Quick Review
Overall, the GO2bank™ Secured Visa® is a good card for building credit. Here are the most important things to know about it:
- You have to pay a security deposit of $100+: The $100 minimum deposit for the GO2bank™ Secured Visa® is fairly low, as many secured credit cards require a higher deposit of at least $200–$300.
- You can use it for cash withdrawals: Although you can get cash advances on this card (where you use your card to take out money at an ATM), there are limits. You can’t withdraw more than $200 per day or $3,000 per month.
- There’s no credit check: Since the GO2bank™ Secured Visa® application doesn’t require a hard inquiry (a type of credit check that shows up as a black mark on your credit report), it won’t cost you any points from your credit score.
- You can’t upgrade: Many secured credit cards allow you to graduate to an unsecured credit card (meaning they’ll refund your deposit) if you pay your bills on time for a certain number of months. Unfortunately, the GO2bank™ Secured Visa® doesn’t allow this.
- You need a GO2bank account: If you don’t already have a GO2bank account, you’ll need to open one to get your credit card. This could slow down the application process considerably and be a major drawback for anyone who wants a new card ASAP.
Pros & Cons
Who Is the GO2bank™ Secured Visa® Best for?
The GO2bank™ Secured Visa® is a good choice for the following types of borrowers:
- GO2bank account holders: If you already have a savings account with GO2bank, opening a credit card should be easy. If you can afford to allocate some of your savings funds to your security deposit, you can likely qualify for the GO2bank™ Secured Visa®.
- Credit builders with major black marks on their credit reports: Because it doesn’t require a credit check, the GO2bank™ Secured Visa® is suitable for people who have negative marks on their credit reports, such as charge-offs, late payments, or bankruptcies. If your credit report is holding you back, consider applying for the GO2bank™ Secured Visa® to boost your credit score and improve your chances of qualifying for other cards that won’t require a security deposit.
What the Crowd Says
The GO2bank™ Secured Visa® gets fairly positive reviews. Experts highlight many of the card’s positive features and many cardholders are pleased with how well it builds credit.
However, quite a few GO2bank™ Secured Visa® cardholders report problems that marred their experience with this card.
| Publication | Rating |
|---|---|
| NerdWallet | Mixed |
| WalletHub (user ratings) | 3.5/5 |
| Best Cards | Positive |
| Aggregate rating: 3.5 |
What Major Publications Say
Professional reviews have mostly positive things to say about the GO2bank™ Secured Visa®. The only major criticism is about the lack of opportunities to upgrade to an unsecured card (which many issuers will allow you to do if you manage your account responsibly for a few months).
However, NerdWallet and Best Cards are very complimentary about the GO2Bank secured card’s $0 annual fee, low minimum security deposit, and other favorable features.
What Cardholders Say
The GO2bank™ Secured Visa® gets a decent rating of 3.5/5 from cardholders on the WalletHub site for cardholder reviews.
The following are some of the positive and negative points cardholders mention in their reviews.
Some of the recurring problems that GO2bank™ Secured Visa® cardholders report are:
- Problems with identity validation: Some cardholders describe having to jump through hoops to validate their identities and find this to be difficult and time-consuming. For example, one cardholder complains about having to validate their identity to increase their credit limit, and another says they’ve had to repeatedly prove that they own the bank account which they pay their credit card with.
- Bad customer service: Many cardholders say that customer service is hard to reach. There are complaints about the automated system for phone calls, long waits on hold, and difficulty reaching a human customer service rep. Many cardholders say that the customer service people they eventually spoke to were rude, unhelpful, or poorly informed.
- Problems getting a deposit refund: Several cardholders are angry that their deposits weren’t refunded after they tried to close their accounts.
- Problems related to account closure: Some cardholders describe having difficulties closing their account. Others complain that their accounts were closed out of the blue for no apparent reason.
Rates & Fees
Fees
- Annual fee: $0
- Cash advance fee: $10 or 5% (whichever is greater)
- Foreign transaction fee: 3%
- Late fee: Up to $39
- Returned payment fee: Up to $20
Interest Rates
- Purchase APR: 22.99% (fixed)
- Cash advance APR: 26.99% (fixed)
- Minimum interest charge: $0
- Penalty APR: None
Rewards
Credit Limit
A higher credit limit is better for your credit score because of something called your credit utilization rate. This is a metric that represents the proportion of your available credit you’re using, where a lower proportion is better.
A higher credit limit makes it easier to maintain low credit utilization (since you’re less likely to max out your credit card when you have more available credit). Lower credit utilization is better for your credit score.
Benefits
The GO2bank™ Secured Visa® gives you the following benefits:
| Benefit | What It Means |
|---|---|
| Free credit scores | Get free access to your Equifax VantageScore credit scores. |
| Roadside dispatch | Access a pay-per-use emergency roadside assistance program (e.g., for towing or fuel delivery). |
| Emergency help for lost cards | Get emergency card replacement and emergency cash disbursement if your card is lost or stolen. |
| ID theft protection | Protect your accounts with monitoring of the dark web for any fraudulent use of your personal information, and get free monitoring of your Equifax credit report. |
| $0 fraud liability | Get reimbursed for any fraud-related losses if someone uses your account without your authorization. |
| Smart credit improvement and monitoring services | Get free access to your monthly TransUnion® credit report and credit score, plus help with disputing and removing errors from your report. |
| Visa Offers + Perks | Enjoy discounts and savings on food and wine, shopping, sports, entertainment, and more. |
Most of these benefits come standard with all Visa cards, so they’re not particularly notable selling points of the GO2bank™ Secured Visa®.
