Our Verdict
The Grow Credit Mastercard* helps consumers build credit by reporting subscription service payment history to all three credit bureaus. It’s a simple way to build a positive credit history—and that’s all this card does. You won’t get a physical card, and fees for the service range from $0 to $99.99 a year to access spending limits between $17 and $150 per month.
Pros
- Reports to all three major credit bureaus within 60 to 90 days after first payment
- Four monthly subscription plans to choose from, ranging from $0 to $99.99 per year
- Does not require a hard credit inquiry
Cons
- Low monthly spend limits
- Card usage is limited to Grow’s list of eligible monthly subscriptions
- Must pay a monthly fee to unlock premium features and certain merchants
Highlights
- Reports to the three major credit bureaus within 60 to 90 days
- Four monthly subscription plans to choose from, prices from $0 to $99.99 per year
- $17 to $150 monthly spending limit or $204 to $1,800 annual limit
Introduction
The Grow Credit Mastercard is a limited-use virtual credit card that helps consumers build credit. Customers use their card to pay an eligible monthly subscription and repay using a linked bank account. Grow reports activity to all three major credit bureaus through four membership plans, including a free option.
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Things To Know About the Grow Credit Mastercard
Unlike a traditional credit card or secured card, you cannot use the Grow Credit Mastercard for everyday purchases. Instead, this card is limited to subscription-based purchases from a list of more than 100 available subscriptions. These subscriptions include popular services like Netflix, Pandora Radio and Hulu. When you upgrade to the Accelerate Membership, you can also pay your cellphone bill with your credit card.
This credit card offers four levels of membership that include free financial literacy education and free access to your FICO Score. Memberships range from $0 to $9.99 per month, and Grow offers a discount of two months when you pay annually.
- Build Free. A $17 monthly spending limit with an annual limit of $204 reported to credit bureaus.
- Build Secured ($2.99 a month or $29.99 a year). This level requires a $17 security deposit that’s refundable after 12 consecutive months of on-time payments. It reports an annual limit of $204 to credit bureaus. Additionally, you can upgrade to a higher membership level after six consecutive months of usage and on-time payments.
- Grow Membership ($4.99 a month or $49.99 a year). Offers access to premium subscriptions and discounts from select partners with a $50 monthly spending limit. It reports a $600 annual limit to credit bureaus.
- Accelerate Membership ($9.99 a month or $99.99 a year). Members can pay cellphone bills with their credit cards. This level includes a monthly spending limit of $150 and reports a $1,800 credit limit to credit bureaus.
Highlights of the Grow Credit Mastercard
One of the biggest highlights of the Grow Credit Mastercard is that customers cannot get into high-interest debt. Membership includes a virtual Mastercard that’s interest-free because the card is automatically paid in full from your linked bank account. With traditional credit cards and secured cards offering interest rates of up to 30%, avoiding interest charges is critical as you take control of your finances and rebuild your credit.
This card is ideal for customers with no credit history or negative marks on their credit. There are no hard credit inquiries and applying will not negatively affect your credit score. The bank also does not use your credit score when processing your application. Instead, it does a soft inquiry for identification purposes only.
Grow Credit Mastercard Benefits
When building your credit score, it’s critical that you make all payments on time and maintain a positive account history. The Grow Credit Mastercard addresses both issues for credit success. It automatically pays your balance in full each month from your linked bank account and adds a credit line to your credit profile.
The bank reports these credit behaviors to the three major credit bureaus each month. After signing up, it starts reporting to Equifax, Experian and TransUnion within 60 to 90 days of your first payment.
All customers have access to free financial literacy education, which can help you learn how to better manage your money and credit history. Additionally, all customers receive free access to their FICO Score. These resources allow you to manage your money more effectively and take proactive steps to build a solid financial foundation.
Fine Print
Interest Rates
- Regular APR: N/A
Fees
- Annual fee: $0 to $99.99
- Balance transfer fee: See Terms
- Foreign purchase transaction fee: See Terms
Alternatives to the Grow Credit Mastercard
While the Grow Credit Mastercard offers value to certain customers, it isn’t the right choice for everyone. These alternatives are a better choice for consumers who want to earn rewards, make purchases at other retailers or have a higher credit limit.
Grow Credit Mastercard* vs. Discover it® Secured Credit Card
The Discover it® Secured Credit Card allows customers to check for pre-approval without affecting their credit score. This card offers unlimited 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, and all rewards earned during the first year are doubled. It has no annual fee and is accepted by 99% of retailers nationwide. While it does require a security deposit, Discover starts automatic reviews after seven months to see if you qualify to upgrade to an unsecured card. Your credit limit equals your security deposit, and you can set your own credit limit by depositing between $200 and $2,500.
Grow Credit Mastercard* vs. Capital One Platinum Credit Card
Consumers can also find out if they’re pre-approved for the Capital One Platinum Credit Card (rates & fees) without affecting their credit score. While this card does not earn rewards, it has no annual fee and does not require a security deposit. Plus, it doesn’t charge foreign transaction fees. The card offers automatic credit line reviews for a higher credit limit in as little as six months.
Grow Credit Mastercard* vs. Petal® 2 “Cash Back, No Fees” Visa® Credit Card*
The Petal® 2 “Cash Back, No Fees” Visa® Credit Card* enables consumers to build credit while earning rewards without paying any fees. It has no annual fee and does not charge late fees, returned payment fees or foreign transaction fees. Plus, you can see if you’re pre-approved without requiring a credit check. The card earns 1% cash back on eligible purchases right away, 1.25% cash back on eligible purchases after making 6 on-time monthly payments, and up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. Plus, earn 2% - 10% cash back at select merchants. With the Leap program, you may be able to earn a credit line increase after six months by making qualifying on-time payments.
Who Should Get the Grow Credit Mastercard
The Grow Credit Mastercard is ideal for customers who want to build credit and maximize the value of monthly subscriptions they already pay for. There are more than 100 eligible subscription services, including Disney+, Max, Netflix, Peloton and Spotify. However, some subscriptions, like BarkBox, DirecTV and Sling, require a premium account. If you want to pay your cellphone bill, you’ll need to upgrade to the Accelerate membership, which is the most expensive.
While you can pay for monthly subscriptions with this credit card, it cannot be used for daily purchases like groceries, gas or utilities. You will not receive a physical credit card either. It uses a virtual card number you can type into subscription services online, through a mobile app or over the phone. If you want a credit card for other types of purchases, then the Grow Credit Mastercard is not for you.
Find the Best Credit Cards for 2024
No single credit card is the best option for every family, every purchase or every budget. We've picked the best credit cards in a way designed to be the most helpful to the widest variety of readers.
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors including:
- Annual fees
- Welcome bonus offers
- Ongoing earning rates
- Value of individual points or miles
- Included travel or merchant credits
- Additional 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.
Read more: How Forbes Advisor Rates Credit Cards
*The information for the following card(s) has been collected independently by Forbes Advisor: Grow Credit Mastercard, Petal® 2 “Cash Back, No Fees” Visa® Credit Card. The card details on this page have not been reviewed or provided by the card issuer.
