All FAQs

Credit Builder Secured Visa® Credit Card FAQs

The Credit Builder Secured Visa® Credit Card is a personal product that is designed to help individuals establish or rebuild their credit score.

Yes, if the savings account is a joint account, two cards will be issued. Both parties must be on the credit application.

Approximately 2 weeks after your application has been approved

Yes, you will receive a free monthly transaction statement detailing your card activity for that month and the payment amount due. However, this account requires you to enroll in e.Statements for the savings account. If you elect not to enroll, you will be charged $4.50 per quarter to receive a paper statement for the savings account.

Learn more about e.Statements

As often as you like in increments of $50 or more, up to a maximum of $3,000 total in the account.

You will see your credit limit increase approximately 1 to 2 business days following the day of the deposit.

The interest rate will follow the rate paid on other savings accounts, currently 0.05%.

No, a specific savings product for the Credit Builder program has been created and needs to be used as the collateral account.

No. The savings account acts as collateral for your secured card, so regardless of whether or not you have a balance on your card, you may not withdraw money from the account while your credit card is secured without closing both the Credit Builder savings account and the Credit Builder credit card.

No. We recommend you open a second savings account and link that account with the Savings Cents program.

No. State laws govern the minimum age for a credit card.