Wells Fargo's Secured Credit Card Option

Yes, Wells Fargo offers a secured credit card called the Wells Fargo Secured Credit Card. This card requires you to put down a cash deposit that becomes your credit limit — so if you deposit $500, you get a $500 credit limit. You use it like a regular credit card, and your payment history gets reported to the three major credit bureaus (Equifax, Experian, and TransUnion), which means responsible use can help build or rebuild your credit score.

The card is designed for people who are new to credit, rebuilding after past problems, or simply want to establish a credit history. Wells Fargo is a major bank with branches nationwide, so if you already bank there or prefer to manage everything in one place, this card may fit your situation.

Key Takeaways

  • Wells Fargo's secured card requires a cash deposit between $500 and $100,000 that serves as your credit limit.
  • You pay an annual fee (the amount varies and changes over time, so check Wells Fargo's current terms) and interest on any balance you carry month to month.
  • Your payment activity is reported to all three credit bureaus, so on-time payments build your credit history.
  • After demonstrating responsible use over time, you may be able to convert the card to an unsecured card and get your deposit back.

How the Deposit Works

When you open the Wells Fargo Secured Credit Card, you choose how much to deposit. That deposit sits in a savings account at Wells Fargo and becomes your credit limit. If you deposit $2,000, your limit is $2,000. You cannot withdraw this money while the card is active — it stays locked as collateral.

The deposit itself earns interest at whatever rate Wells Fargo pays on its savings accounts (which is typically very low). The important thing is that your deposit protects Wells Fargo's risk, which is why they can offer credit to someone with no credit history or a damaged one.

Fees and Interest Rates

The Wells Fargo Secured Credit Card charges an annual fee. The exact amount changes periodically, so you need to check Wells Fargo's website or call them directly to learn the current fee. This fee is charged once per year and appears on your statement.

If you carry a balance from month to month (meaning you do not pay off the full amount you owe), you pay interest on that balance. The interest rate varies based on your creditworthiness and current market rates. When you first open the card, Wells Fargo will tell you the specific rate they are offering you.

There are no foreign transaction fees on this card, which can matter if you travel or make purchases from international merchants.

Building Credit With This Card

The main reason to use a secured card is to build a credit history or improve a damaged one. Every month, Wells Fargo reports your payment activity to Equifax, Experian, and TransUnion. If you pay on time and keep your balance low, those bureaus record positive information that raises your credit score over time.

The most effective way to build credit with any card is to charge a small amount each month (even just a subscription or gas purchase) and pay the full balance before the due date. This shows lenders you can borrow and repay responsibly. Carrying a large balance or missing payments does the opposite and damages your score.

Converting to an Unsecured Card

After you have used the Wells Fargo Secured Credit Card responsibly for a period of time — typically at least 18 months, though this varies — Wells Fargo may offer to convert it to a regular unsecured card. When this happens, your deposit is released back to you, and the card functions like any other credit card with no collateral requirement.

Conversion is not automatic. Wells Fargo reviews your account and decides whether to offer it based on your payment history, credit score, and overall account activity. If they do offer conversion, you can accept or decline. If you decline, the card remains secured and your deposit stays locked.

Alternatives to Consider

Wells Fargo is not the only bank offering secured cards. Other major banks and credit unions offer similar products, sometimes with lower annual fees or higher interest rates on the deposit itself. If you do not already have a relationship with Wells Fargo, it is worth comparing a few options before deciding.

Some people also consider becoming an authorized user on someone else's credit card as an alternative way to build credit without a deposit. This works only if the primary cardholder has good payment habits and the card issuer reports authorized user activity to the credit bureaus.

How to Open the Card

You can open a Wells Fargo Secured Credit Card online through their website, by phone, or in person at a Wells Fargo branch. You will need to provide your Social Security number, proof of identity, and proof of address. Wells Fargo will also check your credit report and may ask about your income.

If you are approved, you choose your deposit amount and how you want to fund it. You can transfer money from an existing Wells Fargo account, or if you are not yet a customer, you can open a checking or savings account at the same time. Once your deposit is received and verified, your card is typically mailed to you within 7 to 10 business days.

Frequently Asked Questions

Can I use my secured card deposit as my credit limit?

Yes. Your deposit becomes your credit limit. If you deposit $1,000, you can charge up to $1,000 on the card. You cannot exceed your limit, just like with a regular credit card.

What happens if I miss a payment?

A missed payment is reported to the credit bureaus and damages your credit score. Wells Fargo will also charge you a late fee. If you miss multiple payments, Wells Fargo may close the account and apply your deposit toward the unpaid balance.

Can I increase my credit limit?

Yes, but only by increasing your deposit. If you want a higher limit, you deposit more money into the savings account, and your limit rises accordingly. You cannot get a higher limit without adding more collateral.

Do I have to be a Wells Fargo customer to open this card?

No, but you will need to provide standard identification and financial information. If you do not have an existing Wells Fargo account, you can open one at the same time you open the secured card.

How long does it take to rebuild my credit with this card?

Credit scores change based on multiple factors, not just one card. Most people see improvement within 6 to 12 months of on-time payments, but the exact timeline depends on your starting score and overall credit history. Consistent, responsible use over time produces the best results.