Grow Credit Mastercard Review

It sounds like you're looking for a modern way to build your credit, and Grow Credit offers a really unique approach!

Grow Credit provides a virtual Mastercard that you use specifically for these services. By making consistent, on-time payments for subscriptions you already use, Grow Credit reports these positive behaviors to the major credit bureaus. 

This means you’re actively building your credit profile with minimal changes to your spending habits. Get ready to grow your credit score in a smart and accessible way!

CREDIT CARD

Grow Credit Mastercard

FICO Score No fees

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Key Benefits of Grow Credit

1. Build Credit with Subscriptions: This is the core of Grow Credit’s genius! You use their virtual card to pay for subscriptions you already have (like Netflix, Spotify, Hulu, and many more), and they report these payments. It’s an effortless way to build positive payment history.
2. No Hard Credit Check to Apply: Worried about a credit inquiry impacting your score? Grow Credit typically doesn’t perform a hard credit check when you open an account, making it accessible even if you’re just starting out or have a less-than-perfect history.
3. Reports to All Three Major Credit Bureaus: Your responsible payments get noticed! Grow Credit reports your activity to Experian®, Equifax®, and TransUnion, which is crucial for building a comprehensive credit profile.
4. Helps with Key FICO Score Factors: Grow Credit is designed to positively influence several factors that make up your FICO® Score, including payment history (35%), amounts owed (by maintaining low utilization on the reported line of credit), and length of credit history (15%).
5. Variety of Plans, Including Free Options: Grow Credit offers different membership tiers, often including a free plan to get you started. This allows you to pick an option that fits your budget and credit-building goals.
6. Fixed, Small-Dollar Credit Line: Grow Credit provides a small, manageable line of credit specifically for your subscriptions. This helps maintain low credit utilization, which is good for your score.
7. Automatic Payments: They typically set up automatic payments from your linked bank account to pay off your Grow Credit balance each month, helping you avoid missed payments and build that positive history.
8. Financial Literacy Resources: Grow Credit is committed to helping you understand your finances better. They often provide educational content and resources to improve your financial knowledge.
9. Potential to Add More Subscriptions/Bills on Higher Tiers: Some premium plans may allow you to include larger recurring bills, like your cell phone bill, further enhancing your credit-building potential.
10. Virtual Mastercard: You receive a virtual Mastercard, making it easy and secure to update your payment information with your subscription providers online.
11. Accessible for Those New to Credit: If you have no credit history (a “thin file”), Grow Credit can be an excellent way to start building a positive record from scratch.
12. Transparent Process: Grow Credit focuses on a straightforward approach to credit building, making it easier to understand how your actions translate into credit score improvements.

Who Can Apply?

Grow Credit is designed for accessibility. General eligibility criteria typically include:

• Being at least 18 years old.
• Having a valid Social Security Number (SSN).
• Having a U.S. bank account (as they often use this to determine eligibility and for payments).
• Having a valid email address and phone number.
• Being a permanent resident of the United States with a physical address in one of the 50 states or the District of Columbia.
• While they generally don’t rely on traditional credit scores for approval for their basic plans, they may evaluate your banking history and activity for underwriting purposes.

How to Apply?

Getting started with Grow Credit is typically a digital-first process:

1. Visit the Grow Credit Website or App: Go to the official Grow Credit website (often marketing.growcredit.com or growcredit.com) or download their mobile app.
2. Choose a Plan: Review the available membership plans and select the one that best suits your needs and the subscriptions you want to manage.
3. Sign Up: Create an account by providing your personal information, such as your name, email, phone number, and SSN.
4. Link Your Bank Account: You’ll likely need to securely link your bank account. Grow Credit uses this to verify your information and facilitate automatic payments.
5. Add Your Subscriptions: Select the eligible subscriptions you want to pay for using your Grow Credit virtual Mastercard.
6. Update Payment Info on Subscription Services: Once you receive your Grow Credit virtual Mastercard details, you’ll update the payment method for your chosen subscriptions to this new card.
7. Start Building Credit: Grow Credit will then manage these payments and report your responsible repayment activity to the credit bureaus.

Frequently Asked Questions

1. Is Grow Credit a regular credit card? Not exactly. While it provides a virtual Mastercard and reports to credit bureaus, its primary purpose is to help you build credit using your existing subscription payments.
2. Does Grow Credit charge interest? Grow Credit’s model is generally not based on charging interest in the way traditional credit cards do. 
3. What kind of subscriptions can I use with Grow Credit? Grow Credit typically supports a wide range of popular subscription services, including streaming video, music streaming, some food delivery services, and more.
4. How quickly can I see an improvement in my credit score? Building credit takes time and consistency. While some users might see positive changes within a few months, significant improvements depend on your overall credit profile and maintaining on-time payments over several months.

CREDIT CARD

Grow Credit Mastercard

FICO Score No fees

APPLY NOW You will be redirected