If you are an American citizen and have at least a little bit of savings, you may be able to qualify for a Wells Fargo Secured Credit Card. The requirements are pretty much the same as a traditional credit card, and you have to have a checking account as well as a social security number. You will also need to pay a monthly fee and a one-time administrative fee. The fee is waived if you make all your payments on time or have an outstanding balance less than 30 days old.
The only limit to a Wells Fargo Secured Credit Card is your own imagination. They are easy to apply for and usually have very competitive interest rates. If you want to, the recommended amount for the Wells Fargo secured card is around $200, but you can climb up to a much higher amount depending on how much money you want to deposit into the account. Your money goes directly into a Wells Fargo secure account, which they call a †collateral account.
You don't earn interest from the money deposited into your account. They do charge an annual fee to cover their overhead, and they allow you to transfer funds to another account, but there is no interest paid on that account. The only thing the card does is make sure your payments are made. If you are behind on a bill and don't have any money, they will contact you by telephone and then either offer you a new card, or give you an extension to pay the bill.
Once you have received an application for a Wells Fargo secured credit card, you will need to make a security deposit, also known as an application fee, of one percent of the total amount of money you want to deposit in the account. This is the amount you will be paying each month for interest. Make sure you know exactly how much money you will be putting down on the account before applying.
You should have no problem finding a card for your situation. There are several card providers nationwide, and there are also several credit cards with low interest rates offered through online sites. You can usually apply for these cards and see whether or not they will match your needs.
The amount of money you need to put down each month depends upon how much money you want to put down on a secured credit card and the amount you want to invest in . . . . . . the account. If you are in debt, you may find that the more money you have to put down, the better interest rate they will offer. If you are looking to improve your credit rating, it may take longer to qualify for a card with a lower interest rate.