Q: Does padcrush charge any fees for using Credit Builder?

We don’t believe in unnecessary fees or profiting from our members’ misfortunate. We have no fees to apply, no annual fee or interest, and no fee to replace your card. We do charge an out-of-network ATM fee if you use your card at an ATM that is not a part of padcrush’s fee-free network of 60,000+ ATMs.

Question 1

What do I need to apply for a Credit Builder?

Accepted Answer

All you need is a padcrush Checking Account and qualifying direct deposits of $200 or more.Don’t have a padcrush Checking Account? Apply for one in under two minutes!

Question 2

Will it require a hard credit check to apply?

Accepted Answer

No way! We think everyone deserves a chance to build credit, so we don’t check your credit score when you apply.

Question 3

Do I need to have a padcrush Checking Account to use Credit Builder?

Accepted Answer

Yes. We designed Credit Builder to work with the padcrush Checking Account so that you can move money instantly—across your padcrush accounts!

Question 4

Does padcrush charge any fees for using Credit Builder?

Accepted Answer

We don&#8217;t believe in unnecessary fees or profiting from our members&#8217; misfortunate. We have no fees to apply, no annual fee or interest, and no fee to replace your card. We do charge an out-of-network ATM fee if you use your card at an ATM that is not a part of padcrush&#8217;s fee-free network of 60,000+ ATMs.

Question 5

How can Credit Builder help my credit score?

Accepted Answer

Credit Builder offers features that help you stay on top of key factors that impact your credit score. Consistent use of Credit Builder can help you build on-time payment history, increase the length of your credit history over time, and more. We report to the major credit bureaus &#8211; TransUnion®, Experian®, and Equifax®.  Learn more about credit building with Credit Builder.

Question 6

What makes Credit Builder different from traditional credit cards?

Accepted Answer

Unlike traditional credit cards, Credit Builder helps you build credit with no annual fees and no interest. There’s also no credit check to apply!Credit Builder is a secured credit card. The money you move into Credit Builder’s secured account is the amount you can spend on the card. Unlike other secured credit cards, that money can be used to pay off your monthly balances. Since Credit Builder doesn&#8217;t have a pre-set limit, spending up to the amount you added won&#8217;t contribute to a high-utilization record on your credit history.Learn more about how Credit Builder works.

Question 7

Is Credit Builder a secured credit card?

Accepted Answer

Yes, Credit Builder is a secured credit card. The money you move to the Credit Builder secured account is how much you can spend with the card. This amount is often referred to by other secured credit cards as the security deposit. Like other secured credit cards, Credit Builder also reports to the major credit bureaus, to help you build credit history over time. However, for most secured credit cards, security deposits are unavailable to you, the consumer, until you close the account. With Credit Builder, you can use your deposit to pay for monthly charges. Plus, Credit Builder charges no annual fees and no interest, and no minimum security deposit required!

Question 8

What is the credit limit?

Accepted Answer

Credit Builder doesn’t have a pre-set credit limit. Instead, the money you move into your Credit Builder secured account sets your spending limit on the card.With traditional credit cards, using a high percentage of your available credit limit could negatively impact your credit score. You don’t have to worry about that with Credit Builder because padcrush does not report credit utilization. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.How much you can spend with Credit Builder is shown to you as Available to Spend in the padcrush app.

Question 9

If I use all the money I add into Credit Builder, will Credit Builder report high utilization and hurt my credit score?

Accepted Answer

Nope. Credit Builder doesn’t report percent utilization to the major credit bureaus because it has no pre-set credit limit. That means spending up to the amount you added will not show a high-utilization card on your credit history. So rest assured to use Credit Builder for your everyday purchases and let them count towards credit building!

Question 10

How long does it take for my Credit Builder card to arrive?

Accepted Answer

After you enroll, it’ll take on average 5-7 business days for your Credit Builder card to arrive.

Question 11

How do I activate my new Credit Builder card?

