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With so much emphasis put on achieving the high-700 credit score rating nowadays, it is easy to forget about all of the consumers out there who either are new to a credit card membership, or may be looking to rebuild their score. Fortunately for these individuals, many of the most prominent banks in the country offer Secured Credit Card services.

wells-fargo-secured-credit-card-review-1Wells Fargo, for example, offers a Secured Credit Card which operates on the concept of a collateral account. Instead of simply opening a service and establishing a credit line, the customer literally make must a deposit between $300 and $10,000, which effectively turns into the credit line of the card. This helps to establish the basis of being in control of ones finances after the introduction of a credit card, as you will only be able to spend how much has previously been deposited.

The particular financials of the account service are fairly standard, however are not necessarily ideal to those who are just getting started out in the credit card industry and may not fully comprehend all of the fee and interest. The service entails a 19.24% interest rate on the outstanding balance of the account. Although relatively high for the market average, this rate aids the consumer in keeping their purchases on the card as low as is suited for their own personal interest without having to carry a balance.

Moreover, membership entails a 25$ annual fee. Ultimately, if the cardholder is able to make on-time and complete payments, this service should be an excellent option.

Owners of a Wells Fargo Secured Credit Card are also able to enjoy additional benefits without any added cost. In terms of vehicle safety, consumers are subjected to an emergency roadside dispatch service as well as emergency assistance services as a complimentary feature. This detail can prove to be crucial during times of emergency, and is one of the ways that Wells Fargo works to benefit their customers.

wells-fargo-secured-credit-card-reviewSome of the other basic features offered by the card include a zero liability program, which automatically alieves the consumer of faulty transactions, as well as an overdraft protection service which works to avoid excess overdraft fees. This is on top of the access that all cardholders gain to educational services on how to build and maintain a solid credit rating.

In general, consumers who take time to review their experience with this service report positive feedback with a few exceptions. There seems to be a general consensus that Wells Fargo is hesitant to raise the limits of those who own the card, as well as don’t frequently offer an upgrade in services as a result of on-time and full payments. Instead, many cardholders report having to simply cancel the service after an extended period of time following the establishment of a satisfactory credit rating. Ultimately, it is up to the consumer as to whether or not they want to continue the service, but opening an account seems to be a prime option.