Is the Self Credit Card worth your time?
Short answer: Only if you’ve got a pretty banged up credit score and are looking for ways to improve it.
Does this sound like you?
If so, keep reading for more info.
Is the Self Credit Card Worth it?
The Self Credit Card is a good option for those with a low credit score who want to start rebuilding their score.
It’s a secured credit card marketed solely as a tool to help people build credit, so don’t expect any rewards or bonus offers here.
How Does the Self Credit Card Stack up to Other Cards?
The Self Credit Card is not the only secured credit card offered to people looking to build or repair their credit score.
Check out some pros and cons of the Self Credit Card compared to similar products on the market:
Pros:
- Self can also help you build credit if you do not have any credit history. Your credit score will increase based on your payment history and how much of your credit limit you use.
- Unlike some other secured credit cards, Self reports to all three major credit bureaus in the US.
Cons:
- If you don’t pay the bill in full by the due date, Self will charge interest on your balance. The late fee is $6 or 5% of the unpaid amount, whichever is greater.
- There’s no sign-up bonus or any rewards program associated with this card, so it’s not designed to be a card that people should keep for its long-term benefits.
What Credit Rating Do You Need to Get Approved?
There’s actually no hard credit check to get this card. Instead, Self requires that you set up one of their ‘credit builder’ accounts, which is an installment loan, also marketed at helping you build or repair your credit score.
Then, you need to make at least three monthly payments on time and have at least $100 built up in your account.
Once you accomplish that, you can order your Self Credit Card.
What’s the Average Self Credit Card Approval Limit?
The minimum limit is $100 — the minimum you’re required to have in your credit builder account.
According to their website, eligible applicants can secure a limit up to $3,000 on their card. But, the average credit limit for Self credit card approvals is $2,000.
Self Credit Card Details
It’s a bit hard to find the credit card details on their site as Self requires you to sign up for the credit builder account first, and most of their messaging is pushing that.
From what we can find, here’s the deets:
- Annual Fee: $25
- Foreign Transaction Fee: None
- APR: 26.99% (variable)
- Late Payment Fee: Up to $38
- Over-the-limit fee: None (because it’s impossible)
Self Card Benefits
This is a pretty cut and dry deal, and there’s no long list of benefits to parse through. If your credit is in the crapper, Self will help you dig your way back out. That’s it. No cash back, no travel rewards, nothing else.
Self Application Process
As we mentioned above, you’ve got to sign up for their credit builder account and make at least three monthly payments on time. So while this is a super simple process, and doesn’t involve a hard credit check, it is also slow as molasses.
If you want to get started with the builder account, just jump on over to the sign up page on their website.
A Recap of the Self Credit Card
If you have garbage credit and are looking for a secured card that reports to the credit bureaus, will help you improve your score, and doesn’t require a massive up-front deposit, the Self Credit Card is a pretty good deal.
If you’re absolutely anyone else, stay far away from this card. It’s not worth the three months of your life it’ll take just to apply.