Are you seeking a flexible, secured charge card that helps you build credit while staying out of debt? Look no further than the Current Build Card, an innovative solution that helps you do just that. Plus, you’ll get access to a ton of benefits that make your experience as a cardholder even more pleasant.
About Current
Current is a financial technology company offering banking and cryptocurrency services through the Choice Financial Group, Member FDIC. It currently boasts over 4 million members, and this figure continues to grow daily.
Unlike traditional banks, it offers a fee-free experience and an assortment of benefits and features, including:
- Early direct deposit: Receive your earnings up to two days sooner when you use direct deposit with Current.
- Fee-free overdrafts: Avoid costly overdraft fees with the Overdrive feature.
- Cash back rewards: Earn points redeemable for cash back when you make purchases with your Current account at more than 14,000 participating retailers nationwide.
- Extensive ATM network: Access over 40,000 Allpoint fee-free ATMs nationwide to withdraw funds when you need them.
- Gas hold removals: Current instantly removes hefty gas holds to free up your money sooner.
- Mobile check deposit: You can deposit checks in an instant through the Current mobile app.
- Spending insights: Current provider personal finance insights to help you manage your money more effectively.
- Savings Pods: Earn up to a 4.00 percent bonus when you set up a qualifying monthly direct deposit of $200 or more. (All other members earn a 0.25 percent bonus).
- Crypto trades: Buy and sell cryptocurrency easily, minus the fees, through the Current app.
Plus, there are no minimum balance fees, transfer fees or instant transfer fees if you use Current Tags.
What is the Current Build Card?
The Current Build Card is a highly accessible, frictionless-to-use, secured card by Current that helps you build your credit history as you spend. It’s designed to keep consumers out of debt as spending is capped at the amount you deposit into your Current account. That said, there is no minimum required deposit amount, and the card is available to all Current members.
How Does Current Build Card Work?
When you sign up for Current, you’ll have access to the Current Build Card. This means you won’t have to undergo a hard credit check, which is good news for your credit score. Plus, poor credit isn’t necessarily a deal-breaker.
Instead, you’ll get a Secured Charge Card with a limit based on the funds in your Current Secured Account. This can fluctuate as you deposit or pull money from your account through methods other than the Current Build Card.
It works like any other credit card – you’ll use it at the point of sale to complete a transaction. Regarding repayment, AutoPay customers have the luxury of letting Current handle the process for them. Payment is automatically remitted twice a month to take care of the total outstanding balance. But if you choose not to enroll in AutoPay, your Statement Balance is due within 15 days of the billing cycle closing.
Account activity is reported to the credit bureaus to help you build credit. Current will initially report to TransUnion when the card is released. However, it will eventually transition to three-bureau reporting with the other major credit bureaus – Experian, TransUnion and Equifax – in the near future.
Users will also have access to Credit Score Insights and their Vantage 3.0 credit score to help keep tabs on their credit reports. Plus, they’ll learn more about ways to optimize their credit health.
Current Build Card vs. Traditional Credit Cards
Here are some key differences between the Current Build Card and traditional cards:
| Feature | Current Build Card | Traditional Credit Cards |
| Card type | Secured charge card | Unsecured credit card |
| Deposit | Required | Not required |
| Eligibility | Available to all Current members, regardless of credit rating | Limited to consumers who meet the minimum credit score threshold and other eligibility guidelines |
| Fees | No annual fees or monthly account fees | Varies by credit card issuer and product |
| Credit check | Not required | Generally required |
| Accessibility | Virtual card | Virtual and physical card |
| Credit reporting | TransUnion, Experian and Equifax in the future | Varies by the credit card issuer |
Current Build Card Key Features
As mentioned above, Current Build Card gives you the best of both worlds. You can build credit with everyday purchases, and a hefty security deposit isn’t required to start using the card. Cardholders also get access to an assortment of valuable resources and perks, including fee-free overdraft protection, early direct deposit, generous returns on savings and more.
Benefits of Using Current Build Card
Here are some key benefits of using this card to build credit
- Build credit: If managed responsibly, the Current Build Card helps improve your credit rating.
- Avoid added fees: With the Current Build Card, you won’t have to worry about monthly account fees or pesky overdraft fees.
- Steep clear of debt: Instead of going into debt to build credit, Current lets you do so with everyday purchases made with your own money.
How Much Does Current Build Card Cost?
There is no monthly fee associated with the Current Build Card. However, you should be aware of the following costs should any of these scenarios apply to you in the future
- Card replacement fee: $5 per card (or $30 for expedited delivery)
- Foreign transaction fee: $3 percent per transaction (with a minimum fee of $0.50)
- Late payment penalty: 3 percent of the outstanding credit card balance (applies to balances that are delinquent for two or more billing cycles)
- Out-of-network ATM fee: $2.50 per card (if withdrawal is made outside of the All-Point ATM network
Should You Use the Current Build Card?
The Current Build Card is ideal for consumers who:
- Are ok with having to pay the balance in full each month
- Make a bulk of their expenditures on debit cards
- Want the luxury of having a product they can use to make purchases and build credit (assuming on-time payments are made each month)
- Enjoy enhanced benefits that come with traditional credit card products
- Prefer to avoid deposit requirements, costly fees or other restrictions that come with similar offerings from other financial institutions
- Want to stay on top of their finances and manage expenditures more responsibly
- Like the idea of having an autopay option to make the repayment process more seamless
How to Get Started with the Current Build Card
Join over 4 million members who’ve chosen Current to upgrade their money management experience. Visit the Current website to get started with the Current mobile app. Once you sign up for a membership, you’ll have access to all the features the app has to offer, along with the Current Build Card.
