Build Card Reviews - What Is It?
WARNING: DO NOT USE Build Card Until You Read This Review!
Is it a Scam? Does It Really Work?
The Build Card is a credit card specially created for consumers with bad credit, which can put you in a tough spot. You probably want a credit card in order to shop and use it in case of a financial emergency. However, you will have to remember that the card's rates and terms are designed to assist you rebuild your credit. This can be good and at the same time bad. In this review we are going to discuss the card's rates and fees, benefits, as well as customers' and experts' reviews from such reputable websites as HighYa. The Build Card has some short-term benefits. The first one is that the cards give you frequent flyer miles or a big chunk of points if you spend several thousand dollars within the first three months of owning the card. As a matter of fact, credit cards for people with bad credit can enjoy limited benefits. The banks who issue the cards are aware of the fact that these people are more prone to make late payments or go into default.
The main short-term benefit of the Build Card is that opening the card doesn't require a security deposit. It means that it is an unsecured card, because your security deposit is collateral. If you pay your balance too late, your security deposit will be used to cover your late payments. The Build Card allows you to open up your account with no need to front any cash. Unfortunately, this card doesn't have any other short-term benefits; however, it has several long-term benefits. These promise to help you if you have fraudulent charges on your account or you go over your credit limit. There is no over-limit charge. It means that you won't be charged a fee even if you go over your credit limit but you will need to pay the charges that put you over your limit. In case if someone makes fraudulent charges to your account, you will not be responsible for those purchases. You will not be forced to pay for the purchases made by people who took your card.
Customer Reviews - Does Build Card Really Work?
The Build Card was new to the market, which is why it has very few customer reviews on financial websites like HighYa and other third-party websites. These types of cards have very low credit limits - about $500 - which is a big drawback for customers. Making consistent payments on your card will promote higher credit scores if you pay off your balance on a monthly basis. There may be chances to increase your credit limit in future if you make your payments on time and if your credit scores increase. In this way, you will be considered to be a more responsible consumer and the credit card issuer may reward you with a higher credit limit.
To understand whether the Build Card is worth your attention, it would be a great idea to compare it to other credit cards available on the market. Another credit card for low credit scores is the Total Visa with its starting credit limit of $300. It is somewhat lower than the card we are discussing today but its APR of 29.99% is at the same level of the Build Card. There is no need to pay any interest on your purchases if you can pay off your balance by your bill due date. This makes the Total Visa better especially if you are not disciplined well to pay off your balance on a daily or weekly basis. The Total Visa will charge you a monthly service fee from the second year at a rate of $6.25 per month, or $75 per year. But that fee does not make the Build Card better; however, you must think about the APR because that interest rate could cost you over $6 a month. It is high time to take a look at the testimonials left by real card holders.
"Do not get the BuildCard because it is very ghetto that has strange rules and fees. I was charged two fees after being credited. Customer service representatives talk well but do not help at all. This credit card made my credit worse. Save yourself from the same trouble! There are many other cards on the market. I would not recommend this credit card to anyone. Beware of it!"
"Build Card Company claims to serve people with bad credit but I would not recommend getting it unless you absolutely have to. The company has a dishonest business model in reality, hoping that you will forget and miss the monthly charge. As a result, they add a late payment to your report. Be careful with this card and avoid it if you can. The company provides terrible customer service and leads predatory business activity. This is an awful card."
"I have had the Build card for three weeks already. It has been terrible experience after I made my third payment that was held for no reason. I called the customer service and was explained that the reason behind the held payments was all about the computer matrix. I was said that the only way I could have my funds was to have my bank fax over a payment confirmation. The customer service reps failed to answer my questions. I closed the account immediately after making my final payment. Stay away from this card."
My Final Summary
Among credit cards for people who want to rebuild their credit or those having bad credit, the Build Card is a below-average option. It has many weaknesses. With its initial annual fee and processing fee, as well as the monthly maintenance fee, you will have to pay a significant amount of money each year just for using this card. These fees are not unique, though. What makes this card different from other credit cards for customers with bad credit is the automatic daily APR you will pay on purchases. But this will not be a problem for people who are disciplined enough to pay off their balance every day. Another drawback of the Build Card is that it starts off with a balance of just $500 out of which you will have to pay more than $100 for certain fees. The only advantage of this card is that it is unsecured. Based on our research, we are sure that there are more beneficial credit cards to meet your needs. If you need to raise your credit scores, you are advised to read some guides to good credit scores. Taking into account all advantages and disadvantages of the Build Card we cannot recommend it.
Where To Buy Build Card In Stores?
As it was already mentioned, the Build Card is an unsecured credit card, which means that you don't have to make a security deposit. But in reality it is too good to be true. You will have to pay some other fees such as Account set-up fee ($53) and Membership fee ($72 up front first year and $6 per month second year). Your initial credit limit will be $500 and the membership and set-up fees will be deducted from that limit when your card is opened. In this way, your credit limit will be $375 in fact. Some credit cards have annual fees. For instance, the Chase Sapphire Preferred has an annual fee of $95 but it gives you an opportunity to earn rewards points when making purchases. The Build Card doesn't offer those perks.