Yes, Wells Fargo offers a secured credit card called the Wells Fargo Secured Credit Card

Wells Fargo's secured credit card is designed for people building or rebuilding credit history. You deposit money into a savings account, and that deposit becomes your credit limit — typically between $500 and $25,000, depending on how much you put down. You then use the card like a regular credit card, making purchases and monthly payments. The deposit stays in the account and earns a small amount of interest.

The card reports your payment activity to all three major credit bureaus (Equifax, Experian, and TransUnion), which means on-time payments help build your credit score over time. After you demonstrate responsible use — usually 18 months or longer of on-time payments — Wells Fargo may convert your account to an unsecured card and return your deposit.

Key Takeaways

  • Wells Fargo's secured 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 by when you opened the account) and reports to all three credit bureaus each month.
  • Your deposit earns interest while held in the account, though the rate is typically very low.
  • You can request conversion to an unsecured card after 18 months of on-time payments, at which point Wells Fargo returns your deposit.

How the deposit and credit limit work

When you open the Wells Fargo Secured Credit Card, you choose how much to deposit. That amount becomes your credit limit. If you deposit $1,500, your limit is $1,500. Wells Fargo holds this money in a linked savings account while you use the card.

You cannot withdraw the deposit while the account is secured — it stays locked as collateral. The deposit does earn interest, though the rate changes based on market conditions and is typically less than 1 percent per year. You can increase your deposit later to raise your credit limit, and Wells Fargo may also increase your limit without requiring an additional deposit if your credit improves.

Annual fees and interest rates

The Wells Fargo Secured Credit Card charges an annual fee. The amount depends on when you opened the account: accounts opened before a certain date may have different fees than newer accounts. You should check your account documents or contact Wells Fargo directly to confirm the exact fee on your card.

The card also carries a variable interest rate (APR) that applies to any balance you carry month to month. This rate changes based on the prime rate and your creditworthiness. If you pay your full balance each month, you avoid interest charges entirely. The card does not charge foreign transaction fees, which can be useful if you travel internationally.

Building credit with on-time payments

The main purpose of a secured card is to build credit history. Each month, Wells Fargo reports your payment status to Equifax, Experian, and TransUnion. On-time payments show up as positive marks on your credit report, which helps raise your credit score over time. Late or missed payments also get reported and can damage your score.

To maximize the credit-building benefit, pay at least the minimum payment by the due date each month. Paying the full balance is even 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 borrowing.

When and how to convert to an unsecured card

After you have made on-time payments for approximately 18 months, you can contact Wells Fargo to request conversion to a regular unsecured credit card. Wells Fargo does not automatically convert your account — you must ask. The bank will review your payment history and credit score to decide whether to approve the conversion.

If Wells Fargo approves your request, your deposit is returned to you, usually within 5 to 7 business days. Your new unsecured card may have a different credit limit, annual fee structure, and interest rate than your secured card. You should review the terms before accepting the conversion.

Comparing Wells Fargo's secured card to other options

Other banks and credit card issuers also offer secured cards. Some have lower annual fees, higher deposit minimums, or faster conversion timelines. Capital One, Discover, and US Bank each have secured card products with different terms. The best choice depends on your deposit amount, how quickly you want to build credit, and whether you want to avoid annual fees.

If you already have a Wells Fargo checking or savings account, opening a secured card with them may be simpler because the deposit account is already linked to your existing relationship. If you are comparing options, request the full terms and conditions from each issuer so you can see the annual fee, APR range, and conversion policy side by side.

What happens if you miss a payment

If you miss a payment on your Wells Fargo Secured Credit Card, the bank reports it to the credit bureaus, which damages your credit score. A single late payment can lower your score by 30 to 100 points depending on how late it is and your overall credit profile. The longer the payment goes unpaid, the worse the impact.

If you fall significantly behind, Wells Fargo may freeze your account or close it. The bank could also explore your deposit toward the unpaid balance, though this is a last resort. If you are struggling to make a payment, contact Wells Fargo before the due date to discuss options — some banks offer hardship programs or payment plans.

Frequently Asked Questions

Can I use my deposit as collateral for a loan instead of a credit card?

No. The Wells Fargo Secured Credit Card specifically uses your deposit as collateral for a credit card account. If you want to borrow money against a savings deposit, you would need a different product, such as a secured personal loan. Contact Wells Fargo to learn what loan options they offer.

What if I close my account before converting to unsecured?

If you close your secured card account, Wells Fargo returns your deposit, usually within 5 to 7 business days. However, closing the account stops the positive payment history from building further, and it may lower your credit score slightly because it reduces your total available credit. Conversion to unsecured is generally better than closing if you no longer need the card.

Does Wells Fargo require a minimum credit score to open a secured card?

Wells Fargo does not publish a specific minimum credit score for the secured card. The bank reviews your credit report and banking history, but secured cards are designed for people with limited or damaged credit, so approval is generally more likely than with unsecured cards. You can contact Wells Fargo or check their website for current requirements.

Can I increase my credit limit without adding more money?

Yes, Wells Fargo may increase your credit limit without requiring an additional deposit if your credit score improves and you have a strong payment history. However, you can also request a limit increase by depositing more money into your linked savings account. The new deposit amount becomes your new credit limit.