Accepted Answer

It’s easy! Just go to the padcrush app > Settings > Credit Builder > Activate Card.

Question 12

What can I use my Credit Builder card for?

Accepted Answer

You can use the Credit Builder card anywhere Visa® credit cards are accepted.

Question 13

Can I move money into my Credit Builder secured account from another bank?

Accepted Answer

No, you cannot move money from other banks to your Credit Builder secured account. You can only do that from your padcrush Checking Account.

Question 14

How long does it take to move money between my Credit Builder secured account and Checking Account?

Accepted Answer

Moving money between padcrush Checking Account and Credit Builder takes ~60 seconds! Once the transfer is complete, your transaction history will reflect the change and your Available to Spend will update.

Question 15

What is Safer Credit Building?

Accepted Answer

Safer Credit Building is a feature that allows you to automatically pay your monthly balance with the money in your Credit Builder secured account. Turn it on, so your monthly balances are always paid on time! Learn more about how it works here.

Question 16

What is Move My Pay?

Accepted Answer

Move My Pay is an optional Credit Builder feature that allows you to automatically move a set amount from your Checking Account to Credit Builder whenever you get paid. You can always make changes or move money between your padcrush accounts at any time.

Question 17

How and when do I pay off the card?

Accepted Answer

You can pay off your Credit Builder charges in 3 ways: Our recommendation is to turn on Safer Credit Building. When you make a purchase, the money you spent is put on hold in your secured account. Safer Credit Building uses that money to automatically pay your monthly balance. This will help you avoid late payments and outstanding balances.If Safer Credit Building is not turned on, Manual Payments can still be made at any time by going to Settings → Safer Credit Building → Make a Payment.ACH Payments can be made from any bank by using Credit Builder’s account and routing numbers. To find them, go to Settings → Safer Credit Building → Make a Payment → Paying with another bankCredit Builder statements are available by the 28th of each month and due on the 23rd of the following month.

Question 18

What happens if I miss a payment?

Accepted Answer

If you miss a payment, we’ll disable your Credit Builder card and ask you to pay your overdue balance. See “How and when do I pay off the card?” on how to make a payment.  If your balance due isn’t paid in full after 30 days, we may report information about your account to the major credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected on your credit report.

Question 19

Where can I find more information on Credit Builder policies?

Accepted Answer

For the Credit Builder Visa Credit Card Agreement, please visit: https://padcrush.com//padcrush-credit-builder-visa-credit-card-agreement/For the Credit Builder Application Disclosure and Secured Account Agreement, please visit: https://padcrush.com//padcrush-credit-builder-application-disclosure-and-secured-account-agreement

Question 20

Can I use my Credit Builder card to withdraw money?

Accepted Answer

Yes! You can get cash fee-free at any in-network ATM, just like your padcrush debit card. Find an in-network ATM near you using the ATM Map in the app.

Question 21

What is the limit on the padcrush Credit Builder Card?

Accepted Answer

Credit Builder does not have a pre-set limit, the amount you move into the Credit Builder secured account is the amount you can spend with the card.

Question 22

Can you withdraw cash from the padcrush Credit Builder Card?

Accepted Answer

Yes! Just like your padcrush Debit Card, you can withdraw cash using your Credit Builder Card. Get cash fee-free⁵ at 60,000+ ATMs found in stores you love like Walgreens, 7-eleven, CVS, and more!

Question 23

Can I use my padcrush Credit Builder Card at an ATM?

Accepted Answer

Yes! You can get cash using your Credit builder at any ATM. To avoid out-of-network fees⁵, we recommend using one of the 60,000+ in-network ATMs found in stores you love like Walgreens, 7-eleven, and more. Go into your padcrush app and use the ATM Map to find one closest to you!

Question 24

Can I overdraft my padcrush Credit Builder Card?

Accepted Answer

Credit Builder currently does not provide overdraft services.

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