Grow Credit Mastercard Review

Grow Credit offers a straightforward and accessible path to building a positive credit history, one monthly subscription at a time.

The Grow Credit Mastercard provides a virtual card to pay for these recurring expenses, and then reports your on-time payments to all three major credit bureaus. With its focus on financial inclusion and helping you demonstrate your creditworthiness, the Grow Credit Mastercard is an exciting and modern solution for taking control of your financial future.

CREDIT CARD

Grow Credit Mastercard

FICO Score No fees

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The Benefits of the Grow Credit Mastercard

• No Hard Credit Check: One of the most significant advantages is that Grow Credit does not perform a hard credit inquiry when you apply. This means you can get started on your credit-building journey without a negative impact on your current credit score.
• Build Credit with Subscriptions: Grow Credit’s core feature allows you to leverage over 100 eligible subscription services, such as streaming services and food delivery apps, to build a positive payment history.
• Reports to All Three Major Credit Bureaus: Your responsible financial habits are reported to Experian, Equifax, and TransUnion. This comprehensive reporting is crucial for establishing a strong and widely recognized credit profile.
• No Interest Charges: Since Grow Credit operates on a model where you pay your balance in full each month, you won’t have to worry about accumulating interest charges.
• Variety of Membership Plans: Grow Credit offers several membership tiers, including free and premium options, allowing you to choose a plan that aligns with your budget and credit-building goals. Higher-tiered plans offer larger spending limits and may allow you to include your cell phone bill.
• Improves Key Credit Score Factors: This card is designed to positively impact several important components of your FICO Score, including your payment history, length of credit history, and credit mix.
• Financial Literacy Resources: Grow Credit provides valuable educational content to help you better understand personal finance and make informed decisions about your money.
• Virtual Card for Security: You’ll receive a virtual Mastercard, which adds a layer of security for your online subscription payments.

Who Can Apply?

Grow Credit is designed to be accessible to a broad audience, especially those new to credit. Here are the general eligibility requirements:

• Age: You must be at least 18 years old.
• Bank Account: A bank account where you deposit your income or a bank-issued debit card is required. Grow Credit links to your bank account to determine your eligibility for different membership plans.
• Contact Information: A valid email address and a phone number capable of receiving SMS messages are necessary.
• Social Security Number (SSN): You will need to provide a valid Social Security Number.
• Credit History: You can apply with no credit history or a limited credit history. Your credit score is not a determining factor in the application process.

How to Apply

The application process for the Grow Credit Mastercard is simple and can be completed online.

1. Sign Up Online: Visit the Grow Credit website to begin the application process.
2. Link Your Bank Account: You will be prompted to securely link your bank account through a service like Plaid. This allows Grow Credit to analyze your banking activity to determine your eligibility for various plans.
3. Choose Your Subscriptions: Select from a list of over 100 eligible subscription services that you’d like to pay for with your Grow Credit Mastercard.
4. Update Your Payment Method: Once approved, you will use your new Grow Credit virtual Mastercard number to update the payment information for your chosen subscriptions.
5. Start Building Credit: Grow Credit will pay your subscriptions each month, and you will repay Grow Credit. These on-time payments will then be reported to the credit bureaus.

Frequently Asked Questions

• Is the Grow Credit Mastercard a regular credit card?
  No, it’s a virtual Mastercard designed specifically for paying recurring subscription services. You cannot use it for everyday purchases like a traditional credit card. It is linked to a small loan, and your repayments on that loan are what get reported to the credit bureaus.
• Are there any fees associated with the Grow Credit Mastercard?
  Grow Credit offers various plans. While there is a free plan available, some of the premium and secured plans that offer higher spending limits do come with a monthly membership fee. There are no interest charges on any of the plans.
• How long does it take to see an improvement in my credit score?
  While Grow Credit begins reporting to the credit bureaus shortly after you open your account, it can take 60 to 90 days for this new information to appear on your credit report. Consistent on-time payments over several months can lead to a positive impact on your credit score.
• Can I use the Grow Credit Mastercard for any purchase?
  No, the Grow Credit Mastercard is designed to be used exclusively for a list of over 100 eligible subscription services. This helps ensure that the card is used for its intended credit-building purpose.

CREDIT CARD

Grow Credit Mastercard

FICO Score No fees

APPLY NOW You will be redirected