Self – Credit Builder Account + Secured Visa® Credit Card
The Self program combines a credit-builder loan with a secured Visa credit card, giving you two tradelines reported to all three major credit bureaus. It’s designed for people with little or poor credit who want a structured, step-by-step way to build credit while saving.
Card Details
- Bank Name / Issuer: Lead Bank (issued in partnership with Self Financial, Inc.)
- Network & Processor: Visa – accepted anywhere Visa is accepted
- Approval Rules: No credit score required; no hard inquiry; must open a Self Credit Builder Account and make 3 on-time payments with at least $100 saved
- Annual Fee: $0 first year, then $25 annually
- Purchase APR: 28.24% variable APR (no intro APR)
- Security Deposit: Minimum $100, held from your Credit Builder Account savings (refundable when loan is closed and balance paid)
- Credit Limit: Equal to deposit ($100 minimum, can grow with more savings)
- Credit Reporting: Reports monthly to Experian, Equifax, and TransUnion
- Rewards: None – credit-building only
- Other Fees: Late/returned payment up to $15; debit-card payment fee $3.50; no foreign transaction fee
- Mobile/Online: Managed through Self’s app/website, supports Apple Pay, Google Pay, Samsung Pay
About The Card
Self’s card is unique because it’s tied to their Credit Builder Account – a 24-month installment loan that builds savings in an FDIC-insured CD. After ~3 months of on-time payments (and at least $100 saved), you unlock the Secured Visa. The card works like any Visa but is backed by your savings deposit.
Because Self reports both the installment loan and the secured card, you build a stronger credit profile by adding two types of accounts. Everything is managed online or through the Self app, which also provides free credit score monitoring. The trade-off is cost: you pay interest on the loan, and eventually a $25 annual card fee, with savings locked until the end of the term.
Pros
- Reports to all 3 bureaus with both loan + card
- No credit score or hard inquiry required
- Low entry deposit ($100) – funded gradually from loan payments
- First-year annual fee waived
- App tools: credit score monitoring, autopay, alerts, mobile wallet support
- Potential credit-line increases without additional deposits
Cons
- Must wait ~3 months before card unlocks
- Annual fee ($25) after the first year
- High APR (28.24%) if carrying a balance
- Loan interest/fees reduce total savings returned
- Savings locked in CD until loan ends (24 months)
- No rewards, points, or bonuses
- Other secured cards (like Discover it® Secured) may be cheaper if you qualify
Is this card for me?
The Self bundle is ideal if you have poor or no credit and want a guaranteed way to add positive tradelines. It’s especially useful if you want the discipline of forced savings while simultaneously building credit.
If you already have fair or good credit, or you qualify for a secured card with no fees and rewards, this may not be the best value. But if you’re starting from scratch and want a structured 2-year plan, Self provides one of the clearest paths to rebuilding credit.
