The assorted private bank cards issued by Cross River Financial institution have little in widespread with one another, besides that all of them break the mould of conventional bank cards in key methods.
The financial institution’s portfolio features a card with out APRs or credit score checks; a card that does not require a Social Safety quantity to use; playing cards that may pull double-duty as private loans; and even a card that permits you to put up your automobile as collateral.
Cross River is itself a singular establishment, too. The New Jersey-based firm is each a financial institution and a monetary know-how firm that helps construct bank card packages.
Among the many playing cards issued by Cross River Financial institution:
Right here’s a more in-depth have a look at a few of these playing cards.
Present Construct Card
The way it stands out: No credit score verify, no APR, no minimal safety deposit.
Conventional secured playing cards normally require a $200-$300 deposit to open the account; the Present Construct Card is the uncommon secured card with no set minimal. In concept, you would put down a small deposit — say, $20 — and use the Present Construct Card to pay a month-to-month streaming subscription. So long as you pay the bank card stability on time, you’ll be able to construct your rating as successfully as for those who had put down a much bigger safety deposit.
The Present Construct Card additionally earns rewards, doesn’t cost an APR and would not carry out a arduous inquiry in your credit score while you apply.
Nevertheless, as of March 2025, the Present Construct Card stories to solely two credit score bureaus (Equifax and TransUnion), which is a obvious weak point for a card meant to assist individuals construct their credit score.
Neu Card
The way it stands out: No Social Safety quantity required.
Sure populations might discover it tough to qualify for a bank card as many main issuers require candidates to supply a Social Safety quantity. Neu eliminates that barrier by accepting a legitimate Visa quantity and overseas passport as an alternative. As such, the Neu card is one of some viable choices for immigrants or worldwide college students. It’s additionally a reasonably stable card. The Neu card doesn’t cost an annual price, late charges or curiosity, and it earns 1.25% again on all purchases. There’s a $4 or $7 month-to-month price, although, relying in your credit score restrict.
Improve Triple Money Rewards Visa®
The way it stands out: A bank card/private mortgage hybrid.
The Improve suite of playing cards, which incorporates the Improve Triple Money Rewards Visa®, boast key options of each bank cards and private loans.
As an illustration, you should utilize the Improve Triple Money Rewards Visa® as you’ll a standard card, making purchases with it and even incomes bonus money again in a number of classes.
Or, you’ll be able to faucet into the non-public mortgage options of the cardboard in certainly one of two methods:
In case you have an impressive stability at your cut-off date, Improve will convert that quantity into an installment mortgage with a set fee and time period.
You even have the choice to borrow cash, as much as your credit score restrict, and pay it again over time.
The flexibility of the Improve Triple Money Rewards Visa® actually has enchantment, nevertheless it might not be the most cost effective mortgage choice. The continuing APR is 14.99%-29.99%. A 0% APR bank card or a standard private mortgage with a decrease APR might prevent extra money on curiosity.
Yendo bank card
The way it stands out: Credit score restrict secured by your automobile.
Lately, the bank cards market has seen an increase in asset-secured playing cards, however even amongst playing cards in that class, Yendo stands out. As a substitute of a money deposit, the Yendo card is secured by the fairness in your automobile. This association might lead to the next credit score restrict in comparison with conventional secured playing cards — or, doubtlessly, a extreme consequence for those who default on the Yendo card. Fail to repay your stability, and Yendo might repossess your automobile.
Take note, too, that Yendo doesn’t settle for each automobile as collateral, and there’s a $40 annual price.
