Limited credit bureau reporting
The Current Build Card reports to just one of the three major U.S. credit bureaus: TransUnion.
That's not ideal because different lenders may review reports from different bureaus when they're evaluating your credit in the future. Even if you’ve used the Current Build Card responsibly and made on-time payments, a lender won’t be able to see that good credit history if they pull a report from Equifax or Experian — which may ultimately result in a denial for more credit.
No upgrade path
Current doesn’t have an unsecured card that Current Build Card holders can graduate to after responsible use. Instead, when cardholders are ready for an unsecured card with better benefits, they’ll have to apply for a card from another issuer.
That's a common drawback among fintech cards in Current's class, and it's compounded by the fact that these cards may leave you unprepared to manage a traditional unsecured credit card — a product that dispenses with the guardrails and has high interest rates, along with an assortment of potential fees.
If you're seeking a starter credit card with an upgrade path, consider more traditional secured cards from major issuers. The Capital One Platinum Secured Credit Card, for example, might grant you a $200 credit limit with a lower initial deposit if you qualify ($49, $99 or $200, depending on your credit). Or with the Discover it® Secured Credit Card, which requires a $200 security deposit, you get ongoing rewards on all purchases, not to mention a sign-up bonus. And both of those cards have potential upgrade paths to better products within their issuers’ respective portfolios.
Hidden fees can add up
While the Current Build Card has a $0 annual fee, you might incur other fees with this card, including the following:
Out-of-network ATM fee: $2.50 per transaction.
Late payment fee: 3% of the total outstanding balance.
Foreign transaction fee: 3% of the total transaction amount.
Card replacement fee: $5 per card ($30 for expedited delivery).
Cash deposit fee: $3.50 per deposit.
The card's terms also mention the possibility of "third-party processing fees."
Foreign transaction and late fees aren’t unusual among credit cards, but a card replacement fee is. And there are plenty of banks that don’t charge any ATM fees or that offer reimbursem*nts for out-of-network transactions.
