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

Wells Fargo's secured card is designed for people rebuilding credit or starting from scratch. You put down a cash deposit, typically between $500 and $2,500, which becomes your credit limit. You then use the card like any other credit card — make purchases, receive a monthly bill, and pay it back. The deposit stays in a separate account and is not touched unless you stop paying your bill.

The card reports to all three credit bureaus (Equifax, Experian, and TransUnion), so your payment history builds your credit score over time. After you demonstrate responsible use — usually 12 to 18 months of on-time payments — Wells Fargo may convert the card to an unsecured card and return your deposit.

Key Takeaways

  • Wells Fargo's secured card requires a cash deposit of $500 to $2,500, which sets your credit limit.
  • The card reports to all three credit bureaus, so on-time payments directly improve your credit score.
  • You pay an annual fee (the amount varies and changes over time, so confirm the current fee before opening the account).
  • After 12 to 18 months of on-time payments, you may be converted to an unsecured card and your deposit returned.
  • You can check your progress through Wells Fargo's online banking or mobile app, which shows your credit limit and account status.

How the deposit and credit limit work

Your deposit is held in a savings account at Wells Fargo and earns a small amount of interest. The deposit amount you choose becomes your credit limit — if you deposit $1,000, your limit is $1,000. You cannot spend the deposit itself; it stays locked in the savings account for the duration of the secured card relationship.

If you miss payments or default on the card, Wells Fargo can use the deposit to cover what you owe. If you close the account in good standing or convert to an unsecured card, you get the full deposit back, plus any interest it earned.

Fees and interest rates

Wells Fargo charges an annual fee for the secured card. The exact amount changes periodically, so you should confirm the current fee on Wells Fargo's website or by calling their customer service line before you open the account. This fee is separate from any interest you pay on a balance you carry month to month.

The interest rate (called the APR, or annual percentage rate) also varies based on your creditworthiness at the time you explore. Wells Fargo will disclose both the annual fee and the APR before you complete your process, so you will know the full cost before you commit.

How to open a Wells Fargo secured card

You can open the account online through Wells Fargo's website, by phone, or in person at a Wells Fargo branch. You will need to provide your Social Security number, proof of identity, and proof of address. Wells Fargo will run a credit check (called a hard inquiry), which may temporarily lower your credit score by a few points.

Once approved, you will need to fund the deposit. You can transfer money from an existing Wells Fargo account or set up a transfer from another bank. The card typically arrives within 7 to 10 business days after your account is fully set up.

When Wells Fargo converts your card to unsecured

Wells Fargo reviews your account periodically — usually after 12 to 18 months of on-time payments — to decide whether to convert you to an unsecured card. There is no formal process process; Wells Fargo makes the decision based on your payment history and credit score. If you are approved for conversion, they will notify you by mail or through your online account.

When the conversion happens, your deposit is returned to you (usually within a few business days), and your credit limit may increase. You keep the same card and account number, so there is no disruption to your credit history. The card continues to report to the credit bureaus under your new unsecured status.

What happens if you cannot convert yet

If Wells Fargo does not convert your card after 18 months, it does not mean you have failed. Conversion depends on your credit score, payment history, and Wells Fargo's internal standards, which change. You can continue using the secured card indefinitely, and your on-time payments will continue to build your credit.

Some people choose to close a secured card and open an unsecured card elsewhere once their credit score improves enough to be approved without a deposit. This is a valid strategy, though closing the account does affect your credit score slightly (it reduces the average age of your accounts). If you do close the account, your deposit is returned within a few business days.

Alternatives if Wells Fargo is not available to you

If you cannot open a Wells Fargo account — for example, if you have a prior banking relationship issue with Wells Fargo or do not meet their requirements — other banks and credit unions offer secured cards. Capital One, Discover, and many regional credit unions have secured card programs with similar structures: a deposit, a credit limit equal to the deposit, and a path to conversion after responsible use.

The terms vary by issuer, so if you are considering a secured card from another source, compare the annual fee, interest rate, deposit range, and conversion timeline. Some cards report to all three bureaus; others report to only one or two. Reporting to all three bureaus means your credit-building efforts reach the widest audience.

Frequently Asked Questions

Can I use my Wells Fargo secured card right away?

Yes, once the card arrives and you set up it, you can use it when ready. You do not need to wait for any approval period. Start using it for small purchases and pay the full balance on time each month to build your credit score as quickly as possible.

What if I need to increase my credit limit?

You can increase your credit limit by depositing more money into the secured savings account. For example, if your current limit is $1,000 and you deposit an additional $500, your new limit becomes $1,500. Contact Wells Fargo to arrange the additional deposit.

Does the interest on my deposit matter?

The interest earned on your deposit is minimal — typically less than 1% per year. It is not a reason to choose or avoid the card, but it is a small bonus. The real value is in building your credit score, which opens doors to better rates on future loans and credit products.

What if I miss a payment?

A missed payment will be reported to the credit bureaus and will damage your credit score. Wells Fargo may also charge a late fee. If you miss multiple payments, Wells Fargo can use your deposit to cover the debt. Pay on time every month — even if you can only pay the minimum — to protect your credit and your deposit.

Can I have both a secured and unsecured Wells Fargo card?

Yes, you can hold multiple cards from Wells Fargo at the same time. Some people open a secured card to rebuild credit, then later open an unsecured card for different rewards or benefits. Having multiple accounts can actually help your credit score if you keep all balances low and pay on time.