The GO2bank Secured Credit Card can help build your credit history with responsible use over time as we report activity such as on-time payments, late payments, purchases, credit limit changes, and balances owed every month to the three main credit bureaus.
Unlike a debit card, the purchases you make using the GO2bank Secured Credit Card will need to be paid back by the payment due date. You can find the payment due date after you log into your account on the Secured Credit Card section and on the monthly statements. The security deposit you had set aside at the beginning when you set your credit limit will not be used to make those payments every month, but will be returned to you at the time of account closure after we deduct any balance owed, including fees and (or) interest.
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 on time each month and other negative behaviors like consistently spending to (or over) the credit limit can damage your credit.