Grow Credit Mastercard Review: Build Credit with Subscriptions
- November 29, 2024
- Credit Cards
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The Grow Credit Mastercard is a virtual credit card that can help you build credit by reporting your subscription service payment history to all three major credit bureaus (Experian, Equifax, and TransUnion).
Grow Credit Review
The Grow Credit Mastercard is a good option for people who are new to credit or who are trying to rebuild their credit.
APRs
No interest charges
Fees
(3) Membership options
Credit Needed
No credit check
Annual Fee
None
“Build” membership ($3.99 per month): This plan offers a $17 monthly spending limit on subscriptions like Netflix, Hulu, Spotify and Pandora, to name a few.
“Grow” membership ($6.99 per month): The Grow membership offers a $50 monthly spending limit and access to “premium” subscriptions that include payments at Verizon Wireless, AT&T, Sprint, T-Mobile and Coursera.
Accelerate” membership ($12.99 per month): This plan offers a $150 monthly spending limit toward these same premium subscriptions.
How the GrowCredit Mastercard Works?
GrowCredit card offers a traditional line of credit that allows you to establish credit as you pay for qualifying monthly subscriptions that include eligible bills, TV, music and other streaming services.
You pay off the bill in full each month that is reported to the major consumer reporting agencies (Experian, Transunion, and Equifax).
The GrowCredit Mastercard offers three different membership tiers to cater to various needs and budgets.
Here’s a breakdown to help you choose the best fit:
“Build” membership ($3.99 per month): This plan offers a $17 monthly spending limit on subscriptions like Netflix, Hulu, Spotify and Pandora, to name a few.
“Grow” membership ($6.99 per month): The Grow membership offers a $50 monthly spending limit and access to “premium” subscriptions that include payments at Verizon Wireless, AT&T, Sprint, T-Mobile and Coursera.
Accelerate” membership ($12.99 per month): This plan offers a $150 monthly spending limit toward these same premium subscriptions.
GrowCredit Mastercard Pros and Cons
Pros
Reports to all three major credit bureaus
No annual fee, no security deposit, and no credit check
Can be used to pay for a variety of subscription services
Good option for people who are new to credit or who are trying to rebuild their credit
Cons
Not widely accepted
Limited to subscription payments
May not be the best option for people with good credit
A Bank Account is Required
GrowCredit Mastercard links to your bank account to automatically pay your subscription bills each month. This ensures timely payments, which are crucial for building a positive credit history.
GrowCredit uses a third-party service called Plaid to securely connect to your bank account.
Linking your bank account allows GrowCredit to verify your identity and assess your ability to afford the subscription payments. This helps them ensure responsible lending practices.
Final Takeaway
The Grow Credit Mastercard doesn’t have a revolving credit line like secured cards and unsecured credit cards. Instead, it acts as a conduit for paying your subscriptions directly from your bank account to give your credit scores an easy boost.
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