How to get a GO2bank™ Secured Visa®
Credit Score Required
Like many secured credit cards, the GO2bank™ Secured Visa® issuer claims that it doesn’t check your credit or take your credit score into account when you apply.
This gives you a good chance of getting approved even if you have no credit score or prior credit history, a very low or bad credit score, or major black marks on your credit report such as bankruptcies or repossessions.
However, GO2bank does say that it takes your annual or monthly income into account along with your monthly expenses to decide whether you’re a good candidate for the GO2bank™ Secured Visa®. So if you have money coming in regularly, you’ll have a better chance of qualifying.
How to Apply
Before you can apply for the GO2bank™ Secured Visa®, you’ll first need to open a GO2bank account. Note that, in theory, you have to pay $5 a month for a GO2bank account. However, the bank waives this fee if you use your account to receive your salary or government benefits.
Once you’ve opened your GO2bank account, you’ll have to set up a direct deposit—an electronic payment into your account from your employer or benefits provider. You can only qualify for a GO2bank™ Secured Visa® if your account has received direct deposits totaling at least $100 in the last 30 days.
Once you have enough money in your account from eligible direct deposits, there are two options to apply for the GO2bank™ Secured Visa®: by using the GO2bank™ app or by going to GO2bank.com. After you log in to your account, click “Apply now” on your account dashboard (in the secured credit card section), and follow the instructions.
What Happens After You Apply
Although GO2bank won’t run a credit check when you apply for their secured credit card, it will take into account your income and your expenses to decide whether it’ll approve you.
After you’ve applied, the approval decision will usually be instant. However, you might sometimes have to go through additional checks, which can slow things down. In some cases, GO2bank might deny your application.
Building Credit
Security Deposit
As mentioned, the deposit you pay will determine your credit limit. So it’s best to pay as much as you can for a higher credit limit, since this will benefit your credit score (by making it easier to maintain a lower credit utilization rate).
Credit Reporting
Credit reporting is important for anyone trying to improve their credit score, as your score depends on the information that the credit bureaus receive from your lenders.
However, if you don’t use your card responsibly, your lenders could report negative information to the credit bureaus, and this could harm your credit score.
Tips for Building Credit
To feel the benefits of the GO2bank™ Secured Visa®, you’ll need to use your card in the right way. Here’s how you can build credit fast with the GO2bank™ Secured Visa®:
- Pay your bills on time: If you’re late with bill payments, you can get black marks on your credit report, which can hurt your credit score. If you make timely payments, on the other hand, you’ll build a positive credit history, which will help your score.
- Keep your spending down: As mentioned, your credit score depends partly on the proportion of your available credit you’re using (your credit utilization rate). Spending less means your credit utilization will be lower, which can help your credit score.
- Pay as much as possible for your security deposit: Paying for a larger security deposit will give you a higher credit limit, which is another way to lower your credit utilization rate and, in turn, improve your credit score.
FAQs
Does the GO2bank™ Secured Visa® have a grace period?
The GO2bank™ Secured Visa® gives you a 23-day grace period. The grace period is a window of time between the end of your billing cycle and the due date. If you pay off your entire balance before the end of your grace period each month, you won’t pay any interest on the money you’ve borrowed.
However, if you don’t pay off everything before the due date, you’ll have to pay interest on all your debts from the beginning of the billing cycle until the end of the grace period.
Can I use my GO2bank™ Secured Visa® at ATMs?
Yes, you can use your GO2bank™ Secured Visa® at ATMs. When you use your card in this way, it’s called a “cash advance.”
Note that there are limits to how much money you can get through cash advances with the GO2bank™ Secured Visa®. You can only take out up to $200 per day or $3,000 per month.
However, cash advances are best avoided because they’re so expensive. This is due to the fees (which are equivalent to 5% of each transaction or $10, whichever is greater) and high cash advance APR.
You also don’t get a grace period with cash advances like you do with purchases. This means you’ll start paying interest immediately after you use your card for an ATM cash withdrawal.
What’s the credit limit on the GO2bank™ Secured Visa®?
The credit limit on the GO2bank™ Secured Visa® depends on how much security deposit you pay. When we contacted customer service, they told us that there’s no maximum credit limit for the card; you’re only limited by how much you can afford to put down as a security deposit.
What’s the GO2bank™ Secured Visa® Credit Card customer service phone number?
If you need to contact customer service for the GO2bank™ Secured Visa®, you have a few options.
One is to visit their website and go to “Chat.” Another is to call them at (855) 459-1334.
Alternatively, you can write to:
GO2bank
P.O. Box 1070
West Chester, OH 45071
