Grow Credit service offers credit scoring for subscriptions
This is an interesting idea. You get a MasterCard that can only be used to pay for recurring subscriptions and they take the payment out of your checking account. They have a free tier that has a $25 limit and a $4.99 a month tier that starts at $50 and can grow to $600. They report to Experian and they're working on getting reporting going with the other two.
Re: Grow Credit service offers credit scoring for subscriptions
For people who do not want to get a CC, it may be useful. And ion theory it sounds like a neat idea.
However, giving this comany 24/7 access to your bank account sounds like trouble. All for what, a minor point gain?
What would a Credit score even matter to someone who doesn't want a CC anyways?
Also for those who need more than a $25 limit, who would want to pay a service fee to pay their services? While mine are less than that, Netflix and Hulu. More if you can count other "fringe" services, like reoccurring payments to Insurance etc. I didn't see a list of what is covered under their polcy, but the "online subscriptions only" mean it's limited to streaming sites.
Seems more sensible to just use a current rewards debit card, or just set up the payment via ACH with your bank.
I do see potential buried in there, and it will probably appeal to some people.