Zolve Azpire Credit Builder Card: Earn 1% Cash Back While Establishing Credit

Zolve Azpire Credit Builder Card & Checking Account Review

Zolve is a fintech specializing in helping the underbanked, including recent newcomers to the U.S. The company provides a range of banking products, including the Zolve Azpire Credit Builder Card and an interest-earning checking account.

Zolve Bank Account Required

Like other credit-builder cards, the Zolve Azpire features a dedicated checking account that acts as the line of funds. That account, operated by Community Federal Savings Bank, features no traditional fees and takes just minutes to set up.

Information required for opening a new Zolve Azpire account includes:

• Name
• Birthdate
• Nationality and residence
• U.S. contact information
• Social Security Number, Individual Taxpayer Identification Number, or valid passport

Once set up, you can fund the account almost effortlessly via international money transfers (if outside the United States or by routing money from another bank account).

The benefits of the Azpire credit builder checking account are far more varied than just building credit. The Azpire account offers 24/7 complimentary ATM access from in-branch partners, a physical debit card to use anywhere Mastercard is accepted worldwide, and the account accrues interest at a rate of 2% APY – an offer not typically found in similar products.

Building Credit with Every Purchase

The stated goal of Zolve, and its Zolve Azpire credit card, is building credit for those traditionally struggling to establish a credit profile in the United States. As such, the major selling point of the card is that it allows you to build credit without a credit check.

Zolve, however, regularly reports your credit history to the three major credit bureaus in the U.S. (Equifax, TransUnion, and Experian). This regular reporting can help to quickly raise your credit score after a series of on-time payments. This benefit is often under-appreciated, as payment history is the single biggest determining factor in calculating your credit score (35% of a FICO Score and 30% for VantageScore).

With the Zolve Azpire Card, you may also qualify for an upgrade to the unsecured Zolve credit card in as little as four months from opening an account. Upgrading does not close the Azpire account but instead provides access to a new, unsecured line of credit. In this case, the Azpire account can be used as a traditional banking and debit card product.

Credit-Builder Card Comparison

Here’s how Zolve stacks up against two other popular credit-builder options:

Earn Basic Rewards on All Purchases

Zolve actually offers rewards on all purchases – something not all secured or credit builder cards can state. Cardholders earn an unlimited 1% cash back on all eligible purchases (officially 1X points per $1 spent), with rewards redeemable for gift cards at a minimum of 1,000 points. The reward options with the card are fairly poor, but it is still a decent perk to be rewarded double for all your hard credit work.

What We Love About Zolve

Credit builder debit cards are a popular trend, but that doesn’t mean Zolve is all style and no substance – far from it. Zolve offers several excellent features, and with no credit check needed to open an account, it is one of the best. If you have a limited credit record or no credit history, Zolve is a great way to expand your access to credit without a credit check or hard inquiry.

Additionally, the Zolve program is ideal for international citizens moving to the United States and looking to establish a strong credit history with on-time payments and responsible use. Applicants can use their SSN, ITIN, or a valid passport with an appropriate visa to apply for the program.

Finally, Zolve is surprisingly light on fees. There are not yearly or monthly account membership fees, foreign transaction fees, or other hidden costs. Fees can quickly drain your resources and may cause more harm than good.

Things to Consider

As with all credit products, there are things you should consider before opting for the Zolve Card. The Zolve Credit Builder account doesn’t report credit utilization. Credit utilization is the total amount of your overall credit, with the ideal rate being 30% or less for credit-building purposes. Credit utilization accounts for a third of your FICO Score, meaning this is a major negative.

Other Card Features

The card also provides additional savings through Zolve Offers. Like Amex Offers, or Chase Offers, Zolve Offers is a card-linked offers portal providing savings of up to 10% off with select retailers via the Zolve mobile app.

Other notable features of the Zolve credit builder debit card include:

• No annual fee
• No foreign transaction fees
• Fee-free ATM withdrawals at over 65,000 in-system cash machines
• Mastercard debit protections and benefits

Zolve Ratings

Here is how Zolve and Community Federal Savings Bank rate based on expert and public opinions:

Should You Consider the Zolve Azpire Credit Builder Card and Checking Account?

The Zolve Azpire Card and its accompanying credit-building program can be valuable for individuals looking to establish or rebuild their credit history. By responsibly using this card and making timely payments, you can work towards gradually improving your credit score. However, be mindful of the security deposit, fees, and interest rates associated with the card. If you’re serious about building credit, use this card wisely and consider upgrading to an unsecured product once you’ve established a positive credit history.