GO2bank Secured Credit Card – How to Apply for the GO2bank Secured Card

Let’s face it, trying to build or repair credit from scratch can often seem impossible. You need credit to get credit, but how do you break that vicious cycle?

The GO2bank Secured Credit Card – a credit-building tool is designed to help folks with limited or poor credit histories get started on the right foot. When you can provide a refundable security deposit, then you can obtain an unsecured credit card and begin demonstrating responsible usage.

But the application process is sometimes difficult if you’re new to secured cards. How much should you put down? What kind of credit line can you expect? Will there be fees to watch out for?

Have no fear, for today we’re breaking down the entire GO2bank Secured Credit Card application process step-by-step. We’ll cover all the key details like benefits, costs, requirements, and exactly how to apply.

After going through this guide, you’ll be fully prepared to take that first major step toward better credit.

Benefits of the GO2bank Secured Credit Card

Let’s quickly review some of the top benefits and features that make this secured card appealing:

No credit check required to apply
Fixed 9.99% APR for purchases
Lower refundable security deposit amounts (as little as $100)
Primary card reports monthly to all three credit bureaus
Opportunity to upgrade to an unsecured card after 13 months
Affordable $53 annual fee
Mobile app for account access and online servicing
Enjoy benefits like car rental and price protection

As you can see, the GO2bank Secured Credit Card packs a lot of value for those looking to build credit from the ground up. But let’s dive deeper into the finer application details!

The Credit Card Requirements & Fees

To apply for the GO2bank Secured Credit Card, you’ll need to meet the following basic requirements:

You must have a valid GO2bank checking account that’s at least 60 days old
Your checking account needs to have stayed in positive balance without overdrafts
At least $100 available balance to pay the refundable security deposit

Assuming you meet those criteria, you’ll then need to provide some additional information like your monthly gross income and estimate of regular monthly expenses. GO2bank uses this to determine your creditworthiness and appropriate credit limit/deposit amount.

As for pricing and fees, here are the key numbers to keep in mind:

Annual Fee: $53
APRs: 9.99% Fixed APR for Purchases
Grace Period: 23 Days
Security Deposit Range: $100 to $1,000

Your exact security deposit will equal your approved credit limit. For example, if GO2bank approves you for a $500 limit, you’ll need to deposit $500 to secure the card.

How to Apply for the GO2bank Secured Card

Now that we’ve covered the benefits and requirements, let’s talk about the actual application process. To apply for the GO2bank Secured Credit Card, you have two options:

Through the GO2bank Mobile App
Online at go2bank.com

The overall process is quick and easy either way. Simply log into your existing GO2bank checking account and look for the “Secured Credit Card” section. You should see an option to “Apply Now” if pre-qualified.

Completing the Application

Once you begin the application, you’ll need to provide/verify:

Personal details like name, address, date of birth, etc.
Monthly gross income details and sources
Estimate of recurring monthly expenses
Accept the card’s pricing, terms, and other disclosures

In most cases, GO2bank can provide an instant decision once you submit the application. If approved, you’ll have the option to accept and fund your fully refundable security deposit to get the account activated!

What If I’m Not Instantly Approved?

In some scenarios, GO2bank may need additional time for further review of your application. Don’t fret, as this is normal procedure for many secured card applicants with poor or limited credit histories.

Common reasons for pending decisions:

Further income/expense verification required
OFAC review needed to comply with federal regulations
Pending modification level review
Previous derogatory credit issues need closer inspection

As long as you provided accurate details in your application, most issues can likely be resolved with additional documentation or explanations from you. Just be patient during the process.

How to Activate & Access Your New Secured Card

Congrats, you got approved! So what are the next steps to start actually using this new credit card?

Well first off, you’ll need to fund that fully refundable security deposit to fully activate the account. GO2bank accepts payments from:

Debit card
Checking/savings account transfers
Physical checks by mail

Some folks even choose to pay the deposit with cash by taking funds into a GO2bank branch. Just be sure to specify that it’s for activating your new secured credit card!

Card Arrival & Account Access

After activating and funding, you should receive your new GO2bank Secured Credit Card within 7 to 10 business days. Upon arrival, you’ll need to activate it by following the instructions on the sticker attached.

From there, you can officially start using your secured card for everyday purchases! GO2bank conveniently allows you to:

Access your account details through online banking
Monitor statements and transactions in the mobile app
Set up autopay to never miss a due date

As an added perk, your secured card’s primary account will start reporting payment history to all three major credit bureaus each month once open and active. Just be sure to pay at least the minimum payment by the due date.

How to Make Your Card Payments

Speaking of making payments, GO2bank offers several convenient options to cover your secured card’s monthly balance:

Online Banking Payment: Log in online and initiate checking/savings or debit card payments
GO2bank Mobile App: Access the “Make Payment” feature to pay from linked accounts
By Phone: Dial customer service to pay via checking account or debit card over the phone
Check by Mail: Send physical checks directly to the remittance address on your statement
In-Branch Payment: Take cash or check into a local GO2bank branch location

Just remember, paying your balance on time each month is critical for keeping the account in good standing. That positive payment history then helps build your credit score!

What If I Forget Login Details?

No worries, resetting forgotten usernames or passwords for online banking access is easy. Just look for the “Forgot Username/Password” links to answer some security questions or reach out to customer support.

From there, you’ll be right back on track to seamlessly access statements, make payments, update information, and monitor credit reporting. Speaking of which…

Tips to Upgrade to an Unsecured Card Down the Road

One of the best benefits of the GO2bank Secured Credit Card is the opportunity to eventually upgrade to an unsecured product after practicing responsible credit habits.

Current holders can actually request an upgrade to an unsecured card after making 13 consecutive on-time payments. If approved, your original security deposit gets refunded!

Just be sure to keep practicing good payment behavior with the secured card. Making on-time payments, keeping your balance low, and avoiding derogatory issues puts you in prime position to “graduate” to unsecured status.

Conclusion

No matter your current credit situation, proactively improving your credit scores positions you for greater financial success ahead. Lower interest rates on loans, higher approval odds for rental applications, and an overall healthier financial profile await with the right habits.

While building or repairing credit isn’t necessarily fast or easy, secured cards provide an excellent launching point.

When you put down a fully refundable deposit, you obtain a line of credit to demonstrate your responsibility to lenders. The GO2bank product in particular stands out for its low costs, quality credit-building features, and attainable upgrade path.

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