The GO2bank Secured Credit Card is designed for people who are looking to build or rebuild their credit with responsible use over time. Like a traditional credit card, you have a credit limit and make monthly payments. The big difference is that you make a refundable security deposit (starting as low as $100) which will be returned back to you after paying off any outstanding balance, interest and(or) fees that are owed on the account after the account has been closed.
Your ability to make the minimum payment determines the credit limit range, and your security deposit sets the limit within that range. Your credit amount will equal the amount of this security deposit.
Your activity is reported to the three major credit bureaus every month. Complete, on-time payments and other good behaviors like keeping your balance low (ideally under 50% of your total credit limit) can help build a positive credit file over time. Conversely, not making your payments in full or on time each month, and other negative behaviors like consistently spending to (or over) the credit limit can damage your credit.