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Self Credit Card Review (2024)
December 11, 2024
If you’ve had some financial trouble and need to repair your credit score, one credit card option you may have bumped into is the Self Visa card.
The Self credit card is a useful option for people who want to build their credit or boost a poor credit score. But just like any credit card, you’ve got to consider all the pros and cons of taking on a new credit card — and we’re here to help.
This guide will explain who the Self Visa credit card is for, how the Self Visa credit card fee structure works, and how you can apply for the Self Visa credit card.
Is the Self Visa credit card for me?
First things first: who is the Self Visa credit card for?
Simply put: the Self credit card (or the “Self Visa credit card”) is for people with poor or low credit scores who want to increase those scores.
Translation: you don’t need a good credit score to apply for the Self credit card. But there are other factors to consider here.
If you’re looking for quick access to a credit card, the Self Visa credit card might not be the right choice for you.
That’s because, to qualify for this card, you’ll need to set up a Self Credit Builder Account and keep that account in good standing for three months. As a result, it’ll take a few months to set up a secured credit card with Self if you haven’t got a Credit Builder Account yet.
What makes this credit card different?
The Self Visa is a secured credit card. After meeting the Self Visa card’s fairly inclusive set of eligibility requirements, you are granted a small loan. That loan then gets put into a Certificate of Deposit (CD) which has an annual percentage rate (APR) attached to it.
Because your monthly payments on that small loan are then reported to the three big credit agencies (Experian, Equifax, and TransUnion), each payment should slowly help to improve your credit history. Meanwhile, the loan funds you’ve been granted are held in an FDIC-insured CD that earns interest.
When your loan term ends, your CD will unlock. You’ll then get back your principal amount plus any interest accumulated.
If you set up a Self Visa account alongside your Credit Builder Account, your money will be held as a security deposit on your card. You’ll get that deposit back (minus any outstanding account fees) if you ever close your account.
What are my chances of getting approved?
Your chances of getting approved for the Self Visa are pretty good — but only if you meet the eligibility requirements.
Unlike a lot of other “instant approval” credit building cards, like the Destiny Mastercard, you’ve got to set up a Self Credit Builder Account before you can apply for the Self Visa card.
You’ll qualify for the Self Visa card if you’ve set up your Credit Builder Account and:
- You have made three monthly payments on time
- You have a balance of at least $100 in your account
- Your account is in good standing
If you meet all those criteria, the application process is fast and straightforward. Self won’t even do a credit check or a hard pull as part of your credit card application because you’re already their customer.
All the details of the Self Visa card
Before you apply for the Self Visa, there are a few things you should know about how it works. To help you out, we’ll break down all the essentials for you.
No deposit required
This one is a real plus.
Unlike most secured credit cards, the Self Visa card doesn’t require you to pay a security deposit. Instead, the payments you’ve saved up in your CD account act as your security deposit. This is then used to dictate your credit limit.
Because of the way this is set up, it’s worth noting there’s an upfront cost and annual fee.
You also need to keep in mind that you’ll be paying monthly interest on your credit builder loan, which you wouldn’t do with other secured credit cards.
Credit limits
With the Self Visa, you essentially get to choose what your credit limit is (up to a certain amount). But the catch is that your credit limit needs to match up with your Credit Builder Account savings progress. It needs to be at least $100, but it can’t be higher than the amount of money you’ve already got in your CD.
That’s because your Credit Builder Account’s savings progress essentially acts as your Visa’s security deposit.
Every once in a while, Self takes a look at your account and may grant you an unsecured credit limit increase beyond your deposit as a reward for being a good customer. But it’s important to note you can’t request these reviews, and Self doesn’t actually spell out how often it’ll review your account or how big of a credit limit increase you might get.
Improving your credit score
We’ve already mentioned this, but we’ve got to cover a few more details on it.
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Before you can set up a Self Visa card, you need to take out a credit building loan. You can get a CD loan from Self over one or two years. It depends on what you want your monthly payment to be, but the lowest monthly payment you can get is $25 per month. The highest you can go for is $150 per month, and there’s also a nonrefundable admin fee of $9.
Because Self reports your payments to the Equifax, Experian, and TransUnion credit bureaus, remember that any late payments will hurt your credit.
It normally takes about six months for your repayment activity to generate a FICO score (or impact the one you’ve already got). A VantageScore is normally generated quicker.
Rates and fees
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Perks and rewards
Secured credit cards don’t normally offer cool sign-up bonuses or attractive promotional offers, and the Self Visa card and Credit Builder Account are no different.
Translation: if you’re looking for a great rewards credit card, then keep on looking. The Self Visa does offer a few simple consumer protection benefits — but that’s about it.
How to apply
The Self credit card has a pretty unusual application process. Let’s break it down:
To get a Self Visa, you first need to apply for a Self Credit Builder Account.
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There are four Credit Builder options you can choose from: the Small Builder, the Medium Builder, the Large Builder, and the X-Large Builder. Each account type requires a $9 admin fee and monthly payments for between 12 and 24 months.
If you’ve had a Self Credit Builder Account for at least three months, have at least $100 in savings, and your account is in good standing, you’ll be able to apply for a Self Visa credit card.
There is a short online form through which you get to choose your credit limit (based on your CD), and then you can order your new card. No credit check is required — and if you get approved, your card will arrive shortly in the mail.
Contact info
The phone number for the Self Credit Builder Account or your Self credit card customer service is (877) 883-0999. You can also find answers to common questions on the card’s website.
Another method of contacting the Self customer service department is by mail to the following address:
Self Financial, Inc.
515 Congress Avenue, Suite 2200
Austin, TX 78701
Other stuff you should know
Apart from what we’ve already covered, the only extra thing you’ll want to consider with the Self Visa is its maximum credit limit.
The maximum secured credit limit you’ll be able to get with the Self Visa credit card is $3,000. That means the maximum amount of money you’re allowed to move from your Credit Builder CD to your Self Visa is $3,000.
If you’re just looking for a card to help you boost your credit, that’s probably not an issue — but it’s important you know what you’re getting into before you apply.
Alternative credit cards to the Self Visa
Here are five popular alternatives to the Self credit card:
1. Destiny Mastercard
- Unsecured credit card
- Credit limit of up to $300
- You can even get approved if you’ve declared bankruptcy
2. Surge Mastercard
- Unsecured credit card
- Credit limit starting from $1,000
- No monthly fees in the first year ($10/mo. after that)
3. Indigo Mastercard
- Unsecured credit card
- Offers a credit limit starting at $300 (with potential to increase)
- No security deposit
4. Total Visa Card
- Unsecured credit card
- Offers a credit limit starting at $300 (with potential to increase)
- Annual fee of $75
- No security deposit
5. Revvi Card
- Unsecured credit card
- 1% cash back on all purchases
- $300 minimum credit limit (with potential to increase)
- No security deposit
Final recommendation
If you need to fix your credit score, the Self Visa might be a good option for you. Better yet, you don’t have to pass a credit check or a hard pull to qualify because of this card’s unique application process.
But if you’re looking for a credit card with a high limit or great rewards, you might want to keep looking.
Want to make the most of credit cards like the Self Visa? Kudos uses data from over 3,000 cards and millions of online merchants so that when you are ready to check out, our assistant can scan your wallet to tell you how you should pay and what rewards and benefits you’ll get on that purchase. Add Kudos to Chrome now.
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Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
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