Self Credit Card Review 2023

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Self Credit Card Review: Is It the Best Card for You?

The Self Visa® Credit Card has two main selling points over other secured credit cards. First, there’s no formal application process. Once you meet the eligibility requirements (which include opening an affiliated credit builder loan), you can simply request a card if you want it. Eliminating the “black box” uncertainty of credit card applications is appealing if you’re concerned about getting approved, or if you’re reluctant to ding your already low credit score by adding a hard inquiry on your credit report.

Second, the card has relatively low deposit requirements. Whereas most secured cards demand a minimum security deposit of $200 to $300, you can get the Self Visa® Credit Card with as little as $100. Furthermore, you can pay the deposit over the course of several months instead of in a lump sum. These features make the card more accessible if you’re short on cash, though some secured cards may offer even lower deposit requirements depending on your credit history.

Self also advertises the card as a tool for building credit, which it can do. However, any loan or credit product that reports to the major credit bureaus will provide similar results, so while the opportunity to build credit is a positive feature of the Self Visa® Credit Card it isn’t a unique one.

On the downside, the Self Visa® Credit Card is an expensive way to build credit. In addition to an annual fee, you’ll pay finance charges on the credit builder loan ranging from around $100 to over $500 depending on the loan amount. The card doesn’t earn rewards and offers few benefits beyond reporting your data to credit bureaus. That’s a hefty price tag for a card that offers so little in return, especially considering the various ways you can build or repair credit inexpensively or for free.

The Self Visa® Credit Card is appealing if you already have a qualifying credit builder loan with Self, since you can add the card with no additional security deposit. It’s also useful if you’re unable to get approved for other secured credit cards, but you should consider it after you’ve exhausted other options, not before.

How the Self Credit Card Works

Unlike most credit cards, the Self Visa® Credit Card doesn’t have an application and approval process. Instead, you can get the card by following a series of steps until you meet the eligibility requirements. Once you qualify, the choice to get the card (or not) is yours.

The first step is to open a Self Credit Builder Account, which is a type of installment loan known as a credit builder loan. Most installment loans (like mortgages or student loans) provide you with funds upfront that you repay over time. Contrarily, credit builder loans set those funds aside for you rather than give them to you directly — with the Self Credit Builder Account, the money is placed in an interest-bearing CD that is FDIC insured. You then make monthly payments until the loan term is complete, at which point you’ll receive the balance and any interest accrued (minus finance charges and fees).

After your Credit Builder Account is active, you’ll need to meet three conditions to be eligible for the Self Visa® Credit Card:

1. Make your last three monthly payments on time
2. Save at least $100 in your Credit Builder Account
3. Keep your account in good standing with no overdue fees

Once you’re eligible, you can order your card with no further application needed and no hard inquiry on your credit report. You also won’t have to put down an additional security deposit, since the money you’ve saved in your Credit Builder Account serves that purpose. You can choose your own credit limit ranging in increments of $25 from a minimum of $100 up to the total amount you’ve saved, with a maximum of $3,000.

When your Self Visa® Credit Card is up and running, it functions like other credit cards. You can use it wherever Visa is accepted in the US, and you’ll need to pay your statement balance in full each month in order to avoid interest charges. 

We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Self Visa Credit Card Rewards

The Self Visa® Credit Card offers neither a welcome bonus nor ongoing rewards, so you won’t get any return for spending you put on the card. The lack of rewards is a major disadvantage to cardholders who could be earning cash back with other competing products. For example, the U.S. Bank Altitude® Go Visa® Secured Card
offers cash back rates as high as 4% on select purchases, while the Capital One Quicksilver Secured Cash Rewards Credit Card  earns a flat 1.5% cash back on all purchases. Those rewards translate to real money in your pocket, so missing out is costly.

Self Credit Card Benefits and Features

You won’t get common credit card benefits like travel insurance or purchase protection from the Self Visa® Credit Card, but it offers several other useful features.

Credit reporting

Like regular credit cards, Self reports your account activity to all three major credit bureaus, including balances, payments, and your current account status. This reporting helps you improve your credit score by building a credit history, which in turn helps you qualify for other credit cards and loans.

Visa benefits 

As its name implies, the Self Visa® Credit Card is a Visa credit card, so it can be used everywhere Visa is accepted. The card comes with basic Visa benefits, including $0 fraud liability, lost or stolen card assistance, and emergency card replacement. Those features shouldn’t influence your decision to get (or not get) the card, but they’re nice to have. 

No additional deposit requirement

The payments you make toward your credit builder loan double as your security deposit, so you don’t have to put down a lump sum to be eligible for the Self Visa® Credit Card. The tradeoff is that accumulating the requisite $100 minimum balance takes time; depending on the amount of your monthly payments, you may have to wait several months to reach the threshold.

Flexible credit limit

You can select your own credit limit ranging from a minimum of $100 to the amount you’ve paid into your credit builder account, with a maximum limit of $3,000. As your account balance increases over time, you can similarly increase your credit limit in increments of $25. Self may also consider you for an unsecured credit limit increase once you’ve had the Self Visa® Credit Card for six months.

Self Credit Card Annual Fee and Other Costs

The Self Visa® Credit Card charges several fees that diminish its overall value relative to other secured credit cards. To start with, the card imposes a $25 annual fee; that’s modest compared to annual fees you’ll find on premium credit cards, but seems like poor value when many credit cards with no annual fee offer superior rewards and benefits. 

Next, you’ll pay several fees associated with your credit builder loan (which you must have if you want the credit card). The credit builder account has a 15.92% APR, so you’ll pay $89 in interest if you make the $25 minimum monthly payment over a 24-month loan term. Finance charges will be higher for larger loan amounts (check this interactive pricing tool for examples). There’s also a one-time $9 administrative fee when you open your account.

You may also incur interest charges when you don’t pay your monthly statement balance in full. The Self Visa® Credit Card has a 28.24% variable APR, which is well above the average credit card interest rate of 20.92% for the first quarter of 2023.

Other charges that may apply include late fees and return fees of up to $15 when you have a late or failed payment, a $3.50 expedited payment fee when you use a debit card to make payments toward your Self Visa® Credit Card balance, and an early withdrawal fee of less than $1 if you decide to close your credit builder account early. One fee you won’t be subject to is foreign transaction fees, since the card can’t be used for international transactions.

How the Self Credit Card Compares

Self Credit Card Frequently Asked Questions

Methodology: How We Reviewed the Self Credit Card

We compared the Self Visa® Credit Card to secured credit cards and similar products from other card issuers, and evaluated several factors, including:

• Rewards earning potential — Does the card earn rewards at competitive rates? Is there a welcome bonus for new applicants?
• Benefits — Are the card’s benefits useful? Are there any features that stand out?
• Fees and other costs — If there’s an annual fee, do the card’s rewards and benefits justify paying it? Does the card offer competitive rates on interest and other fees?

You can read more about how we rate credit cards at Insider for a closer look at our methodology.