Grow Credit Review
Grow Credit is the ideal credit builder if you have lots of subscriptions. Keep reading to learn why and if it's worth it.
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Build Credit for Free | |||
Overall Score | 4.1 | ||
Fees | 3.0 | ||
Credit Building Tools | 3.5 | ||
Credit Bureaus Reporting | 5.0 | ||
Mobile App | 5.0 | ||
Pros and Cons
- Reports to 3 credit bureaus
- Offers a free plan
- 100+ subscription services
- Security deposit for other plans
- Limited credit line
- Free plan only lasts 12 months
Bottom Line
Credit builder that reports your subscription payments to credit bureaus
Grow Credit helps you build credit by reporting your subscription payments to the credit bureaus.
It even offers a free plan, so you can start building your credit right away. So, is there a catch?
In this review, find out Grow Credit's benefits and downsides. You'll also learn if it's a better credit builder than its alternatives.
What Is Grow Credit?
Grow Credit is a credit builder that gets you a credit line and a virtual Mastercard. You can use them to pay for subscriptions and Grow Credit reports these payments to the three credit bureaus.
You can start seeing improvements in your credit in as early as 60 days and boost your credit score by as much as 44 points.[1]
Best part? Grow Credit offers a free account (at least, for 12 months). Paid standard memberships cost $2.99–$9.99/month if you need more features.
Grow Credit offers a virtual Mastercard provided by Sutton Bank, while loans are provided by Blue Ridge Bank.
Build Credit for Free
Get a Free Mastercard to pay your subscriptions and build your credit
Who Is Grow Credit Best For?
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Grow Credit works best if you:
- Pay for various subscriptions regularly
- Have no credit history or limited credit history
- Want to improve and boost your credit gradually
You can maximize Grow Credit if you currently have several subscriptions. On-time payments for these services can help add positive items to your credit report.
All membership plans give you access to over 100 subscription services. But paid plans give you access to premium subscriptions, including cellphone carriers and insurance products.
Who should skip Grow Credit?
Grow Credit may not be for you if you don't use a lot of subscription services. You can't maximize the credit builder if you don't add a lot of supported services to your account.
Also, your monthly subscriptions alone can be costly. Grow Credit may not be the best credit builder if you don't want to spend more every month. That's because you now need to consider the monthly fees for your subscriptions and Grow Credit account.
Pros And Cons
Pros:
- Reports to Equifax, Experian, and TransUnion
- No hard pull on your credit
- Free FICO score
- Offers a free plan
- Supports more than 100 subscription services
- No interest or hidden fees
- Cancel anytime without penalties
- B rating and accreditation from the BBB[2]
- iOS and Android apps available
Cons:
- Limited usage to supported subscriptions
- No physical card available
- Spending limits for your subscriptions
- Varying customer service experiences
- Free plan is only valid for 12 months
No, Grow Credit doesn't do a hard pull on your credit once you apply. Meaning, Grow Credit doesn't use your credit scores or entries in your credit reports as a basis to qualify you for an account.
How Grow Credit Works
This is how you can build your credit with Grow Credit:
- Select your plan and add your subscriptions.
- Go to the website or app of your added subscriptions. Then, set your Grow Credit Mastercard as the payment option.
- Pay for your plan and monthly subscriptions on time.
- Grow Credit reports your payments to Equifax, Experian, and TransUnion.
The Grow Credit Mastercard extends a line of credit (equivalent to 12 months of your spending limit). You can only use your Grow Credit Mastercard to pay for supported subscriptions, and not for other transactions like groceries, utilities, or in-store purchases.
Grow Credit reports this credit line alongside your monthly payments. You get to establish your credit by minimizing credit utilization and adding on-time payments to your payment history.
Note that once you sign up for an account with Grow Credit, you need to connect your bank account. Grow Credit automatically deducts your monthly balances from your linked account.
