples of good credit habits include making at least the minimum payment on time each month, keeping the amount of credit you use low relative to the amount you have available, and paying other bills, on time, every time.

Not paying, paying late or going over limit lowers your credit score, instead of improving it.

The Secured Credit Card requires a security deposit of at least three hundred dollars.

Your credit limit--the maximum amount you can charge--is equal to that security deposit.

But it isn't used to pay your bill.

It is set aside in a separate collateral account and refunded if your account is closed or upgraded to an unsecured credit card.

Upgrading to an unsecured credit card depends on many factors, for example: demonstrating a history of on time payments and staying within your credit limit.

There's no preset time to upgrade, and not all accounts will qualify.

Only U.S. citizens and permanent resident aliens with a valid Social Security Number or Individual Taxpayer Identification Number are eligible to upgrade.

When you use the Wells Fargo Secured Credit Card to establish a history of good credit habits, you can get on the path to credit.

Remember, all credit cards charge interest and have fees.

Review the terms and conditions at Wellsfargo dot com slash credit dash cards slash secured slash terms before deciding whether the Wells Fargo Secured Credit Card is right for you.

Secured Credit Card applications are subject to credit qualification. Qualification depends on your income, expenses, credit history and other factors. All credit cards charge interest and have fees.

Only U.S, citizens and permanent residents with a valid Social Security Number or Individual Taxpayer Identification Number are eligible to upgrade.

To view the terms and conditions for the Wells Fargo Secured Credit Card, visit:

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