Wells Fargo Secure Card Review

The Wells Fargo Secure Card is not one of our highest rated secure credit cards. You can consult our list of best secured credit cards for what we think are better options.

Wells Fargo Secure Card Full Review

  • Emergency and travel benefits

  • Cell Phone Protection

  • Available for non-resident foreigners

The inconvenients
  • $ 25 annual fee

  • No reward

  • 3% foreign transaction fees

Benefits explained

  • Emergency and travel benefits: The Wells Fargo Secured Card has a surprisingly robust benefit package for a secure credit card. Cardholders have access to benefits such as emergency cash disbursement and card replacement, travel and emergency assistance services, rental car collision insurance, road dispatch and up to $ 150,000 in travel accident insurance. Most secure cards offer very few benefits, so these extras are an unexpected bonus.
  • Cell Phone Protection: If you use your secure card to pay your cell phone bill, you will receive up to $ 600 in cell phone damage or theft coverage after paying a $ 25 deductible. Some other credit cards offer protection for cell phones, but they are usually traditional cards with strict credit requirements and high annual fees. For example, the Citi Prestige card includes cell phone protection, but it has an annual fee of $ 495. Getting cell phone protection on a secured credit card with an annual fee of $ 25 is a nice perk.
  • Non-resident foreigners are eligible: If you are a non-resident alien in the United States, it can be extremely difficult to qualify for any type of credit card, even secured cards. Most businesses require you to enter a Social Security number when applying, making it impossible to obtain a card. However, the Wells Fargo Secured card is available to non-resident aliens (as well as US citizens and permanent residents), so it can be a good way to access a credit card if you are an immigrant. As a Visa card, it is also widely accepted around the world.

Disadvantages Explained

  • $ 25 annual fee: The Wells Fargo Secured Card charges an annual fee of $ 25. While it’s not very expensive, there are other secure cards on the market that don’t charge for it. So, unless the special benefits of the Wells Fargo Secured card are important to you, it may be more cost effective to apply for another card, such as the Secured Mastercard from Capital One. There is no annual fee and security deposits start at just $ 49.
  • No reward: This card does not have a rewards or bonus program. While this is not uncommon for a secure card, there are other cards that offer rewards on your purchases. For example, the Discover it Secured card has no annual fee and you can earn 2% cash back at gas stations and restaurants, up to $ 1,000 in combined spending each quarter. You will also get unlimited 1% cash back on all other purchases. Plus, Discover will match any cash back rewards you earn in your first year. If you’ve earned $ 200 in cash back rewards, Discover will match, giving you a total of $ 400 in rewards.
  • Foreign transaction fees: The Wells Fargo Secured Card charges an overseas transaction fee of 3% on every purchase you make outside of the United States. Over time, these fees can add up. A few secure credit cards, such as Capital One’s Secured Mastercard, do not charge foreign transaction fees. So, if you are planning to travel abroad, it may make more sense to take out a different card.

The Wells Fargo Secured Card is ideal for people who would have difficulty qualifying for traditional credit cards or other secure cards, such as non-resident aliens. This card is one of the few that non-resident foreigners are entitled to, so it may be a good choice if you fall into this category and need access to a credit card or want to establish your credit history. credit.

The card also offers valuable benefits that are unusual for a secured credit card, such as cell phone protection. This is something you usually don’t see with a secure card, so it’s a plus.

Great Benefits of the Wells Fargo Secure Card

As mentioned above, the Wells Fargo Secured Card offers an exceptional benefit that is atypical for a secured credit card: cell phone protection.

Use your card to pay your monthly cell phone bill and you’ll get up to $ 600 in cell phone protection, subject to a $ 25 deductible. Eligible phones are protected against damage or theft. However, you will not be covered if you simply lose your phone.

Standard benefits

This card offers a series of other benefits that can be useful when traveling:

  • Rental Vehicle Collision Waiver: Use the card to pay for your car rental and decline rental company coverage to get free secondary rental car collision damage coverage.
  • Replacement of the emergency card: If you lose your card or if it is stolen, you can contact Wells Fargo to have your card replaced and access emergency cash.
  • Roadside expedition: You can call 800-847-2869 for roadside assistance, such as towing or fuel delivery services. You will have to pay a separate fee for all the services provided.
  • Travel and emergency assistance services: If you used your card to pay for your ticket on a common carrier, you are entitled to free travel and emergency assistance services. You can call 800-847-2911 for assistance with medical or legal referrals, translation services, or lost baggage tracking services. You may need to pay additional fees for any services you use.
  • Travel accident insurance: Use your card to pay full fare on a common carrier and you’ll receive up to $ 150,000 in travel accident insurance, which provides coverage in the event of death or dismemberment.

Cardholder experience

Unfortunately, Wells Fargo is not known for its customer service. According to the 2019 JD Power Credit Card Satisfaction Survey, Wells Fargo ranked ninth out of 11 national issuers for customer satisfaction, with a score of 783 out of 1,000. The national average was 806.

However, the Wells Fargo customer service team is available 24 hours a day, seven days a week. They can be reached by secure email or at 800-642-4720.

Security functions

The Wells Fargo Secured card has some standard security features, such as zero liability protection and emergency card replacement. You can also turn on Account Alerts to receive text messages about unusual activity and payment due dates, which is typical of most credit cards.

Our verdict

The Wells Fargo Secured Card is a solid choice if you are looking to boost your credit and need a secured credit card, especially if you are a non-resident alien and are struggling to qualify for another card.

It offers several useful benefits, such as cell phone protection and car rental insurance, which are not common with secured credit cards.

However, it also has an annual fee, overseas transaction fees, and does not have a rewards program. If you can qualify for another card, it might be a good idea to sign up for a card that doesn’t charge these fees and save you money.

About Mildred B.

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