Go2Bank credit card full review
Check out our Go2Bank review if you are seeking digital banking to embrace a fresh approach to managing your finances.
Discover More About the Go2Bank Credit Card
Introducing GO2bank, the digital banking program offered by Green Dot Bank. With its main office in Pasadena, California, Green Dot Bank has been in operation since 1999. GO2bank was created to address the needs of the underbanked population. It is important not to confuse GO2bank with another brand called GOBank, also owned by Green Dot Bank. GO2bank was launched in January 2021 to provide solutions to Americans who struggle with accessing their money, paying high fees, and lack of tailored financial products.
Combining the creativity and agility of a fintech company with the stability, security, and experience of an FDIC-insured institution, GO2bank aims to be the go-to platform for affordable, useful, and straightforward banking services.
Are you curious about the advantages that the Go2Bank credit card can offer? Keep reading to find out.
How Does the Go2Bank Credit Card Function?
The primary account at GO2bank features a $5 monthly fee, which can be waived if you make at least one direct deposit per month. While some mobile checking accounts do not have this fee, it is relatively low compared to traditional banks. Furthermore, there is no minimum balance requirement to open an online account.
If you opt to obtain a debit card from a store, there is a purchase fee of up to $2.95 and a minimum deposit of $20.
The checking features include withdrawals from over 19,000 fee-free ATMs nationwide and cash deposits at more than 90,000 locations of major retailers such as Walmart and CVS. To facilitate seamless transitions between cash and digital, the GO2bank mobile app generates one-time barcodes that can be scanned by store cashiers as they receive your money. This feature sets GO2bank apart from neobanks, which typically do not accept cash deposits.
Compared to traditional banks, GO2bank allows you to receive direct deposits up to two days earlier. Additionally, there is a limited cash-back program for online gift card purchases. While there are various methods to add money to your account, currently, there is no option to transfer funds from a GO2bank account to an external bank account.
The mobile app enables free check deposits, with a wait time of 10 days. If you prefer to receive the money immediately, there is a fee of 1% or 5% of the check amount, depending on the type of check. Furthermore, there are charges of $3 for ATM withdrawals made outside the network, up to $4.95 for each cash deposit made at a retailer, and a 1.5% fee for online transfers from an external debit card to fund a GO2bank account.
Benefits of the Go2Bank Credit Card
Mobile Banking Focus
As GO2bank operates exclusively online, it does not have physical branch locations. The mobile app has received ratings higher than 4 on app stores. It offers various benefits, such as a small cashback when purchasing specific gift cards and the ability to lock and unlock your debit card if it is lost or stolen.
Low-Fee Coverage
Only customers who have direct deposits are eligible for overdraft protection. The cost of overdraft protection ranges from $10 to $200, depending on the amount of the direct deposit. GO2bank may provide coverage up to the amount of the direct deposit to complete a transaction when it would otherwise result in a negative account balance. Clients have a grace period of 24 hours to restore their account to at least zero. Failing to do so will result in a $15 fee for each debit card purchase that brings or keeps the account in the negative, up to five times per day if the overdraft amount exceeds $10. Overdrafts of $10 or less do not incur a fee.
Competitive Rates for a Specified Amount
GO2bank offers up to five savings vaults with no minimum balance requirement. The vaults collectively yield a high annual percentage yield (APY) of 2.50% on balances up to $5,000, which is paid out quarterly. However, balances exceeding $5,000 do not accrue interest. This rate is an excellent opportunity if you do not plan to save more with GO2bank in the coming year. Alternatively, if you intend to save larger amounts, high-yield savings accounts may offer better returns.
Interested in Applying for a Go2Bank Credit Card?
If you are seeking an exceptional neobank, Go2Bank may be the right choice for you. To learn more about how to apply for a Go2Bank credit card, check out our detailed article.
