Secured credit cards are a good way to build credit history. It is a good idea to bundle a checking account and credit account under the same “roof” AKA bank. Go2Bank offers exactly this. In addition to its debit card, it offers a Go2Bank Secured Credit Card.

How to get the GO2Bank Credit Card?

First you have to receive a direct deposit of at least $100 per month to your Go2Bank Debit Card. After this you become eligible to apply for the Go2Bank Secured Visa Credit Card. You can do it using the Go2Bank mobile application or using the website. In a week or two you’ll receive the credit card. When you activate the Go2Bank card, transfer at least $100 to make the security deposit.

How to use the Go2Bank Card?

You can use the credit card for purchases in stores and online, just as any other credit card. Make sure to keep your monthly balance low. To achieve this you can either use it once a month to make very small purchases, or make a larger security deposit. For every $100 you can spend at most $30.

How to build your credit score with Go2Bank?

Go2Bank reports your payments to all 3 credit bureaus: Transunion, Equifax, and Experian. After a few months of payments of time you are going to notice improvements. At the same time keep in mind that building your credit score takes time. So have to patiently pay off your balance every month. If you are going to apply for another credit card, make sure to pay off your balance completely or to 1%. This should boost your credit score.

What benefits does Go2Bank Credit Card has?

1. Having no annual fee, monthly fee, and any one-time fees is a good benefit for a secured credit card. Many other credit cards charge you an annual fee.
2. The credit card has a security chip. That is an important thing, because it makes it impossible to make a copy of your card.
3. Having no credit score check is another big plus.
4. Many customers report very good customer support. You don’t need it often, but when you need help, customer service makes a big difference.

What are the cons of the Go2Bank card?

1. Having no rewards and no cashback makes the credit card look bad in comparison with the Discover Secured Credit Card.
2. No graduation is another concern. You cannot keep this card for a long time. Once your credit score improves, you should apply for a better secured credit card that has graduation.

Should I apply for the Go2Bank Credit Card?

If you have a hard time applying for any credit card, Go2Bank Secured Credit Card is a good choice because it has no annual fee. On the other hand, if you are approved for a Discover Bank Secured Card, Go2Bank is not very attractive.