The Wells Fargo Secured Card is not accepting purposes. You possibly can assessment our checklist of the perfect secured bank cards for what we expect are higher choices.
Full Evaluation of Wells Fargo Secured Card
desk of contents
- Execs Defined
- Cons Defined
- Who This Card Is Greatest For
- Excellent Advantages
- Customary Advantages
- Cardholder Expertise
- Safety Options
- Ultimate Verdict
Execs
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Emergency and journey advantages
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Mobile phone safety
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Out there to nonresident aliens
Cons
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$25 annual charge
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No rewards
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3% overseas transaction charge
Execs Defined
- Emergency and Journey Advantages: The Wells Fargo Secured card has a surprisingly strong set of advantages for a secured bank card. Cardholders get entry to perks like emergency money disbursement and card substitute, journey and emergency help providers, auto rental collision injury waiver, roadside dispatch, and as much as $150,000 in journey accident insurance coverage. Most secured playing cards supply only a few advantages, so these extras are an surprising bonus.
- Cell Telephone Safety: Should you use your secured card to pay your cellular phone invoice, you will obtain as much as $600 in cellular phone protection in opposition to injury or theft, after paying a $25 deductible. Another bank cards supply cellular phone safety, however these usually are conventional playing cards with stringent credit score necessities and excessive annual charges. For instance, the Citi Status card contains cellular phone safety, but it surely has a $495 annual charge. Getting cellular phone safety on a secured bank card with a $25 annual charge is a pleasant benefit.
- Nonresident Aliens Are Eligible: Should you’re a nonresident alien in the US, it may be extraordinarily tough to qualify for any sort of bank card, even secured playing cards. Most firms require you to enter a Social Safety quantity while you apply, making it unimaginable to get a card. Nonetheless, the Wells Fargo Secured card is out there to nonresident aliens (in addition to to U.S. residents and everlasting residents), so it may be a great way to get entry to a bank card if you’re an immigrant. As a Visa card, it’s also broadly accepted all over the world.
Cons Defined
- $25 Annual Charge: The Wells Fargo Secured card fees a $25 annual charge. Whereas that’s not terribly costly, there are different secured playing cards in the marketplace that don’t cost one. So, until the Wells Fargo Secured card’s particular advantages are essential to you, it might be cheaper to use for a distinct card, such because the Secured Mastercard from Capital One. It has no annual charge, and safety deposits begin as little as $49.
- No Rewards: This card doesn't have a rewards program or bonus. Whereas that's not unusual for a secured card, different playing cards do exist that supply rewards in your purchases. For instance, the Uncover it Secured card has no annual charge, and you may earn 2% money again at gasoline stations and eating places, on as much as $1,000 in mixed spend every quarter. You'll additionally earn limitless 1% money again on all different purchases. As well as, Uncover will match the entire money again you earn throughout your first yr. Should you earned $200 in cash-back rewards, Uncover will match it, providing you with a complete of $400 in rewards.
- International Transaction Charge: The Wells Fargo Secured card fees a 3% overseas transaction charge on each buy you make exterior of the U.S. Over time, these charges can add up. A number of secured bank cards—such because the Secured Mastercard from Capital One—don't cost a overseas transaction charge. So in case you plan on touring internationally, it might make extra sense to enroll in one other card.
Who This Card Is Greatest For
The Wells Fargo Secured card is finest for individuals who would have bother qualifying for conventional bank cards or different secured playing cards, corresponding to nonresident aliens. This card is among the few that nonresident aliens are eligible for, so it may be a sensible choice in case you’re in that class and want entry to a bank card or wish to construct your credit score historical past.
The cardboard additionally affords some precious advantages which can be uncommon for a secured bank card, corresponding to cellular phone safety. That's one thing you don't usually see with a secured card, so it’s an added plus.
Wells Fargo Secured Card's Excellent Advantages
As talked about above, the Wells Fargo Secured card affords one excellent perk that’s atypical for a secured bank card: cellular phone safety.
Use your card to pay your month-to-month cellular phone invoice and also you'll stand up to $600 in cellular phone safety, topic to a $25 deductible. Eligible telephones are protected in opposition to injury or theft. Nonetheless, you gained’t be coated in case you merely lose your telephone.
Customary Advantages
This card has a set of different advantages which may be helpful while you're touring:
- Auto rental collision injury waiver: Use the cardboard to pay in your automotive rental and decline the rental firm's protection to get free secondary auto rental collision injury protection.
- Emergency card substitute: Should you lose your card or it’s stolen, you’ll be able to contact Wells Fargo to have your card changed and to get entry to emergency money.
- Roadside dispatch: You possibly can name 800-847-2869 for roadside help, corresponding to towing providers or gasoline supply. You’ll need to pay a separate charge for any providers supplied.
- Journey and emergency help providers: Should you used your card to pay in your fare on a typical provider, you're eligible totally free journey and emergency help providers. You possibly can name 800-847-2911 for assist with medical or authorized referrals, translation providers, or misplaced baggage locator providers. You might have to pay an extra charge for any providers you utilize.
- Journey accident insurance coverage: Use your card to pay in your full fare on a typical provider and also you’ll obtain as much as $150,000 in journey accident insurance coverage, which supplies protection within the case of demise or dismemberment.
Cardholder Expertise
Sadly, Wells Fargo isn't recognized for its customer support. In keeping with the 2021 J.D. Energy Credit score Card Satisfaction Examine, Wells Fargo ranked eighth out of 11 nationwide issuers in buyer satisfaction, scoring 791 out of 1,000. The nationwide common was 809.
Nonetheless, Wells Fargo's customer support workforce is out there 24 hours a day, seven days every week. You possibly can attain them by safe e mail or at 800-642-4720.
Safety Options
The Wells Fargo Secured card has some normal safety features, corresponding to zero-liability safety and emergency card substitute. You may also allow account alerts so that you’ll obtain textual content messages about uncommon exercise and fee due dates, which is typical of most bank cards.
Ultimate Verdict
The Wells Fargo Secured card is a strong selection in case you're seeking to construct your credit score and want a secured bank card, particularly if you’re a nonresident alien and are having bother qualifying for an additional card.
It does have a number of helpful perks, corresponding to cellular phone safety and automotive rental insurance coverage, that aren’t widespread for secured bank cards.
Nonetheless, it additionally carries an annual charge, fees overseas transaction charges, and doesn't have a rewards program. Should you can qualify for an additional card, it might make sense to enroll in one which doesn’t cost these charges and save your self some cash.
