Self Credit Card: Get to Know

The Self Credit Card, also known as the Self Visa® Credit Card, is a unique financial tool designed to help individuals build or rebuild their credit score. This card is tied to a Self Credit Builder Account, making it a distinctive offering in the world of secured credit cards. This comprehensive review will delve into the features, application process, and benefits of the Self Credit Card, providing you with all the information you need to decide if it’s the right choice for your financial health.

What is the Self Credit Card?

The Self Credit Card is a secured credit card offered by Self Financial, Inc., a fintech company known for its innovative approach to helping individuals build credit. Unlike traditional credit cards, the Self Credit Card does not require a credit check or an upfront security deposit from your personal funds. Instead, it secures your credit line through a Self Credit Builder Account, a certificate of deposit (CD) that you pay into over time.

Key Features of the Self Credit Card

• Secured by a CD: Your credit limit is determined by the amount you have saved in the Self Credit Builder Account.
• No Upfront Deposit: Instead of depositing a lump sum as a security deposit, you build savings over time with the Credit Builder Account.
• Reports to All Three Major Credit Bureaus: Every month, Self reports your payments to Experian, Equifax, and TransUnion, aiding in building your credit history.
• Accessible to Everyone: Since there is no credit check required, it’s an excellent option for those with low or no credit scores.

How to Apply for the Self Credit Card

Applying for the Self Credit Card involves a unique process:

1. Open a Self Credit Builder Account: Before you can apply for the Self Credit Card, you must open and make payments into a Self Credit Builder Account.
2. Make Consistent Payments: You need to make at least three monthly payments on time and have at least $100 saved in your Credit Builder Account.
3. Check Eligibility: Once you meet the requirements, you can check your eligibility for the Self Credit Card through your Self dashboard.

Advantages of the Self Credit Card

• Builds Credit History: By reporting to the three credit bureaus, it helps build or improve your credit score with regular, on-time payments.
• No Hard Credit Inquiry: Applying for the Self Credit Card does not involve a hard pull on your credit, preserving your credit score.
• Transform Savings into Credit: Unlike traditional secured cards, your ongoing savings act as the security deposit, helping you build savings and credit simultaneously.

Financial Considerations

• Annual Fee: $0
• APR: The APR is competitive with other secured credit cards, helping you keep costs down as you build credit.

User Reviews and Feedback

Users often highlight the benefit of building savings while improving their credit scores as a major plus. The ability to upgrade to an unsecured card is also frequently praised, along with the straightforward and user-friendly nature of the Self platform.

Conclusion

The Self Credit Card is an innovative and effective tool for those looking to improve their credit score without upfront financial burdens. By integrating the process of saving with credit building, it offers a unique approach that can help users establish a stronger financial foundation. The lack of an initial deposit and the opportunity to build savings while securing credit makes the Self Credit Card an attractive option for anyone starting on their credit journey or looking to rebuild their credit profile.

For individuals interested in a low-risk way to build credit, the Self Credit Card provides a practical and accessible solution. Its unique model not only promotes responsible credit behavior but also encourages saving, making it a dual-purpose financial tool in your arsenal.