How To Apply For Go2bank Credit Card

The GO2bank Secured Credit Carte can exist an ideal choice for those who want to build or repair their credit. While the $0-annual-fee card won't offering much as far as traditional benefits or rewards get, it doesn't require a credit check, and the security deposit is insufficiently low.

However, there'due south no upgrade path in one case you're set to graduate to a traditional unsecured credit menu.

Here are v things to know about the GO2bank Secured Credit Card.

1. You lot'll need a GO2bank business relationship to apply

Applicants are required to accept a GO2bank deposit account with direct deposits of at to the lowest degree $100, 30 days before menu awarding. U.S. citizens and permanent residents who are 18 years or older can apply for a GO2bank deposit account online.

While the GO2bank Secured Credit Card is relatively easier to authorize for than conventional credit cards, its cyberbanking requirements may make information technology hard for some consumers to go approved. At that place are alternative credit card options that offer more flexible eligibility requirements. The OpenSky® Secured Visa® Credit Card , for case, doesn't require a banking concern account, which makes it attainable to individuals who are unbanked. Cardholders can pay their security deposit with a money gild or a Western Spousal relationship payment. The menu does charge an annual fee of $35 , withal, which makes it more costly to bear than the GO2bank Secured Credit Card.

2. The required security deposit is relatively depression

Equally with nearly secured credit cards , this one requires a refundable security deposit that will exist equal to your credit limit. In this example, a minimum deposit of $100 from your GO2bank deposit business relationship is required when you're approved for the card. That's lower than what many secured cards typically ask for ($200 is a more mutual threshold).

While yous won't take much wiggle room as far as how much credit is available to you, putting pocket-size recurring charges on your menu and paying your bill in total tin make a positive difference in your credit within a few months.

If you lot tin afford to, consider putting down a college deposit, as this can make it easier to remain below a credit utilization ratio of 30%. (Credit utilization includes the amount of credit yous utilise with this business relationship and others, and it's a major factor in your credit scores.)

Cardholders tin can also apply for a credit limit increase at whatsoever time by transferring money from a GO2bank account into a security deposit account. To do this, the card account has to be in good standing, and cardholders will have to complete an ability-to-pay questionnaire.

three. It doesn't crave a credit check

Even if you have poor credit (FICO scores of 629 or lower), it won't exist a hindrance to getting the card, and there won't be a hard inquiry on your credit history when you lot utilize.

According to the carte du jour issuer, applicants volition yet demand to meet certain eligibility requirements to qualify, including being a U.S. denizen or permanent resident who'southward 18 or older, besides equally completing an ability-to-pay questionnaire.

4. Yous won't earn whatsoever rewards

When you lot're trying to build credit with a secured card, earning rewards shouldn't be a prime concern, specially since you typically won't spend enough to accrue a significant amount.

Even so, if earning rewards is a priority for you, other secured cards practise offer them. For example, the $0 -almanac-fee Discover it® Secured Credit Card earns ii% back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, and ane% dorsum on all other spending. The card does require a $200 minimum deposit to open an account, which is higher than that of the GO2bank Secured Credit Card.

5. At that place'south no upgrade path

The GO2bank Secured Credit Card reports to all three credit bureaus , which means that equally your credit score improves, yous'll likely go eligible for unsecured cards that come with rewards and other long-term benefits.

Unfortunately, though, GO2bank doesn't offer any upgrade options for cardholders. This means that even if your credit score has improved, y'all won't be able to graduate to a better credit card within the visitor's family of products.

Depending on your credit score, you lot tin apply for a carte du jour with another issuer, but and then you're left with the somewhat hard option of whether to close your GO2bank Secured Credit Card. When you close your account, your deposit volition be refunded. But on the other manus, closing a credit carte — especially a long-serving one — tin negatively impact your credit scores .

You lot can counterbalance these options against the competition past visiting NerdWallet'southward roundup of best credit carte du jour deals .

Source: https://www.nerdwallet.com/article/credit-cards/go2bank-secured-credit-card

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