Pricing And Fees
You can choose between 3 plans with different spending limits.[3]
| BUILD FREE | GROW | ACCELERATE | |
|---|---|---|---|
| Price | $0 for the first 12 months; $2.99/month afterwards | $4.99/month | $9.99/month |
| Spending limit | $17/month | $50/month | $150/month |
| Credit line | $204 | $600 | $1800 |
| Reports to 3 credit bureaus | ✔ | ✔ | ✔ |
| FICO score tracker | ✔ | ✔ | ✔ |
| Access to premium subscriptions | — | ✔ | ✔ |
You can only add subscriptions that don't go beyond your spending limit. So, here's how to choose the ideal package:
- Build Free
Best for paying 1 subscription every month. However, note that you need to pay a $2.99 monthly fee after 12 months for the same spending limit. - Grow
Best for paying 2-3 subscriptions every month. You can include services from the list of premium subscriptions. - Accelerate
Best for paying cellphone bills, subscription services, and insurance bills. It has the biggest spending limit, so you can add more subscriptions to your account.
Grow Credit also offers Secured plans for those who don't qualify for standard plans:[4]
- Build Secured: ($2.99/mo) with a $17 monthly spending limit, $17 security deposit
- Build Student: ($1.99/mo) with a $17 monthly spending limit, $17 security deposit
- Grow Secured: ($4.99/mo) with a $50 monthly spending limit, $50 security deposit
- Accelerate Secured: ($9.99/mo) with a $150 monthly spending limit, $150 security deposit
With Secured plans, you get the same features as standard plans, but they require an initial security deposit. You can get your deposit back after 12 months of consecutive on-time payments.
Grow Credit doesn't have other fees. You only need to pay your Grow Credit monthly fee and subscriptions before the due date.
Want to know the specific subscription services Grow Credit supports? Scroll to the next section.
What can I use my Grow Credit card for?
You can use the Grow Credit Mastercard to pay for your subscriptions. But don't forget to change the payment options for your subscription services to start using your card.
All Grow Credit plans support the following services:[6]
- AARP
- AMC+
- Arlo
- BET+
- Billie Razors
- Boomerang
- Canva
- Chegg
- ConvertKit
- Crunchyroll
- Curiosity Stream
- Discord Nitro
- Disney Plus
- Dollar Shave Club
- DoorDash DashPass
- Dovly
- Dropbox
- EA Play
- ESPN Plus
- Flexibits
- Gaia
- Gamefly
- Grammarly
- Great American Pure Flix
- GrubHub
- HBO Max
- Hulu
- Humble Choice
- iHeartRadio
- Ipsy
- Keeps
- Kindle
- Linguix
- Max (formerly HBO Max)
- Mint Mobile
- Mode Mobile
- Mondly
- MS Office 365
- National Geographic
- NBA League Pass
- Netflix
- New York Times
- NordVPN
- Nvidia GeForce Now
- Pandora
- Paramount+
- Patreon
- Peacock
- Peloton
- Playstation Plus
- Plex
- Postmates
- Reddit Premium
- Ring
- Rocket Money
- SiriusXM
- SoundCloud
- Spotify
- Splice
- Starz
- Super+
- Tidal
- Treads
- Twitch Turbo
- Uber Eats
- Uplay+
- Verification Company / Rental Verification
- Wagmo
- WWE Network
- Xbox Live
- Youtube Premium
- Zeus Network
You can also add the following premium subscriptions if you pay for the Grow or Accelerate plan:
- AAA
- Adore Me
- Adobe Creative Cloud
- Allstate
- AT&T
- BarkBox
- Boost Mobile
- Boxycharm
- Coursera
- Cox
- Cricket Wireless
- DirecTV
- Experian Premium
- FabFitFun
- Geico
- JustFab
- LinkedIn
- Metro T-Mobile
- MyFico
- OnStar
- Philo
- Progressive
- ShoeDazzle
- Shopify
- Simple Mobile
- Sling
- Spectrum
- Sprint
- T-Mobile
- UScellular
- Verizon Wireless
- Visible
- Xfinity
- Xfinity Mobile
You can send Grow Credit a request to add another subscription service that isn't on their list. All you need to do is sign up for a plan and create your account. Then, go to My Card page, click Add a Subscription and push Make Request.
