Citi Secured Card vs. Wells Fargo Secured

[shane82388]

So, I've been researching secured cards and have basically narrowed it down to between two cards. While I'd prefer to get a card somewhere that I bank, like Chase, they dont offer a secured card and I was planning on getting the HSBC branded secured card but i heard that one wasnt being issued anymore...so its between Citi Secured and Wells Fargo Secured...I have a few questions though...

1. I know that the Citi Card has potential to become unsecured in 18 months but ive read on here that the Wells Fargo one isnt necessarly going to be upgraded as Wells Fargo isn't doing "conversions" at this time or something? Whats the deal?

2. I like that the Citi Card only requires $200 to open it, but Wells Fargo isnt far off at $300...I basically just want to get another trade line that will be paid off constantly and be in perfect standing with no bad marks, not so much to pay every one of my monthly expenses. Although, in the future I may want to increase the limit on the card...Will both of these cards allow me to easily increase the cards limit by depositing more cash?

Interest rates arent really that big of deal for me because I know I'll never leave a balance on the card so it wont really have an effect...

Annual fee's are $18 for the Wells Fargo and $29 for the Citi Card...Not a big issue for me as both are reasonable...

The other thing is there is lots of Wells Fargo branches around here but pretty much no Citi Bank branches...while this is probably another moot fact for some reason it seems better to have a local branch you can go to if you need to for some reason...

any info from your experiences or knowledge about these cards?

Thanks

[mauve]

I'd go with the on with the lowest annual fee, regardless of if it goes unsecured or not.

[laz98]

i used to have a checking account with wells fargo, & their customer service left a bad taste in my mouth, so i would take the citi card any day.

[Creditaddict]

I would go with Citi if you can get it because it does graduate after 18 months and wells fargo has stopped graduating cards.

I personally was denied for the secured card and have not tried again since the bk was dismissed. the down side to this is they take your money before processing the application so it will be about 2 weeks or so before you get a check in the mail for your money if they decline you... still worth the apply though if you ask me

[Wolf3]

HSBC still offers a secured card in HSBC brand.   http://www.us.hsbc.com/1/2/3/personal/cards

CITI puts deposit in 18 month CD so you can't change it.  

Wells Fargo and HSBC allow you to increase it along the way.

You don't know how long it will take to unsecure with any card, so I would not use that as a criteria.

[chasmith]

Wells Fargo says on their website they don't take BK until more than one year from discharge even for fully secured cards - or they did when I looked.  CITI took my deposit then returned it, but I'm blacklisted with them because I discharged a couple of accounts with a high five figure balance with them last year.

Citi and WF are both capable of horrible customer service, YMMV.

WF is also big on relationship banking, if you have a lot of branches around you might want to open a checking or savings acct with a branch.  Try applying for a small limit undecured card or overdraft LOC at the branch.  Your card may not "graduate" but if you build a branch relationship you may be able to get unsecured credit, or an auto loan sooner.

[Anonymous]

The Citi Secured card is a great deal if you're also looking for a high yielding CD account. The 18 month CD pays 4% which is MUCH higher than any other 18 month CDs right now. I've heard stories of people not needing a secured card getting one just to take advantage of the rate. Just my 2 cents.

[tobey]

I have both cards and have no complaints about either. But I prefer Citi because of the very nice 4.07% CD your deposit is placed in, you can't find a rate like that anywhere anymore. I put the max 5k into mine, so when my 18 months is over I will have made a nice little chunk of change on this card. So if you go with Citi I highly recomend you put more than $200 down, or you're letting your one chance at a fantastic rate go to waste.

[Anonymous]

Wells Fargo is supposedly starting to graduate cards in September and that's when it'll be my 12 month mark so I'm keeping my fingers crossed! Personally I'd go with them. (=

[Anonymous]

In my opinion, Citi secured is the best secured card IF you dont plan on applying for any other Citi backed card (store or co-branded: macy's, Home depot, Zales, etc) during the 18-month term. Citi bank's system will deny you credit right on the spot....