Wells Fargo Secured Credit Card Review 2026
Update 2026: The Wells Fargo Secured Credit Card has been discontinued and is no longer available to new applicants. If you're looking for a secured card to build credit, see our guide to currently available secured credit card alternatives.
What the Wells Fargo Secured Card Offered
For years, the Wells Fargo Secured Credit Card was a go-to option for credit builders. It was backed by one of the largest banks in the country, reported to all three credit bureaus, and offered a clear path to unsecured credit. However, as of December 2019, Wells Fargo discontinued this product and no longer accepts new applications.
This article documents what the card offered and introduces you to secured credit card alternatives that are available today.
How the Wells Fargo Secured Card Worked
Like all secured cards, it required a refundable deposit that became your credit limit. Wells Fargo allowed deposits from $300 up to $10,000, which was wider than most competitors. That higher ceiling made it easier to keep credit utilization low with a larger starting limit.
The card reported payment activity to Equifax, Experian, and TransUnion every month. Consistent on-time payments built payment history — the single biggest factor in your credit score. Building strong credit requires consistent effort and time.
Wells Fargo Secured Card Details (Historical)
- Annual fee: $25 (charged quarterly at $6.25)
- APR: 21.24%–29.49% variable depending on creditworthiness
- Security deposit: $300 minimum / $10,000 maximum
- Credit limit: Equal to your deposit
- Rewards: None on the standard secured card
- Foreign transaction fee: 3%
- Bureau reporting: All three (Equifax, Experian, TransUnion)
The Path to Unsecured Credit
Wells Fargo periodically reviewed cardholders' accounts to determine if they qualified for graduation to an unsecured card. They considered:
- Your payment history on the Wells Fargo card
- Your overall credit profile across all accounts
- How long your credit accounts had been open
- Your income
There was no set timeline for graduation — it happened when the bank decided you were ready. Some cardholders reported graduating in as little as 12 months; others waited longer. If upgraded, the deposit was returned.
Why Wells Fargo Discontinued the Card
Wells Fargo's decision to exit the secured credit card market reflected broader changes in consumer credit. As the secured card market grew more competitive with no-annual-fee options, the card's $25 annual fee became less attractive. Additionally, the bank faced reputational challenges during this period, which may have influenced their decision to streamline their consumer credit products.
Better Alternatives in 2026
If you were considering the Wells Fargo Secured Card, these alternatives are available today:
Capital One Secured Mastercard
- No annual fee
- Deposits range from $49 to $2,000
- Reports to all three credit bureaus
- Graduates to unsecured after responsible use
- Clear path to Capital One products
Self Visa® Credit Card
- Reports to all three credit bureaus
- No credit check required
- Flexible pricing based on your needs
- High approval rates
- Designed specifically for credit building
OpenSky® Secured Visa® Credit Card
- No credit check required
- $200 minimum deposit
- No annual fee
- Reports to all three bureaus
- No credit history needed
Firstcard Credit Builder Card
- Designed specifically for credit building with no credit check
- Flexible terms and transparent pricing
- Full bureau reporting
- Focus on helping you build toward unsecured credit
Key Lessons from the Wells Fargo Card
Even though it's discontinued, the Wells Fargo Secured Card teaches important lessons about secured credit cards:
- Higher deposit limits matter — The ability to deposit up to $10,000 meant you could establish a stronger credit utilization ratio from day one.
- Multiple bureau reporting is essential — All secured cards worth considering report to Equifax, Experian, and TransUnion.
- Fee impact adds up — A $25 annual fee costs $200–$300 over the first decade. No-fee alternatives are preferable if available.
- Graduation is possible but not guaranteed — Most secure card issuers will eventually upgrade responsible borrowers, but it's not automatic.
Frequently Asked Questions
Why was the Wells Fargo Secured Credit Card discontinued? Wells Fargo discontinued the card in December 2019 as part of changes to their consumer credit strategy. The secured card market became increasingly competitive with no-annual-fee options, which may have influenced their decision.
Can I still get the Wells Fargo Secured Credit Card? No. The card is no longer available to new applicants. If you already have one, you can continue using it. If you're looking to build credit, see the alternatives listed above.
What should I do if I was planning to apply for the Wells Fargo Secured Card? Consider the alternatives listed above. Capital One Secured Mastercard, Self Visa, and OpenSky all offer no-annual-fee or low-cost options with strong bureau reporting and clear paths to unsecured credit.
Does the Wells Fargo Secured card report to all three credit bureaus? Yes, it did report to Equifax, Experian, and TransUnion — one of its strong features.
Can the Wells Fargo Secured card graduate to unsecured? It could have, with Wells Fargo periodically reviewing accounts for upgrade to unsecured status. However, since the product is discontinued, this applies only to existing cardholders.
Looking for a secured card to build credit? Firstcard can help.
Current Build Card
Current Build Card
$0 annual fee, 0% APR. No minimum deposit required. No credit check required. 1 point per dollar on dining and groceries. Reports to Experian, TransUnion, Equifax.
Fee
$0
APR
0%
Minimum Deposit Amount
$0
Credit Check
No
Cashback
1 point/dollar on dining & groceries (with qualifying payroll deposit)
Benefit
No credit check, no deposit minimum, no APR