Is Grow Credit Worth It?
Grow Credit can be worth it if you have multiple subscriptions. For example, you could be subscribed to Netflix, Hulu, Spotify, and YouTube Premium at the same time.
It's a good way to build your credit history. You essentially boost your credit with things you already pay for.
If you're convinced, here's how to sign up for an account.
How To Open A Grow Credit Account
Grow Credit has no credit requirements and only performs a soft credit pull during your application.
You can open an account and start building credit by doing the following steps:
- Go to the sign-up page.
- Enter your email and assign a password.
- Add your first name and last name.
- Connect a bank account with an eligible balance.
Before you sign up, however, make sure you meet the qualifications.
To begin using Grow Credit, you must:
- Have a bank account where you deposit your income or a bank-issued card in your name
- Have a valid email address and phone number
- Have an SSN
- Be a permanent resident of the United States
- Be 18 years old or older
Is Grow Credit Legit?
Yes, Grow Credit is legit. It is accredited by the BBB with a B rating. Plus, it has more than 100,000 downloads from Google Play Store and 500,000 downloads from the Apple Store.
If you're worried about security, Grow Credit stores your data with 256-bit encryption bank-level security, and data is never stored on your device.[8]
Customer reviews can help you figure out if it's a good company to work with.
Customer Reviews
The majority of Grow Credit reviews and ratings come from its app platforms online. Grow Credit has the following average ratings:
| RATINGS SOURCE | AVERAGE RATING |
|---|---|
| Apple Store | 4.8 out of 5 ★ from over 8,500 ratings |
| Google Play Store | 4.4 out of 5 ★ from over 2,000 reviews |
| Trustpilot | 4.1 out of 5 ★ from over 90 reviews |
According to Scott, Grow Credit has helped increase his credit score and re-establish his credit.
However, several users have complained about Grow Credit's customer service. In particular, Jason experienced slow customer service for his issue.
Note that using Grow Credit won't guarantee a credit score increase. And using any credit builder doesn't give instant results. It may take a few weeks to months to see changes in your credit.
If you encounter issues of your own, here's how you can contact Grow Credit.
How To Get In Touch With Grow Credit
Grow Credit has several support channels for users. For questions, inquiries, or concerns, you can contact Grow Credit through:
- Phone: 1 (888) 244-5886
- Email: behappy@growcredit.com[9]
You can also ask questions and search for help by clicking the automated chat box on the website.
To cancel your Grow Credit account, go to settings and click Close Account. Then, wait for the customer support team to confirm your request. If you're having trouble, email behappy@growcredit.com and include your date of birth, billing zip code, and your request for account closure.
Is Grow Credit not fit for your needs? Below are other credit builders you can try instead.
How Grow Credit Compares
The suitable alternative depends on your priorities, such as bill payments and affordability. Read on.
Grow Credit vs Self's Rent and Bills Reporting
Self features Rent and Bills Reporting, and it is the most similar alternative to Grow Credit. It lets you report your rental payments to the three credit bureaus and track your credit score. Note: Results vary. You may not receive an improved credit score. Not all lenders use scores impacted by rent reporting. Not all bill payments may be eligible.
Just like Grow Credit, Self offers a free and paid plan. The paid plan costs $6.95/month, where apart from rent payments, you can also report your cell phone bills and utilities.[10]
You also get credit monitoring features and $1 million identity theft insurance from a paid account.
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| Visit Site | Visit Site | |
Build Credit for Free - | Apply for a Credit Builder Account at Self - | |
| Fees | $0 (free for the first 12 months, $2.99 on succeeding months) to $9.99/month |
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| Credit Building Tools |
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| Credit Bureaus Reporting |
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| Mobile App | ||
| Visit Site | Visit Site | |
Apply for a Credit Builder Account at Self
- Get the Credit Builder Account that helps build credit today!
- Choose the plan that fits within your budget
- Monthly payments are reported to the three major credit bureaus.
