The Grow Credit card can be an efficient way to build your credit history. You will be able to rise your score by paying your streaming subscriptions with the Grow Credit Mastercard.
You may start with the free version of the Grow Credit Plan, this one has no Annual Percentage Rate fee, and when you get a better financial situation, you can get one of the memberships plans to earn more benefits. You can learn all the perks of this card and how to apply bellow.
More about Grow Credit
The best feature of the Grow Credit Mastercard is that does not need a credit history for you to apply and get this card, making it perfect for people with low to none credit score and also for people that just moved to the U.S. The Grow Credit does not make a deep credit check or utilize credit scores as a factor when you make an application, also your application will not influence your current credit score.
Furthermore, this card does not require a security deposit on the free plan, however there are three membership options that requires a minimum payment, varying from $1.99 to $7.99 per month, we will talk more about these plans later.
If you do not have interest in the membership plans, The Grow Credit also provide a free plan, called the Build Plan, this option offers $204 annual limit with a $17 spending limit per month, you also gain free financial education and access to your FICO score at no cost. Remember that all plans, including the free one report to the primer credit bureaus to increase your score.
The Grow Credit Membership Options
Beyond the Build Free Plan, the Grow Credit provides three membership systems:
The Build Secured has a price of $1.99 monthly, and is an option for the people who are not suitable for the Build Free underwriting criteria. It offers $204 annual limit, and $17 spending limit per month, be aware you will have to make a security deposit of $17 that will be refundable after 1 year of consecutive punctually payments.
The Grow Membership costs $3.99 monthly, with $600 annual limit and $50 spending limit per month. You will have access to some prime subscriptions, discount from chosen partners in their subscriptions and periodic balance increase.
The Accelerate Membership will give you $1.800 annual limit, and $150 spending limit per month for the price of $7.99 each month. This membership will give you access to all the benefits of the Grow Membership, like access to prime subscriptions with the addition of one major feature: paying your bills using your cellphone.
How to apply for the Grow Credit Mastercard
The process to apply for the Grow Credit Mastercard is easy and simple, you can do everything through the Grow Credit own website. You are going to need to provide some personal and financial information to create your account, and you’ll have to put the information to at least one subscription to begin using your card, if you don’t have a subscription, you can make one with the Grow Credit partners listed on their website.
Besides that, you have to have an account when you receive your wage, a valid e-mail and phone number, a social security number, be a U.S citizen or have a permanent visa and have 18 years old or more.
You can join Gown Credit even without a credit history, the company does a light credit check when you apply, but don’t be alarmed because this checking is only for identification purposes and will no affect your current credit score. The initial limit is low, around $200 per year, but this limit can increase after being reviewed in the subsequently months.
Rewards and Fees of the Grow Credit Mastercard
The Grow Credit Mastercard has no fees or APR, the card will be linked to your bank. Grow Credit does not allow customers to hold balance, and that’s the reason of their no interest policy.
Because this is a free card that does not hold balance, there’s also no cashback or other types of rewards offered with this service. But even with this downside, the Grow Credit Mastercard is a great option if you are looking for a free card that will help you increase your credit history.