Go2Bank credit card full review
Are you looking for digital banking so you can get into a new way of taking care of your money? Check out our Go2Bank review.
Keep reading and learn more about the Go2Bank credit card
The digital banking program at Green Dot Bank is called GO2bank. A division of Green Dot Bank is GO2bank. Green Dot Bank was started in 1999 and has its main office in Pasadena, California. The goal of GO2bank is to assist the underbanked. A different Green Dot Bank brand called GOBank should not be confused with GO2bank, which debuted in January 2021.
Too many Americans have trouble accessing their money, pay excessive prices for financial products, and suffer from the absence of solutions catered to their needs.
A leading fintech with the creativity and agility of a bank with the security, stability, and experience of an FDIC-insured institution, GO2bank is designed to be the go-to place for simple, affordable, and useful banking.
Keep reading if you wanna learn more about the benefits Go2Bank has to offer.
How does the Go2Bank credit card work?
The primary account at GO2bank has a $5 monthly fee that can be avoided by making at least one direct deposit each month. Similar mobile checking accounts don’t charge this cost, despite the fee is minimal compared to traditional banks. The online account can be opened with no minimum balance.
Instead, there is a purchase fee of up to $2.95 and a minimum deposit of $20 if you obtain the debit card in a store.
Withdrawals from more than 19,000 fee-free ATMs nationwide and cash deposits at more than 90,000 locations of major merchants like Walmart and CVS are included in the checking features. For a simple transition between cash and digital, the mobile app can generate one-time bar codes that a store cashier can scan as they receive your money. Because neobanks only operate online, cash deposits are not a common feature.
Compared to regular banks, you can get direct deposits up to two days earlier. Additionally, there is a restricted cash-back program for online gift card purchases. Although there are numerous ways to add money, there is currently no way to move funds from a GO2bank account to an outside bank account.
If you don’t mind waiting 10 days, the mobile app allows free check deposits; otherwise, depending on the type of check, there is a cost of 1% or 5% of the amount if you want to receive money right away. In addition, there are charges of $3 for ATM withdrawals made outside of the network, up to $4.95 for each cash deposit made at a merchant, and a 1.5% cost for online transfers made from an outside debit card to fund a GO2bank account.
Go2Bank Credit Card Benefits
Focused on mobile banking
Since GO2bank only operates online, it has no physical locations. In app stores, the mobile app has ratings higher than 4, and it offers benefits like a little cashback when purchasing specific gift cards and the ability to lock and unlock the debit card in case it is lost or stolen.
Coverage with a low fee
Only clients who get direct deposits are eligible for overdraft protection, which ranges in cost from $10 to $200 based on the amount of the direct deposit. The bank may provide up to that amount of coverage when a purchase would result in a negative balance in order to complete the transaction.
A consumer gets a grace period of 24 hours to restore the account to zero or higher. If customers don’t, GO2bank will charge $15 for any debit card purchase that brings or keeps an account in the negative, up to five times per day, if the balance is overdrawn by more than $10. A $10 or less overdraft is not subject to a fee.
The stellar rate for a given amount
Up to five vaults for savings are available from GO2bank, and there is no minimum balance needed. On balances up to $5,000, the vaults collectively yield a high rate of 2.50% APY, which is paid out quarterly. Any sums in excess of that do not accrue interest. This rate is a terrific deal if you don’t plan to save more than that with GO2bank in the upcoming year. Otherwise, you can earn money on much larger balances with high-yield savings accounts.
Want to know how to apply for a Go2Bank credit card?
So, if you are looking for an excellent opportunity on a neobank, the Go2Bank might be a good option for you.
Check out our article regarding how to apply for a Go2Bank credit card.