Grow Credit vs Kikoff
Just like Grow Credit, Kikoff offers you a $750 credit line (for $5/mo).[11] But you can only use this credit line to purchase items from the Kikoff Store. Then, Kikoff reports your monthly payments to the credit bureaus.
The drawback is that Kikoff only reports to Equifax and Experian. And you only get to see your VantageScore instead of your FICO score (when FICO is mostly used by lenders as reference).
That said, it may be better to choose Kikoff if you don't have a lot of subscription services. You get a higher credit line for a lower price.
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| Visit Site | Visit Site | |
Build Credit for Free - | Credit Building Made Easy - | |
| Fees | $0 (free for the first 12 months, $2.99 on succeeding months) to $9.99/month |
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| Credit Building Tools |
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| Credit Bureaus Reporting |
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| Mobile App | ||
| Visit Site | Visit Site | |
Credit Building Made Easy
- No credit pull required
- With 0% interest
- Open your account in minutes
Grow Credit vs MoneyLion Credit Builder
MoneyLion is your best bet if you want to build your credit and savings simultaneously. You get access to credit builder loans for $19.99/mo.[12]
You must pay off the loan for the next 12 months, including interest. That said, MoneyLion sets aside these payments so you can get them back after your term.
Both MoneyLion and Grow Credit report to Equifax, Experian, and TransUnion. Although MoneyLion is significantly more expensive, you do get most of your payments back in the end.
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| Visit Site | Learn More | |
Build Credit for Free - | Up to $500 Instacash℠ advances - | |
| Fees | $0 (free for the first 12 months, $2.99 on succeeding months) to $9.99/month | |
| Credit Building Tools | ||
| Credit Bureaus Reporting | ||
| Mobile App | ||
| Visit Site | Learn More | |
MoneyLion: Up to $500 Instacash℠ advances
- Short on cash? Get up to $500 of your pay, any day.
- No interest. No credit check. Enjoy flexible repayment dates.
- Link a checking account with direct deposits to see if you qualify.
Bottom Line
Grow Credit is a credit builder that adds your subscription payments to your credit reports. It's most suitable if you already use popular services and streaming apps.
Build Credit for Free
Get a Free Mastercard to pay your subscriptions and build your credit
But note that monthly fees accumulate over time. So, unless you have a lot of supported subscription services, Grow Credit may not be the best option.
You can check out other credit builders instead.
References
- ^ Grow Credit. Grow Credit, Retrieved 01/18/2024
- ^ Better Business Bureau. Grow Credit, Retrieved 12/29/2023
- ^ Grow Credit. How It Works, Retrieved 12/29/2023
- ^ Grow Credit Inc. Help Center. What are my plan options? How do I choose a plan?, Retrieved 02/22/2024
- ^ Grow Credit Inc. What are my plan options? How do I choose a plan?, Retrieved 02/22/2024
- ^ Grow Credit. What subscriptions work with Grow Credit?, Retrieved 09/01/2024
- ^ Grow Credit. What do I need to join Grow Credit? Can I join if I have bad credit or no credit history at all?, Retrieved 12/29/2023
- ^ Grow Credit. Security, Retrieved 12/29/2023
- ^ Grow Credit. How can I contact Grow's customer support?, Retrieved 01/18/2024
- ^ Self. How much does Rent+Bills cost?, Retrieved 02/22/2024
- ^ Kikoff. Pricing, Retrieved 02/22/2024
- ^ MoneyLion. How much are Credit Builder Plus membership fees and when will I be charged?, Retrieved 02/22/2024
Build Credit for Free
Get a Free Mastercard to pay your subscriptions and build your credit
Apply for a Credit Builder Account at Self
- Get the Credit Builder Account that helps build credit today!
- Choose the plan that fits within your budget
- Monthly payments are reported to the three major credit bureaus.
Credit Building Made Easy
- No credit pull required
- With 0% interest
- Open your account in minutes
Write to Alex Mambaje at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., First Century Bank, N.A., each Member FDIC. Subject to credit approval. The secured Self Visa® Credit Card is issued by Lead Bank or First Century Bank, N.A., each Member FDIC.
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