How to apply for the Go2Bank credit card?
Here's how to apply for a Go2Bank card if you are seeking a reliable bank to manage your deposits.
Understanding the Go2Bank Credit Card
When it comes to straightforward, affordable, and practical banking services, GO2bank, a leading fintech company, aims to be the go-to platform. It combines the agility and innovation of a bank with the security, stability, and experience of an FDIC-insured institution. Many Americans struggle to access financial services that meet their needs without overpaying or facing obstacles.
GO2bank is the online banking service provided by Green Dot Bank. It is a division of Green Dot Bank, with its main office located in Pasadena, California. Green Dot Bank, founded in 1999, focuses on assisting the underbanked population. It’s important to note that GO2bank, launched in January 2021, is distinct from GOBank, another brand under Green Dot Bank.
While traditional banks may charge monthly fees, GO2bank’s primary account requires a minimum monthly direct deposit of at least $100 to avoid a $5 fee. However, compared to other mobile checking accounts, this fee is still relatively low. Opening an online account does not require a minimum balance.
If you choose to obtain the GO2bank debit card at a physical location, there will be a $20 minimum deposit and an additional purchase fee of up to $2.95.
If you’re interested in a remarkable neobank with an established track record, keep reading our article.
Eligibility for the Go2Bank Credit Card
In order to apply for the Go2Bank credit card, applicants must have had a GO2bank deposit account with direct deposits totaling at least $100 for the 30 days prior to the card application. Any United States permanent resident who is at least 18 years old can apply for a GO2bank deposit account online.
While the GO2bank Secured Credit Card is more accessible than traditional credit cards, some customers may have difficulty meeting the banking requirements.
Similar to most secured credit cards, the GO2bank Secured Credit Card requires a refundable security deposit that is equal to your credit limit.
Once approved for the card, you must make a minimum deposit of $100 into your GO2bank deposit account. This deposit requirement is lower than what many secured cards typically require (typically $200 or more).
You can improve your credit within a few months by making small regular expenditures on your card and paying your account in full each month, although your available credit may be limited.
How to Apply for the Go2Bank Credit Card
To apply for the GO2bank Secured Credit Card, you can visit GO2bank.com or use the GO2bank app with approved direct deposits. If you meet the qualifications, you will see the “Apply now” option in the secured credit card section of your account dashboard after logging in.
Fill out the application, including details about your monthly expenses and income, and submit it to complete the application process.
Approval decisions are often made instantly, unless an OFAC review is required, which can cause delays. Applications may occasionally be declined.
Is Having a Go2Bank Account Worth It?
If you don’t have a regular checking account and need access to banking services such as check cashing or direct deposits, GO2bank is an excellent and free choice. Additionally, if you’re willing to set up direct deposit into your GO2bank account to avoid the monthly fee, it can be a great way to build credit.
Comparison: Go2Bank vs First Progress Elite
Both Go2Bank and First Progress Elite have their own advantages.
First Progress Elite is a good option if you want to establish or rebuild your credit score.
While Go2Bank may also help with credit building, its primary features focus on early deposits and the fact that it is a neobank, a digital bank with a futuristic approach.
Benefits of Go2Bank
- 2.50% APY across all savings vaults
- Ability to set up to five separate savings vaults for different goals
- Large retail network for cash deposits and extensive ATM network for withdrawals
- Up to 7% immediate cash back on in-app purchases using eGift cards
Benefits of First Progress Elite
- Easy application process, quick approval, and potential approval even without a credit history
- No credit check required, making your credit history irrelevant
- Reports to all three credit bureaus for effective credit-building tracking
- Slightly lower continuous APR compared to other secured cards (22.99% variable)
How to Apply for the First Progress Elite
If you’re interested in applying for the First Progress Elite card, you can find detailed information in our article on how to apply for one.
