A new card from a fintech can help you build credit, but they’re more likely to undergo changes that may be welcome—or disappointing and costly.
Getting a first or second chance to build credit with a credit card has been easier in recent years because financial technology companies have created alternative options.
“Many fintechs are really focused on offering products to people that otherwise would not qualify for them at a major institution,” says Nick Roberts, chief marketing officer at Grow Credit, a financial technology company based in California. “There is a lot of focus with certain fintechs to expand the market.”
Still, compared with a more established credit card, an alternative card from a fintech is more likely to experience frequent changes to its terms and features. These updates may either be welcome additions or disappointing subtractions. Keep an eye on your inbox TomoCredit, a fintech based in San Francisco, has also made significant changes to its credit card’s original terms. The card debuted in 2021 with no annual fee but by 2023, the terms included a $2.99 monthly fee and the card went on a waitlist.
See: ‘That can actually throw you into a tailspin’: Monthly credit card fees have been a rarity—until now
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