Our Verdict
Whether you’re starting your journey into credit or repairing damaged credit later on, you may be familiar with secured credit cards. Secured cards like the GO2bank Secured Visa® Credit Card* work much like regular credit cards, except you fund your credit line with a deposit into the account. The bank, in turn, uses that amount as your card’s credit limit.
With responsible use, you can improve your credit. This card doesn’t come with any other rewards, but better credit can be its own reward for many people. There are also a couple of other conditions you’ll need to consider.
The GO2bank Secured Visa® Credit Card* is an option for anyone seeking to establish or repair credit. GO2bank offers this credit card to existing customers and reviews that preexisting relationship to determine eligibility. The card includes no rewards or other additional benefits.
Pros
- The GO2bank Secured Visa® Credit Card* can be used anywhere Visa is accepted, both in stores and online
- GO2bank reports to all three credit bureaus and can help you repair or build credit
- The card can be funded by linking a Go2bank checking account and transferring as little as $100
- No fees and no credit check required to apply
Cons
- The credit line will be somewhat low, so it’s not a good card for large purchases
- Like other secured cards, you need to pay the deposit with funds already available to you
- When used responsibly, it can help build credit—and the reverse is also possible
- Requires an existing account with GO2bank with direct deposits totaling $100 in the past 30 days before being able to apply
Highlights
- Monthly payment history reporting to the 3 credit bureaus
- No credit check
- No annual fee
- Credit limit starting at $100
Introduction
The GO2bank Secured Visa® Credit Card* is a no-frills card. It’s targeted to those that are either new to credit, such as students, young adults in their first jobs or recent immigrants. It’s also an option for anyone looking to repair damaged credit, because starting with a secured credit card with a low credit line and showing responsible behavior can have a positive impact on credit.
But be aware: The recommended maximum credit utilization is 30% (or less) of your total line. That’s important to know because secured credit cards tend to have low credit limits, so a few transactions can put you close to the suggested credit utilization rate.
Featured Partner Offers
Quick Facts
- $0 annual fee
- Requires no credit check to apply
- No welcome bonus
- No rewards earning
Referrals
While this card offers no rewards for purchases, it does offer the ability to earn $50 for each person you refer to who opens an account with GO2bank and receives a qualifying direct deposit. The person you refer also receives $50.
The potential to earn referrals is capped at $1,500 per calendar year. You can even share the referral link on your social media platforms.
Other GO2bank Secured Visa Credit Card Benefits
- Visa card. You can use your secured card anywhere Visa is accepted.
- GO2bank mobile app. You can fully manage your account from the GO2bank mobile phone app, which allows you to set up recurring bill payments and get notifications when you use your account.
- Earn cash back on gift cards. When you buy eGift cards through the Go2bank app, you can earn up to 7% cash back, depending on the merchant. Rewards are instantly added to your balance. There’s no limit to how much cash back you can earn, but note there’s a $1,000 daily purchase limit.
Fine Print
Interest Rates
- Regular APR: 22.99% Variable
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
Fees
- Annual fee: $0
- Balance transfer fee: N/A
- Foreign purchase transaction fee: 3% of total transaction amount
How the GO2bank Secured Visa Credit Card Stacks Up
GO2bank Secured Visa® Credit Card* vs. Bank of America® Customized Cash Rewards Secured Credit Card*
The Bank of America® Customized Cash Rewards Secured Credit Card* is a comparable option if you’re in the market for a secured card to build your credit. With a security deposit of at least $200, it looks and works like any other credit card out there and has no annual fee either. Bank of America also says it will periodically review your account and, if it finds it in good standing, will return your security deposit and upgrade you to an unsecured credit card.
However, this card sets itself apart from other secured cards because it offers the ability to earn 3% cash back in a category of choice: gas and EV charging, online shopping, dining, travel, drug stores or home improvement/furnishings; 2% cash back at grocery stores and wholesale clubs; unlimited cash back on all other purchases. Earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1% on any other purchases. If you want the opportunity to earn rewards, this could be a better option than the GO2bank Secured Visa® Credit Card*.
GO2bank Secured Visa® Credit Card* vs. Discover it® Secured Credit Card
Discover has its own $0 annual fee secured card offering with a minimum $200 security deposit, too. Similar to other larger banks’ secured cards, the Discover it® Secured Credit Card allows you to earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases. You also get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, effectively doubling your cash back earnings.
Discover also offers to review your account after seven months to see if you qualify for an unsecured account, at which time you may be refunded your full deposit back. This is similar to Bank of America’s review system but has a set time period that you can expect.
GO2bank Secured Visa® Credit Card* vs. Capital One Platinum Secured Credit Card
The Capital One Platinum Secured Credit Card (rates & fees) offers a $0 annual fee option that’s backed with a $49, $99 or $200 minimum refundable deposit (and a maximum of $1,000). Your account can also be reviewed by Capital One after as little as six months for consideration for a larger credit line.
Much like the GO2bank Secured Visa® Credit Card*, this is a no frills card that comes with no rewards earning and is geared solely for building credit.
Is the GO2bank Secured Visa Credit Card for You?
There are many secured credit card options out there, but only a few offer perks beyond the ability to build or restore credit. If you’re in the market for a secured card, already bank with GO2bank and do not wish to be distracted by any bells and whistles, then the GO2bank Secured Visa® Credit Card* may be the card for you.
However, if you don’t want to settle for a card that “just” builds credit, there are other options worth considering that could be a better fit.
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors including:
- Annual fees
- Ongoing earning ratesAdditional cardholder benefits
Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.
To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor rates credit cards.
*The information for the following card(s) has been collected independently by Forbes Advisor: GO2bank Secured Visa® Credit Card, Bank of America® Customized Cash Rewards Secured Credit Card. The card details on this page have not been reviewed or provided by the card issuer.
