If you need to build credit but you can’t seem to get approved for a traditional credit card, the Self – Credit Builder Account with Secured Visa® Credit Card could be the answer you’re looking for. This secured credit card is easy to get approved for, provided you’re willing to make payments to a savings account in your name. After you build up at least $100 or more in savings, you can allocate some of your funds toward your new credit limit and begin using this secured card to build credit for the future.

To qualify for the Self Secured Visa Credit Card, you’ll need to open a Credit Builder Account with a company called Self first. You also have to make at least three months of on-time payments toward your dedicated savings account with at least $100 or more in progress made so far.

With all these details in mind, it’s easy to wind up asking yourself an important question: Is the Self Secured Visa Credit Card worth it? Here are some situations where the card is well worth the effort, as well as scenarios where you may want to consider a different plan for credit-building altogether.

When is the Self – Credit Builder Account with Secured Visa Credit Card worth it?

The Self Secured Visa Credit Card will likely be worth it for you if any of the following scenarios apply:

You want to build credit with no credit check required

The Self Secured Visa Credit Card is unique because it doesn’t require a credit check like other credit cards do. Due to this fact, you are virtually guaranteed approval as long as you can meet the requirements for this account, such as making three on-time payments and building up at least $100 in your Credit Builder Account.

Self even reiterates this fact in their fine print for the card:

“You can’t be rejected or turned down for the credit builder card because there isn’t an application process like other credit cards,” the lender writes.

You need time to save up your security deposit

The best secured credit cards require you to come up with a minimum security deposit of $200 to $300 to begin building credit, yet the Self Secured Visa Credit Card lets you start saving toward your security deposit before you apply. This makes it ideal for people who need some time to save up their security deposit but want to do so in an organized and strategic way.

You want a Visa credit card for purchases

The Self Secured Visa Credit Card is a real Visa card, so you can use it with millions of retailers and vendors that accept Visa worldwide. This makes the card ideal for in-person shopping as well as online purchases.

When is it not worth it?

Still can’t decide on the Self Secured Visa Credit Card? Here are some situations where a different credit-building product could leave you better off.

You want to pay zero in fees

The Self Secured Visa Credit Card comes with a $25 annual fee that is charged on your first credit card statement and again every 12 months, yet there are plenty of secured credit cards that come with $0 in unavoidable fees.

Also, note that the variable APR on this card is incredibly high at 26.99 percent, so it’s a poor choice for carrying a balance for the long term.

You have the cash saved up for a traditional secured card

If you have $200 or more in savings built up in your own account, you can consider almost any other secured credit card on the market today. After all, the minimum security deposit is just $200 for popular secured cards like the Discover it® Secured Credit Card and Capital One Quicksilver Secured Cash Rewards Credit Card.

You want a secured credit card that earns rewards

While the Self Secured Visa Credit Card makes it easy to save up your security deposit with monthly payments, the secured card itself doesn’t offer any rewards. By contrast, several of the top secured cards offer up to 1.5 percent cash back for each dollar you spend, such as the Quicksilver Secured.

Should you get the Self – Credit Builder Account with Secured Visa Credit Card?

For the most part, the Self Secured Visa Credit Card works best for people who want a secured credit card without having to go through a credit check, as well as those who want to save up their security deposit over the span of a few months. This card is also one that will approve you regardless of the past mistakes you have made with credit, even if you have a bankruptcy on your credit report.

That said, people who want to build credit do have plenty of options, including the chance to get a secured card that earns rewards with no annual fee. With that in mind, you should only get the Self Secured Visa Credit Card if you have taken the time to compare all your available options.

The bottom line

Before you decide on this card, we also suggest reading over our Self – Credit Builder Account with Secured Visa Credit Card review.

In the meantime, you should compare other credit cards for bad credit as well as credit cards for no credit history. Once you spend some time looking at offers geared to your credit rating, you’ll be able to make an informed decision.