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- No annual fee
- No credit check to apply
- Fixed-rate APR on purchases
- Regular Purchase APR: 22.99%
- Cash Advance APR: 26.99%
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: Up to $20
- Minimum Deposit Required: $100
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At a Glance
The GO2bank Secured Visa Credit Card is a basic secured credit card that offers decent value for its no annual fee. The card features a low deposit requirement, fixed APR, and the Visa payment network’s purchasing power.
Ideal for Those Who:
- Have limited credit history but want to establish good credit habits
- Don’t have the money for a significant security deposit
- Prefer mobile banking over branches
- Don’t want to pay an annual fee
GO2bank Secured Visa Credit Card Review
The GO2bank Secured Visa Credit Card is a no annual fee secured card that can help you build credit with on-time payments and responsible credit use. From fintech, GO2bank (part of the Green Dot family), the card requires an associated checking or savings account to open.
How to Open an Account
Like some other secured credit cards (namely the Self Visa), the GO2bank Secured Visa requires an associated GO2bank banking account to open. To open a GO2bank online account, you will need the following information:
- Email address
- Physical address
- Date of birth
- Social Security Number
Once GO2bank verifies your identity, you can set up a direct deposit through ASAP Direct Deposit. You can also deposit money through the GO2bank mobile banking app (available in the Google Play Store and Apple App Store) or at any local retailer that allows Green Dot Prepaid reloads.
Once the account receives direct deposits of at least $100 within the first 30 days, the account holder can open a GO2bank Secured Credit Card. The minimum refundable deposit is $100.
No Impact on Credit Score
Because the GO2bank Secured Visa requires a bank account to open, there is no credit check when applying. Once the deposit is made, the account is open, with no credit checks or impact on your credit score.
Part of building a positive credit history is making on-time payments. Making payments on-time each month can quickly lead to a rising credit score. But what happens if you cannot afford to pay your balance in full?
Making just the minimum payment can lead to interest payments that make paying back credit card purchases a burden that can last for years. With the GO2bank Secured Visa, the interest rates on purchases are fixed but higher than average.
The typical APR for a secured credit card is approximately 18%. The GO2bank Card, on the other hand, features a fixed-rate APR of around 23%. Using the card and making the minimum payments isn’t a deal-breaker – you just need to be careful, so the interest doesn’t add up quickly.
Helpful Mobile App
Ensuring you pay on time is even easier thanks the GO2bank’s helpful mobile app. The application provides an array of features designed to help streamline the banking experience, including checking balances, monitoring available credit and purchases, making payments, and checking your VantageScore.
Monthly Credit Monitoring and Reporting
Cardholders get access to their free VantageScore credit score every month. Building credit is also easier thanks to regular monthly reporting to the three major credit bureaus: TransUnion, Experian, and Equifax.
Should You Apply for the GO2bank Secured Visa Credit Card?
The GO2bank Secured Visa Credit Card is a versatile secured credit card with a lot going for it. No annual fee, low minimum deposit requirements, and free VantageScore updates are all excellent features. The helpful mobile app is another enjoyable part of the card’s lure.
While the fixed-rate APR on purchases is higher than average, it is not punishingly so, meaning it won’t destroy your finances to carry a balance. The card also allows balance transfers, but since the initial deposit is so low, there are no concerns here, as the advance limit is likely minuscule.
Ultimately, the card is a solid competitor for other secured cards, like the Self Visa. That card also requires an associated account, though in the Self Credit Builder account, in the case of Self. The main difference with Self is the account holder builds credit while saving for a secured card deposit, meaning they can boost their credit score even quicker. That process, however, comes with a $25 annual fee.