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Wells Fargo Secured Visa® Platinum Card
Issued by Wells Fargo |
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| Total Posts: 6 |
Average Rating:
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Category: Secured |
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Showing 1 - 6 of a total of 6 Commentaries |
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1-6 |
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| "Hold credit card payment" |
| I have only had car for 3 months, paid my bills on time, however the 3rd month they credited my account but held my payment. A few days later, I used my card and it was declined. Called W. F. Customer service, they stated there was a hold on the payment with no reason. I asked her to find out why, she spoke with a supervisor, she stated, W.F. Has the right to hold payments on cc's for up to 30 days without an explanation. Luckily I have cash and another account, but for those who don't, what can they do if they need gas, and WF just for no apparent reason holds their payment for 30 days. Not good for a person who is depending on prompt process of payments. |
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| Most attractive feature: Customer Service is very good and willing to help |
| Least attractive feature: They will hold payment for 30 days with no explanation, and you cannot use card. |
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| Posted by: Latresa |
| Date: 5/15/2012 |
Recommend?  |
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This person does not recommend this card.
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| "WF is awesmome" |
I opened this account when I became more responsible about my credit. WF has done an excellent job in providing me with a prestigious card for everyday use.
This experience alone has me anxious for my annual review; I would love to transfer some outstanding CC balances. AND would also be happy to have WF service my home/auto loans in the future.
Job Well Done! |
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| Most attractive feature: Great Rewards Program and Opportunity to upgrade to an unsecured credit line |
| Least attractive feature: takes approz 12 months to be eligible for unsecured status |
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| Posted by: Brett |
| Date: 11/23/2007 |
Recommend?  |
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This person does recommend this card.
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| "Not a good secured card in my opinion" |
I got a Wells Fargo Secured credit card in May 2004. I also got the rewards program. The rewards program is the ONLY positive feature on this card. I used it to pay bills and charge everything possible with a $500 CL. After a year I was able to get some cool stuff.
But the APR after 6 months jumped from 5.9 to 19.9% Why is a secured credit card issuer using YOUR money going to charge you 19.9% interest? The graduation program is a complete joke. Their computer systems mess up sometimes, showing you over your credit limit by several hundred dollars when infact this isn't possible. They reported me being 154 dollars over my credit limit.
When my review for unsecured status came by in April 2005, I was denied for being over the limit. I called a rep who said I was never over the limit. I asked for reconsideration. I was again denied. I cancelled the card and told them I wouldn't do business with them anymore.
Never do automatic payments online. I set this up and 1 month before I cancelled, I paid my monthly payment. The automatic payment withdrew from my checking account which had a zero balance. The card was set as an overdraft protector. So 25.00 was taken from the credit card, transferred to my checking account, and paid onto my credit card again. This set off a cash advance finance charge of $10 dollars for a stupid automatic payment error.
The only positive thing about this card is the fact it HAS helped me build my credit. 1 year and 2 months worth of on time payment history on all 3 credit bureaus has essentially given my new credit the boost and needed momentum to keep going and go faster (like getting that first push on your bike when you first learn, that first push will allow you to go faster and farther).
So in a nutshell, I think it is a great program offered by Wells Fargo to other consumers, BUT for me it was a complete dud. I take it very personally when a company says I went over my limit when I didn't, and refuses me a well valued benefit of going unsecured based on this lie, while taking my money via 19.9% interest rates and $10 dollar cash advance transactions.
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| Most attractive feature: Rewards Program |
| Least attractive feature: graduation to unsecured status, incorrect credit reporting |
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| Posted by: Tom |
| Date: 8/2/2005 |
| Recommend? |
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This person does recommend this card.
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| "Good card to establish credit history" |
I my opinion, the Wells Fargo Secured Platinum Credit Card is a good card to establish a credit history. Especially the relatively low annual fee of $18 is very competitive with other secured credit cards.
The minimum deposit for the collateral is $300, the amount I deposited in the account. To build up your credit history, you really do not need a larger amount. The interest rate maybe on the high side, but since I always pay off my balance in full each month, I really do not care that much.
So far, I have no complaints. Their automated voice response system is good and you can always find out what your balance is. You also will receive - once in a while - offers and helpfull hints to build good credit from Wells Fargo. If you take their online credit quiz, you are eligible to win a $10 phonecard. The quiz is not too difficult. I got the phonecard. Kinda neat. |
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| Most attractive feature: Low annual fee for a secured credit card |
| Least attractive feature: No interest payed on collateral |
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| Posted by: Edgar |
| Date: 8/22/2004 |
| Recommend? |
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This person does recommend this card.
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| "Good credit card to build credit" |
The Wells Fargo Secured Visa Platinum is a good credit card to (re)build your credit. It has an annual fee of $18, reasonable APR and comes with some usefull perks.
Once in a while Wells Fargo will send you offers that are a real bonus to the holder. For example, I participated in an online Well Fargo credit card quiz and won a free phone card worth $10 (if all question correct, you WILL get the phone card no matter what). |
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| Most attractive feature: Low annual fee for a secured credit card |
| Least attractive feature: No interest accrued on deposit |
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| Posted by: Edgar |
| Date: 6/20/2004 |
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This person does recommend this card.
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| "Good first time card" |
After Identity Theft from a former roommate, I had to re-establish my credit rating. I paid the $300 from my WF checking account and received my card in less than 2 weeks. The card has a GREAT low APR and very low annual fee.
After a yr of good standing & a satisfactory credit score, Wells may graduate you to an unsecured account. However, if you are late or go over your credit limit, you lose that option and the 5.9% introductory APR. |
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| Most attractive feature: Overdraft Protection w/ Wells Fargo Checking Acct |
| Least attractive feature: None |
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| Posted by: rbt |
| Date: 11/19/2003 |
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This person does recommend this card.
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Showing 1 - 6 of a total of 6 Commentaries
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1-6
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