Grow Credit Mastercard Benefits Guide

Many people want to get a loan quickly, but not everyone can qualify for a credit card. This is where the Grow Credit Mastercard can help.

If you have a bad credit history, no credit history, or such a thin credit file that makes it difficult to apply for a new loan, you can use the Grow Credit Mastercard to build a positive payment history and set yourself up for a better credit score in the future.

The Grow Credit Mastercard is not a traditional credit card. In fact, it doesn’t offer credit at all. Instead, it uses a linked bank account to automatically pay your monthly subscription bills and reports your positive bill payments to three national credit bureaus.

And it allows you to build on your credit with regular monthly payments that are already in your budget — like your Netflix bill — without worrying about interest charges, credit limits, or credit card debt.

Interested in learning more about the benefits of the Grow Credit Mastercard? We have a guide to help you understand exactly how a card can help you build your credit score.

Maximize your Mastercard credit card benefits

The Grow Credit Mastercard offers a range of credit building benefits designed to help people build a positive credit history, even if you’ve never taken credit before.

Here is what you can get by subscribing to the Grow Credit Mastercard:

Construction of an interest-free loan

The Grow Credit Mastercard is a tool for interest-free lending. This means you can use it to build credit without having to worry about how you’ll handle your monthly credit card interest payments.

Automatic payments

Some people find it difficult to remember to pay their bills on time, so the Grow Credit Mastercard automatically pays any monthly bills associated with your linked subscription accounts. Your payment history is 35% of your FICO credit score, and creating a payment history on time is one of the best things you can do to build credit quickly.

Flexible membership options

The Grow Credit Mastercard offers four different membership levels, all of which include free financial education resources and access to your FICO credit score:

• Build Free has a monthly spending limit of $17 and has no monthly membership fee.
• Safe Assembly has a monthly spending limit of $17 and membership fees are only $1.99 per month. This secure card requires a $17 refundable security deposit and is for those who do not qualify for another Grow Credit Mastercard plan.
• Expand Membership has a monthly spending limit of $50 and membership fees are only $3.99 per month. This plan includes access to premium subscriptions as well as subscription discounts from select partners.
• Accelerated Membership has a monthly spending limit of $150 and membership fees are only $7.99 per month. This plan includes a premium subscription, subscription discounts from select partners, and the ability to use your Grow Credit Mastercard to pay your mobile phone bills.

No credit history required

The Grow Credit Mastercard is designed to help you grow your credit, which means you can apply even if you have bad credit or a limited credit history. If your credit history is in need of improvement, she is here to help you build a positive track record of responsible financial habits.

No hard credit request

Many credit issuers carry out a hard credit request as part of the credit card approval process. These inquiries make up 10% of your credit score, and too many recent inquiries can negatively impact your creditworthiness. Grow Credit Mastercard does not include a hard loan request as part of the application process, which means you can apply without worrying about adding a new credit request to your file.

Reports to all three credit bureaus

Grow Credit Mastercard reports to all three national credit bureaus – Equifax, Experian and TransUnion. This means your positive payment history will show up on all three of your credit reports, giving credit scoring companies like FICO and VantageScore a better idea of ​​your ability to manage money responsibly.

Maximum increase of Mastercard credit card

The Grow Credit Mastercard does not offer refunds, points or miles, but that doesn’t mean you can’t maximize the benefits of your Grow Credit Mastercard.

If you want to get the most out of this, start by choosing the membership level that best suits your budget and credit creation goals. For example, if you want to maximize the number of on-time payments that show up on your credit reports, an Accelerate membership offers the highest monthly spending limit and the ability to include your mobile phone bill in your payment history.

Then make sure you always have enough money in your linked bank account to cover the cost of your monthly subscription. Your card will automatically pay your bills for you – unless your bank account runs out of course!

Finally, keep an eye on your FICO credit score. All Grow Credit Mastercard plans offer free access to your FICO credit score, so you can track your credit score as it improves. Once your credit score is high enough, consider applying for a starter credit card. This way, you can continue building up your credit while taking advantage of additional benefits such as credit card rewards.

bottom line

The Grow Credit Mastercard is for those who want to get credit without the hassle of applying for a traditional credit card.

By reporting timely subscription payments to three major credit bureaus, the card allows you to quickly establish a positive payment history that can positively impact your credit score. Plus, there’s no interest rate—every payment you make comes from a linked bank account, meaning you don’t have to worry about credit card debt.

If that sounds like the credit creation tool you’re looking for, the Grow Credit Mastercard may have exactly the benefits you need.

Nicole Dicker is a freelance writer specializing in personal finance and habit formation. She spent five years as a writer and editor on The Billfold, a personal finance site where people talk candidly about money, and she regularly teaches classes on how to increase your income as a freelancer.