Wells Fargo's Secured Card Offering

Wells Fargo offers the Wells Fargo Secured Credit Card, a secured card designed for people building or rebuilding credit. You deposit cash as collateral, and that deposit becomes your credit limit — typically between $500 and $10,000. The card reports to all three credit bureaus, so on-time payments build your credit history.

The card itself carries an annual fee of $25. There is no introductory period waiving this fee, so you pay it in the first year and every year after. Wells Fargo does not charge a foreign transaction fee, which is useful if you travel or make international purchases.

Like most secured cards, this one is designed as a stepping stone. Once you demonstrate responsible use — typically 6 to 18 months of on-time payments — you can request conversion to an unsecured card, at which point Wells Fargo returns your deposit.

Key Takeaways

  • Your cash deposit becomes your credit limit, ranging from $500 to $10,000, and Wells Fargo holds it as collateral.
  • The card charges a $25 annual fee with no waiver period, so you pay it when ready and each year you keep the card.
  • On-time payments report to all three credit bureaus and build your credit score over time.
  • After 6 to 18 months of responsible use, you can request conversion to an unsecured card and recover your deposit.
  • The card has no foreign transaction fee, making it practical for international purchases or travel.

How the Deposit and Credit Limit Work

You choose your deposit amount when you open the account, and that amount becomes your credit limit. If you deposit $1,000, your limit is $1,000. Wells Fargo holds the deposit in a savings account that earns a small amount of interest — currently around 0.01% APY, though this rate changes with market conditions.

You cannot withdraw the deposit while the card is active and secured. The money stays locked until you convert the card to unsecured or close the account. If you close the account, Wells Fargo returns the deposit to you, minus any unpaid balance on the card.

The deposit is separate from your monthly bill. You still make regular payments on charges you put on the card, just as you would with any credit card. Missing a payment on your card balance does not affect the deposit itself, but it will damage your credit score and may trigger late fees.

Interest Rates and Fees

The Wells Fargo Secured Credit Card carries a variable APR that depends on your creditworthiness at the time you open the account. Wells Fargo does not publish a standard rate; instead, you receive a specific rate based on your credit profile. This rate can change over time as market conditions shift.

The annual fee is $25 and is not waived in any year. Some secured cards offer a waived first-year fee or lower annual costs; Wells Fargo does not. You also pay late fees if your payment arrives after the due date — typically $25 to $35 depending on how late the payment is.

There are no foreign transaction fees, which sets this card apart from many competitors. If you use the card abroad or for international online purchases, you pay only the standard APR, not an additional percentage on top.

Building Credit and Converting to Unsecured

The primary purpose of a secured card is to build credit history. Each month you use the card and pay on time, Wells Fargo reports that activity to Equifax, Experian, and TransUnion. Over time, a record of on-time payments raises your credit score.

Wells Fargo does not publish a specific timeline for conversion, but most cardholders see an offer to convert after 6 to 18 months of responsible use. Responsible use means paying at least the minimum payment on time, every month, and keeping your balance well below your limit. Maxing out the card or missing payments delays conversion.

When you convert, Wells Fargo removes the secured status, returns your deposit to you, and your credit limit may increase. The new unsecured card may have different terms — a different APR, different fees, or different rewards — so review the offer before you accept it.

Alternatives to the Wells Fargo Secured Card

Other banks offer secured cards with different terms. The Capital One Secured Mastercard charges no annual fee and allows deposits from $200 to $2,000. The Discover it Secured Credit Card also charges no annual fee and offers 2% cash back on purchases at gas stations and restaurants, 1% on all other purchases. The Citi Secured Mastercard charges a $25 annual fee but allows deposits up to $2,500.

If you have a Wells Fargo checking or savings account, you may have easier account management by keeping everything at one bank. But if the $25 annual fee is a barrier, or if you want cash back rewards, a no-fee secured card from another issuer might be a better fit.

Some people with very limited credit history or recent negative marks find it harder to open any secured card. In those cases, a credit-builder loan from a credit union or online lender may be an alternative path to building credit without the annual fee.

Who This Card Makes Sense For

The Wells Fargo Secured Card works well for people who have a Wells Fargo relationship already and want to keep their accounts in one place. It also suits people who travel internationally and want to avoid foreign transaction fees.

It is less ideal if you are cost-conscious and want to minimize fees. The $25 annual fee adds up over time, especially if you are only building credit and not earning rewards to offset it. It is also not the best choice if you need a very low deposit minimum — Wells Fargo's floor is $500, while some competitors start at $200.

The card works for anyone with a Social Security number and a U.S. address who can make an initial deposit. Wells Fargo does not require a minimum credit score, so even people with no credit history or poor credit can open this card.

Frequently Asked Questions

Can I use my Wells Fargo savings account as the deposit?

No. Wells Fargo opens a separate savings account specifically for the secured card deposit. You fund it with a transfer from another account or a check deposit. The deposit earns interest in that account, though the rate is very low.

What happens if I miss a payment?

You pay a late fee, typically $25 to $35, and the missed payment reports to the credit bureaus, damaging your score. The missed payment also delays your conversion to an unsecured card. Your deposit is not touched — it stays locked in the savings account.

Can I increase my credit limit without adding more money?

Not with a secured card. Your limit is tied to your deposit. To raise your limit, you must deposit more money. Once you convert to an unsecured card, Wells Fargo may increase your limit without requiring additional deposits.

How long does conversion take after I request it?

Wells Fargo does not publish a standard timeline. The conversion is not automatic — you must request it. Once you do, the process typically takes a few weeks. Your deposit is returned to your linked bank account after the conversion is complete.

Do I need a Wells Fargo checking account to open this card?

No. You can open the secured card without an existing Wells Fargo account. However, you will need a U.S. address and a Social Security number. Having a Wells Fargo account makes transfers and account management simpler, but it is not required.