The Self Visa Secured Credit Card is a multi-phase financial product designed for U.S. consumers who need to establish or improve their credit profiles. The system is comprised of two distinct but integrated components: the Credit Builder Account, which functions as a secured installment loan, and the Self Secured Visa Credit Card, a secured revolving credit line. This document provides a technical overview of the product’s architecture, operational mechanics, eligibility parameters, and fee structure.
The platform’s primary market differentiator is its methodology for credit-file generation and its accessibility. It does not require a hard credit inquiry for approval and utilizes a unique mechanism for funding the secured credit card’s collateral deposit. The objective of the system is to report positive payment history for two different types of credit—installment and revolving—to the three major U.S. credit bureaus.
Product Benefits
- Dual Credit-Type Reporting: The system reports both an installment loan and a revolving credit line, which helps to build a diverse and robust credit profile.
- No Hard Credit Inquiry: The application process does not involve a hard credit pull, making the product highly accessible to individuals with no or poor credit.
- Alternative Security Deposit Method: The card’s security deposit is funded by the user’s prior payments into the Credit Builder Account, eliminating the need for a large, upfront lump-sum payment.
- Comprehensive Bureau Reporting: All account activity is reported to Equifax, Experian, and TransUnion.
- User-Defined Credit Limit: The cardholder has direct control over the initial credit limit by selecting the amount of their savings progress to secure the card.
- Path to Secured Card Built into the Process: There’s no separate application for the credit card—the offer appears in your dashboard once you meet eligibility criteria (typically after a few months of on-time payments).
- Easy, All-Digital Experience: Manage your progress, make payments, and track your credit-building journey completely online through the Self mobile app or website.
- Helps Build Payment History Automatically: Automatic monthly payments from your linked account help ensure consistent on-time payments, which are the most influential factor in credit scoring.
- No Risk of Revolving Debt: Because you fund your credit limit gradually and payments are structured, the system helps users avoid racking up unmanageable revolving debt.
Applicant Eligibility Criteria
To be eligible for the Self platform, an applicant must:
- Be at least 18 years of age.
- Be a U.S. citizen or permanent resident with a valid visa.
- Have a U.S. physical address.
- Possess a Social Security Number or Individual Taxpayer Identification Number (ITIN).
- Have a bank account, debit card, or prepaid card for making payments.
- Pass identity verification through ChexSystems.
How to Apply
- Open a Credit Builder Account: Visit the Self.inc website and select a Credit Builder Account plan.
- Complete the Application: Provide all required personal and financial information and pay the one-time administrative fee.
- Make Scheduled Payments: Begin making on-time monthly payments to the Credit Builder Account.
- Meet Card Eligibility: After meeting the required criteria (e.g., 3 payments, $100 saved), select the option to get the Secured Visa® Card from your account dashboard.
- Set Your Credit Limit: Choose the amount of your savings progress to use as your security deposit.
- Receive and Activate the Card: The card will be mailed to you. Upon activation, the $25 annual fee will be charged to the card.
Self Visa Frequently Asked Questions
- Is the Credit Builder Account a prerequisite for the Secured Visa Card?
Yes. The Self Secured Visa® Credit Card is exclusively available to holders of a Self Credit Builder Account who have met the specific eligibility criteria. It cannot be applied for as a standalone product. - What is the source of the funds for the security deposit?
The funds used to secure the credit card are derived directly from the principal payments the user has already made into their Credit Builder Account’s Certificate of Deposit. - How does this product’s cost compare to a standard secured card?
A standard secured card typically requires a refundable $200+ deposit and may have a $0 annual fee. The Self system requires a smaller, non-refundable $9 admin fee, a $25 annual card fee, and interest on the loan. Self is advantageous for those who cannot afford the upfront lump-sum deposit of a traditional secured card. - What happens to the funds in the Certificate of Deposit?
At the end of the Credit Builder Account loan term, the CD unlocks. The portion of funds used to secure the Visa card remains held as collateral. The remaining principal (minus fees and interest) is returned to the user. If the user later closes the Visa card in good standing, the security deposit portion is also returned.
