Secured credit cards work just like regular credit cards – except they require a security deposit before opening your account. 

These cards provide an alternative for people who have no credit or bad credit, no cosigner, or who otherwise might not qualify for a traditional credit card. 

Here's how secured cards usually work: 

1. Apply for a secured credit card.
2. Once your application is approved, you will need to pay a security deposit before receiving your card or making charges. Just like when you pay utilities or move into a new apartment, this deposit secures your new card. If you use your card responsibly, this deposit should be refundable.
3. Pay your card balance on time each month, and don't make late payments on your account. If possible, try not to carry a balance from month-to-month.

The Self Visa® Credit Card:

Here's how a secured card works at Self:

1. Sign up for the Self Credit Builder Account, and meet the credit card's eligibility requirements.
2. Once eligible, you will receive a notification to sign up for the Self Visa Credit Card. No hard inquiry on your credit report required.
3. Use some of the funds from your Credit Builder Account to secure your card – no additional security deposit needed. If you use your card responsibly, this deposit should be refundable.
4. Pay your card balance on time each month, and don't make late payments on your account. If possible, try not to carry a balance from month-to-month.