Grow Credit Mastercard: Join the growth team

This new option is becoming popular among folks with poor or even no credit score, since it uses an innovative way of applying.

Anyone that would like to grow their credit score or start creating a credit history should check this option out. This startup is here to allow different types of users to get easy access to credit cards. 

Find out how to apply for this card and its main advantages in the article below.

How does Grow Credit work

Let’s get started with the best part about Grow Credit Mastercard: it doesn’t require a credit score at all to give you access to a card. This means that even someone who just arrived in the USA can be successful in an application. 

Anyone looking for this type of card can start their application with no need for a security deposit either. However, there are membership options that might require minimum payment, which we’ll explain further. 

Not only does it help make your financial life easier, but also allows for people to grow their credit score fast. There are plenty of advantages for using its free card and services, which should be enough for most poor credit score users. 

What is the Grow Credit startup?

If you’re researching the Grow Credit you’ll notice the company is quite new. It was started in 2019 with funding from a group of angel investors following the lead of Joe Bayden’s entrepreneur spirit.

Since its start, the credit card company attracted new investors and sponsors that found its services incredibly interesting. Not only that, but its services also allowed many people to acquire subscriptions to common services, such as Spotify and Netflix, which made the company become much closer to such industry giants. 

Thanks to all its visibility, Grow Credit Card became a great choice for many. However, is it the right card for you? Find out everything below.  

Do you need a credit score check for Grow Credit ?

Not at all. Actually, this is one of Grow Credit’s best parts: it doesn’t work with credit score checks in any steps of its application process. Instead of trusting this number from creditors and banks, it chooses to check past bank reports on the client. 

The startup claims that the most important thing is that the new user is able to pay his or her dues, not his scores. However, you shouldn’t be worried about your score. After the initial application is approved, Grow Credit reports every information to the three major bureaus. Which means it’s a great way to build a healthy score from the ground up. 

Understanding the application process for Grow Credit

The first step is to access the Grow Credit Mastercard’s site, where a user can submit their bank information. That’s exactly what we were talking about: the company actually uses bank records instead of scores. During this first step you must also create an account using some personal data, such as e-mail and name. 

Afterwards, your account goes through a quick analysis to see if you’re fit to start with Grow Credit Mastercard’s free card service. The next step is to set up your favorite subscription services. The app is linked to 100 plus services to choose from. 

Once the account is approved you can start using your Grow Credit Card as you see fit. 

Rates and fees for Grow Credit

The most popular version of Grow Credit Mastercard has a $0 fee. There isn’t an APR either, since you can’t hold a balance on this credit card. That means there won’t be a way to postpone payments which would incur interest. 

If your application isn’t approved in the first try, you’ll also have the option to make a minimum security deposit of $17. The starting limit is $200 which can be reviewed further on as you keep making timely payments. 

You also must link the card to your main bank account. This will set up automatic payments to make sure you don’t receive any further fees. There are no management or service fees related to this credit card either. 

Can you get better credit scores with Grow Credit?

Yes, this card is what’s known in the financial world as a credit score builder. Since it reports to all three major bureaus users can notice an increase in score within the first few months of use. This is especially true for people that didn’t have much credit history before and are just getting started, since they’ll begin with a positive note. 

The company also offers the option of loans to card holders. This could lead to a score increase as well, but we recommend caution. The interest rates could be pretty high and one should only take out a loan if absolutely necessary. Paying within the term agreed in contract is also really important to guarantee the benefits to your credit score. 

Is Grow Credit safe?

Grow Credit uses encryption on its application page to secure your bank data. The worry with security continues throughout all of the client’s financial journey, your bank info used for payments and transfers isn’t even stored in Grow Credit’s system. 

The company uses a system called Plaid to remain connected to over 15.000 financial institutions, such as banks, safely. And the user has the choice to deny access to their account details any time. 

It also uses secure servers to operate and hosting services approved by the Department of Defense and the Financial Industry Regulatory Authority (FINRA). 

Who qualifies for Grow Credit Mastercard?

There aren’t many prerequisites to apply for this credit card. Anyone who is 18 or older and is a legal US citizen can make an application as long as they have a bank account. Another requirement is having a subscription service, such as Netflix, to inform at the moment of the application. 

Fees and rewards 

There are no fees or APR for this credit card. Since it’s linked to your bank, Grow Credit doesn’t allow users to hold a balance, thus their no interest policy happens. 

Since this is a free card with no balance, there are no rewards or cashback related to the service. However, it’s a highly recommended option for growing your credit score all the same.

Conclusion

In conclusion, the Grow Credit Mastercard offers a unique and accessible way for individuals with poor or no credit history to start building their credit. Its key benefits include:

• No Credit Score Requirement: This card is ideal for those with no credit history or low credit scores, as it evaluates past bank records rather than relying on credit scores.
• Simple Application: The process is straightforward and doesn’t require a security deposit for most applicants.
• Automatic Payments: Linked to your main bank account, it ensures timely payments with no fees or APR.
• Credit Building: Reports to all major credit bureaus, making it a strong tool for improving your credit score.

However, it’s important to note that:

• No Rewards or Cashback: The card doesn’t offer rewards or cashback, focusing instead on credit building.
• Loan Option: While loans are available, high-interest rates may apply, so they should be approached cautiously.

Overall, the Grow Credit Mastercard is a practical choice for those seeking to establish or enhance their credit profile without traditional barriers.