Do you have to have a bank account with Wells Fargo to get their secured credit card?
Do you have to have a bank account with Wells Fargo to get their secured credit card?
I have Bank of America and have had them for 4 years, no problems. Love the bank. But they have a high annual fee for a secured credit card, so I don’t want to go through them.
Wells Fargo is cheap. I know I can’t do it online or over the phone, but if I went in person, would they give me one without having a bank account with them?
Thanks!
July 26th, 2010 at 6:41 pm
Yes, but they will have you do all of the paperwork and open it when you get approved for the card.
July 26th, 2010 at 7:16 pm
Since you are going for a secured credit card Wells Fargo will make you open an account to put that collateral money into that you are handing over as a security for the credit card account.
They have to put your security deposit somewhere… and no, that money is not loaded onto the card.
You are not going to spend your money but have a real credit card account. Only when you mess up and don’t pay the bill will Wells Fargo close the account and use your security deposit to pay off the balance.