Qualify and Apply: Your Guide to Self Visa® Credit Card

Build your credit responsibly

With an annual fee of $25 and a variable APR, the Self Visa® Credit Card is a secured credit card designed to help you build credit responsibly. By meeting a few simple requirements, you can unlock a powerful tool for improving your credit score.

Responsible use of the Self Visa® Credit Card impacts three key credit score factors: credit utilization, credit history length, and payment history. By using your card wisely and paying on time, you’re actively building a positive credit profile.

Unlike traditional secured cards, the Self Visa® leverages your existing Credit Builder Account savings progress to secure your card and set your credit limit.

As you demonstrate responsible credit management by keeping your account in good standing, you may be eligible for credit limit increases over time. This allows you to gradually build higher spending power while strengthening your creditworthiness.

Accepted wherever Visa credit cards are accepted in the U.S., your Self Visa® Credit Card gives you the flexibility to make purchases and build your credit history simultaneously.

Applying for the Self Visa® Credit Builder Card won’t involve a hard credit check that could lower your credit score.

Self Financial’s mission is to empower people to build credit and savings, so even with bad credit or no credit history, you may be eligible to participate in the program.

Eligibility criteria

Before applying for the Self Visa® Credit Card, you’ll need to have an Open Credit Builder Account and meet the income and eligibility requirements below: 

• Make 3 monthly payments on time on your Credit Builder Account.
• Have $100 or more in savings progress in your Credit Builder Account (after interest and fees).
• Add/update your income and expenses in your account.
• Keep your Credit Builder Account in good standing.

How to apply for the Self Visa® Credit Card

Once you meet the eligibility criteria while using your Credit Builder Account, applying for the Self Visa® Credit Card is a simple process:

1. Choose your credit limit: decide how much of your existing Credit Builder Account savings progress (minimum $100) you want to use to secure your card and set your credit limit.
2. Order your card: once you’ve selected your credit limit, confirm your mailing address and submit your application.
3. Receive & activate: your card will be mailed to you. Upon receiving it, activate your card to start using it anywhere Visa credit cards are accepted in the U.S.
4. Track & pay on time: monitor your spending activity through your online account and make your payments on time to build a positive credit history.

Self Visa® Credit Card fees and interest

The Self Visa® Credit Card offers a convenient way to build credit, but it’s important to understand the associated fees and interest charges.

There’s a $25 annual fee applied when you first open the account and then annually after that. On top of that, there are potential fees for late payments (up to $15 each) and returned payments from your bank account (also up to $15 each).

The biggest cost however can come from interest charges. The Self Visa® Credit Card has a variable APR that can fluctuate based on the Wall Street Journal Prime Rate. This means the interest rate on your card balance can go up or down. 

To avoid these interest charges entirely, you’ll need to pay your statement balance in full each month. 

Here’s how interest is calculated:

• Interest starts accruing on any remaining balance after the due date and applies to new purchases as well until the entire balance is paid off.
• Daily interest rate is calculated by dividing the APR by 365 (number of days in a year).
• This daily rate is then used to calculate interest on your average daily balance.

Contemplating other options?

If you’ve already begun building credit, the Visa Petal® card could be a strong contender. There’s no annual fee, and the interest rate can be more attractive. 

Written by

Ellen Queiroz (Redatora)