With no credit check, consumers with low or no credit can qualify for a secured credit card with $100 deposit
credit-building platform Self Financial announced it has launched a secured card that requires a $100 minimum deposit, which is one of the lowest deposits in the credit card industry. Designed for people who are new to credit or are trying to get their scores back on track, the deposit for the Self Visa® Credit Card requires no hard credit pull and makes it easier to start building credit history.
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Previously, the card was only available to customers who had a Self Credit Builder Account, which is a loan in a bank-held certificate of deposit (CD) that builds credit and savings with each monthly installment payment. Consumers who don’t have $100 upfront can still fund their Self Visa® Credit Card deposit over time through a Self Credit Builder Account.
“Nearly 72% of new Self customers express an interest in obtaining a secured Self Visa Credit Cardi. By offering this card, we’re hoping to meet consumer demand while continuing to reduce barriers to building credit history,” said Julie Szudarek, CEO of Self Financial.
In a recent Self customer survey 63 percent of new Self customers reported that their financial education was insufficient or non-existentii. Therefore, Self is also offering educational videos about credit cards, which include topics such as “How to Use Your First Credit Card” and “Secured vs. Unsecured Credit Cards.”
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Features of the Self Visa® Credit Card include:
- No hard credit pull
- No minimum score to qualify
- Flexible funding options that work with the customer’s existing bank account including Automated Clearing House (ACH) and debit payments, or using a Credit Builder Account
- Reporting to all three credit bureaus
- $25 annual fee
Building a strong credit history is a significant factor for the financial well-being of more than 100 million Americans with low or no credit. The card has been beneficial to Self customers who are working on their credit.
“I’ve spent years looking for a secured credit card with a low minimum deposit — something that would actually let me work on my credit without foolish requirements…” said Bradley S., a Self credit card customer. “Self has given me a real chance to build a solid foundation for my finances. After feeling like my financial situation was blocked for so long, it feels amazing to finally be in control and moving forward.”
Self continues to invest in products that increase access to credit building. Last year, the company introduced its unsecured Self Plus Credit Card, available to existing Self customers who have a history of on-time payments. It has a pre-approval process with income and expense verification and a credit check. The card does not require a security deposit and has a minimum starting credit limit of $200, with an annual fee of $35iii.
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Source – PR Newswire
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