How to Get a Self Credit Card
If you’re looking to build or rebuild your credit, getting a Self credit card can be a great option. Self offers a secured credit card that can help you establish a positive credit history and improve your credit score over time. Here’s how you can get a Self credit card:
1. **Apply Online**: To get a Self credit card, you can apply online through their website. The application process is quick and easy, and you’ll typically receive a decision within minutes.
2. **Fund Your Account**: Unlike traditional credit cards, a Self credit card is secured by a deposit that you make into a savings account. This deposit acts as your credit limit, and you can fund your account with as little as $100.
3. **Choose Your Deposit Amount**: When applying for a Self credit card, you’ll need to decide how much money you want to deposit into your savings account. The amount you deposit will determine your credit limit.
4. **Wait for Approval**: Once you’ve submitted your application and funded your account, you’ll need to wait for approval. Self may perform a soft credit check as part of the approval process, but bad credit or no credit history is usually not a problem.
5. **Receive Your Card**: If your application is approved, you’ll receive your Self credit card in the mail within a few weeks. Your card will look and work just like a traditional credit card, allowing you to make purchases and build credit.
6. **Start Using Your Card**: Once you have your Self credit card, you can start using it to make purchases. Just remember that your credit limit is equal to the amount you deposited into your savings account.
7. **Make On-Time Payments**: To build positive credit history, it’s important to make on-time payments on your Self credit card each month. By paying your bill in full and on time, you can improve your credit score over time.
Getting a Self credit card is a great way to establish or rebuild your credit. With a little effort and responsible use, you can improve your credit score and work towards financial stability.
FAQs about How to Get a Self Credit Card
1. Can I get a Self credit card with bad credit?
Yes, Self credit cards are designed for individuals with poor credit or no credit history, making it easier to qualify for one.
2. How much do I need to deposit to get a Self credit card?
You can fund your Self credit card account with as little as $100, which will serve as your credit limit.
3. Is there an annual fee for a Self credit card?
Yes, there is an annual fee for a Self credit card, which varies depending on the card option you choose.
4. How long does it take to get approved for a Self credit card?
You’ll typically receive a decision on your application within minutes, but it may take a few weeks to receive your physical card in the mail.
5. Can I increase my credit limit on a Self credit card?
Yes, you can increase your credit limit on a Self credit card by depositing additional funds into your savings account.
6. Can I use my Self credit card for cash advances?
Yes, you can use your Self credit card for cash advances, but keep in mind that these transactions often come with high fees and interest rates.
7. Can I upgrade from a secured to an unsecured Self credit card?
Yes, after demonstrating responsible credit card usage and improving your credit score, you may be eligible to upgrade to an unsecured Self credit card.
8. Are there any rewards or perks for using a Self credit card?
Self credit cards do not typically offer rewards or perks, as they are primarily designed to help individuals build or rebuild credit.
9. Can I add an authorized user to my Self credit card?
Yes, you can add an authorized user to your Self credit card, but keep in mind that you are responsible for any purchases made by the authorized user.
10. What happens if I miss a payment on my Self credit card?
If you miss a payment on your Self credit card, you may incur late fees and your credit score may be negatively impacted. It’s important to make on-time payments to avoid these consequences.
11. Can I cancel my Self credit card at any time?
Yes, you can cancel your Self credit card at any time, but keep in mind that closing a credit card account may impact your credit score.
12. How does a Self credit card differ from a traditional credit card?
A Self credit card is secured by a deposit that you make into a savings account, whereas a traditional credit card does not require a deposit. Self credit cards are designed to help individuals establish credit or improve their credit history.