rewrite this title 5 Things to Know About the Gabriel Money Secured Card – NerdWallet

Gabriel Money’s co-founder and CEO, Rodrigo Dantas e Silva, moved to the U.S. from Brazil in 2017. Inspired by his family’s transition to life here, he created Gabriel Money to help young adult Latinos establish their financial lives in a way that honors cultural views on money management.

Latinos are twice as likely as the average American to be credit invisible, according to an October 2022 survey from UnidosUS, a Hispanic civil rights and advocacy organization, and the financial technology company Oportun.

The Gabriel Money Secured Card, along with the educational and money management tools on the Gabriel Money app, can help users establish credit, as payments are reported to the three main credit bureaus. The card also offers strict limits that prevent you from getting into debt.

Here are five things to know about the Gabriel Money Secured Card, issued by Evolve Bank & Trust.

When completing the application for the Gabriel Money Secured Card, you can provide either a Social Security number or an individual taxpayer identification number (ITIN). An ITIN is a nine-digit number issued by the IRS to non-U.S. citizens who are filing a tax return.

Also, unlike most credit cards, there’s no credit check when you apply, which of course is helpful for non-citizens who have no U.S. credit history to begin with.

To apply for the Gabriel Money Secured Card, you must first download the Gabriel Money app. Once you complete the application and deposit money into your secured account (more on this account below), you’ll have access to a virtual card that you can add to your digital wallet.

From there, you can use the app to track purchases, check your credit score, or get help from Gabi, the app’s A.I.-powered chatbot. The app also provides a daily financial tip and weekly trivia questions.

The Gabriel Money Secured Card doesn’t charge interest because you can’t carry a balance and get into debt. Instead, you deposit a minimum of $100 into a secured Gabriel Money account, which becomes your credit limit. When your bill is due, you can pay it by transferring the funds from the bank account of your choice. If you don’t, the needed funds are withdrawn from your secured account.

All purchases with the Gabriel Money Secured Card earn 1% cash back. Every month, the rewards you earn are automatically deposited as a credit into your secured account.

According to Dantas e Silva, Gabriel Money routinely solicits feedback from customers to make changes to their products. A few updates and added tools are in the works, including:

What’s not offered is an upgrade path if your credit score increases and you’re more likely to qualify for other cards. Some starter credit cards serve as a steppingstone to other cards offered by the same issuer.

The Capital One Quicksilver Secured Cash Rewards Credit Card allows you to apply with an ITIN. The card has a $0 annual fee and earns 1.5% cash back on all purchases. With careful use, you could be upgraded to an unsecured version of the card. However, the minimum security deposit is $200, which might be a hardship for some.

If you’re more established credit-wise, but don’t have a Social Security number, the $0-annual-fee Chase Freedom Rise® earns 1.5% cash back on all purchases, along with this welcome offer: Earn a $25 statement credit after signing up for automatic payments within the first three months of opening your account. You can apply with an ITIN. Every year, if you make on-time payments, Chase will automatically determine whether you’d be eligible to upgrade to a Chase Freedom Unlimited®. According to Chase, you can improve your odds of qualifying for the Chase Freedom Rise® if you maintain a balance of at least $250 in Chase checking or savings accounts.

Note that both cards charge interest, meaning you can get into debt.