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Grow Credit Mastercard benefits guide

An interest-free credit building tool that reports your subscription payment history to the three major credit bureaus

Summary

Want to build credit without a credit card? The Grow Credit Mastercard can help you establish a positive payment history and build your credit score.

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Many people want to build credit quickly, but not everybody is able to qualify for a credit card. That’s where the Grow Credit Mastercard can help.

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

The Grow Credit Mastercard isn’t 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 the three national credit bureaus.

And that enables you to build your credit through regular monthly payments that are already built into your budget – your Netflix bill, for example – without having to worry about interest charges, credit limits or credit card debt.

Want to know more about the Grow Credit Mastercard benefits? We’ve got a guide to help you understand exactly how the card can help you build your credit score.

Grow Credit Mastercard benefits

The Grow Credit Mastercard offers a number of credit-building benefits designed to help people establish a positive credit history – even if you’ve never used credit before.

Here’s what you can get when you sign up for the Grow Credit Mastercard:

Interest-free credit building

The Grow Credit Mastercard is an interest-free credit building tool. This means that you can use it to build credit without worrying about how you’re going to deal with monthly credit card interest charges.

Automatic payments

Some people have trouble remembering to pay their bills on time, which is why the Grow Credit Mastercard automatically pays any monthly bills associated with your linked subscription accounts. Your payment history makes up 35% of your FICO credit score, and establishing a history of on-time payments is one of the best things you can do to build credit quickly.

Flexible membership options

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

  • Build Free has a $17 monthly spending limit and no monthly membership fee.
  • Build Secured has a $17 monthly spending limit and membership fees are as low as $1.99 per month. This secured card requires a $17 refundable security deposit and is designed as an option for those who don’t qualify for another Grow Credit Mastercard plan.
  • Grow Membership has a $50 monthly spending limit and membership fees are as low as $3.99 per month. This plan includes access to premium subscriptions as well as subscription discounts from select partners.
  • Accelerated Membership has a $150 monthly spending limit and membership fees are as low as $7.99 per month. This plan includes premium subscription access, subscription discounts from select partners and the ability to use your Grow Credit Mastercard to pay your cellphone bill.

No credit history required

The Grow Credit Mastercard is designed to help you build your credit, which means that you can apply even if you have poor credit or a limited credit history. If your credit file needs improvement, it’s at the ready to help you establish a positive record of responsible financial habits.

No hard credit inquiry

Many credit issuers perform a hard credit inquiry during the credit card approval process. These inquiries make up 10% of your credit score, and too many recent inquiries can have a negative effect on your credit. The Grow Credit Mastercard doesn’t include a hard credit inquiry as part of its application process, which means that you can apply without worrying about adding a new credit inquiry to your file.

Reports to all three credit bureaus

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

Maximizing the Grow Credit Mastercard

The Grow Credit Mastercard doesn’t offer cash back, points or miles, but that doesn’t mean you can’t maximize your Grow Credit Mastercard benefits.

If you want to get the most out of it, start by choosing a membership tier that best fits your budget and credit-building goals. If you want to maximize the number of on-time payments that appear on your credit reports, for example, the Accelerate Membership offers the highest monthly spending limit and the ability to include your cellphone 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 subscriptions. Your card will automatically pay the bills for you – unless, of course, your bank account comes up short!

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

Bottom line

The Grow Credit Mastercard benefits people who want to build credit without having to worry about applying for a traditional credit card.

By reporting your on-time subscription payments to the three major credit bureaus, the card enables you to quickly establish the kind of positive payment history that can have a positive effect on your credit score. Plus, there’s no interest rate – every payment you make comes from a linked bank account, which means that you won’t have to worry about going into credit card debt.

If that sounds like the kind of credit-building tool you’re looking for, the Grow Credit Mastercard might have just the benefits you need.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

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