Yes, Wells Fargo offers secured credit cards for people building or rebuilding credit

Wells Fargo's Secured Credit Card is designed for people with limited credit history, poor credit scores, or those recovering from past credit problems. You put down a cash deposit that becomes your credit limit — typically between $500 and $25,000 — and use the card like a regular credit card. The deposit stays in a separate account and is not touched unless you stop paying your bill.

The card reports to all three credit bureaus (Equifax, Experian, and TransUnion), so on-time payments build your credit history. After you demonstrate responsible use — usually 6 to 18 months of consistent payments — Wells Fargo may convert the card to an unsecured card and return your deposit.

Key Takeaways

  • Wells Fargo's Secured Credit Card requires a cash deposit that becomes your credit limit, ranging from $500 to $25,000.
  • The card charges an annual fee (the amount varies and you should confirm current rates with Wells Fargo) and a variable interest rate that depends on your creditworthiness.
  • Your payment history reports to all three credit bureaus, so on-time payments directly build your credit score.
  • After 6 to 18 months of on-time payments, you may be able to convert to an unsecured card and recover your deposit.

How the deposit and credit limit work

Your deposit is held in a savings account at Wells Fargo and becomes your credit limit. If you deposit $2,000, your credit limit is $2,000. You cannot access the deposit while the card is active — it serves as collateral in case you default on payments.

If you miss payments or close the account, Wells Fargo may use the deposit to cover what you owe. If you close the account in good standing, the deposit is returned to you, usually within 5 to 7 business days. You can request a higher credit limit by increasing your deposit, though Wells Fargo may also raise your limit without requiring additional money after you build a payment history.

Fees and interest rates

Wells Fargo charges an annual fee for the Secured Credit Card. The exact amount changes over time, so you should contact Wells Fargo directly or check their website for the current fee. This fee is charged once per year and appears on your statement.

The interest rate (called the Annual Percentage Rate or APR) is variable, meaning it changes based on market conditions and your creditworthiness. People with lower credit scores typically receive higher APRs. If you carry a balance, you will pay interest on that balance at your assigned rate. Paying your full balance each month avoids interest charges entirely.

Building credit with a secured card

The primary purpose of a secured card is to create a record of on-time payments. Each month, your payment (or non-payment) is reported to Equifax, Experian, and TransUnion. On-time payments gradually raise your credit score; late payments damage it.

To maximize credit-building, pay at least the minimum payment on time every month. Paying the full balance is better because it keeps your credit utilization low — the percentage of your available credit that you are using. Credit bureaus view low utilization as a sign of responsible credit management.

When Wells Fargo converts your card to unsecured

Wells Fargo does not have a fixed timeline for conversion. The bank reviews your account periodically and may offer to convert your card to an unsecured card after you demonstrate consistent on-time payments. This typically happens between 6 and 18 months, but some accounts take longer.

When conversion happens, Wells Fargo returns your deposit to your designated account. You keep the same card and account number, but the deposit requirement is removed and your credit limit may increase. You are not may provide conversion — it depends on your payment history and credit behavior during the secured period.

Comparing Wells Fargo secured card to other options

Other banks and credit unions also offer secured cards. Some charge lower annual fees, others offer higher starting credit limits, and a few report to credit bureaus faster. If you have a relationship with Wells Fargo or prefer their online banking platform, their secured card is a straightforward option. If you are shopping around, compare the annual fee, starting credit limit range, APR, and how quickly other issuers report to credit bureaus.

A secured card is different from a prepaid card. With a prepaid card, you load money onto the card and spend only what you loaded — it does not build credit because no borrowing occurs. A secured credit card involves actual borrowing and credit reporting, which is why it builds your credit history.

What happens if you miss a payment

Missing a payment on a secured card has the same consequences as missing a payment on any credit card. Late payments are reported to credit bureaus and damage your credit score. If you are 30 days late, Wells Fargo reports it as a late payment. If you are 60 or 90 days late, the damage to your score increases.

If you fall significantly behind, Wells Fargo may use your deposit to cover the debt. You could also face collection action or a lawsuit, depending on how long the account remains unpaid. If you are struggling to make a payment, contact Wells Fargo before the due date — they may offer a hardship program or payment plan.

Frequently Asked Questions

Can I use my secured card everywhere a regular credit card is accepted?

Yes. A Wells Fargo Secured Credit Card works at any merchant that accepts Visa (or Mastercard, depending on which version you have). The merchant does not know it is a secured card — it functions like any other credit card at the point of sale.

What if I want to increase my credit limit before conversion?

You can request a higher credit limit by depositing additional funds into your secured savings account. Wells Fargo may also increase your limit without requiring more money if your payment history is strong. Contact Wells Fargo to ask about either option.

Do I need a Wells Fargo checking or savings account to get the secured card?

You need a Wells Fargo savings account to hold your deposit, but you do not necessarily need a checking account. If you do not already have a Wells Fargo savings account, you will need to open one as part of the secured card process.

What if I close the account — do I get my deposit back?

Yes, if you close the account in good standing (no unpaid balance), Wells Fargo returns your deposit within 5 to 7 business days. If you have an outstanding balance, the deposit may be used to pay it first. Once the balance is cleared, any remaining deposit is returned to you.

How long does it take to get approved for a Wells Fargo secured card?

Approval typically takes a few business days. Once approved, you will need to fund your deposit account before the card is activated and mailed to you. The entire process from application to receiving the physical card usually takes 1 to 2 weeks.