What a Built Credit Card Is

A Built Credit Card is a secured card issued by Piermont Bank that requires you to put down a cash deposit, which becomes your credit limit. You use it like any other credit card — make purchases, receive a monthly statement, and pay a bill. The deposit stays in a separate account and is not touched unless you stop paying your bill.

Built markets itself to people rebuilding credit or starting from scratch. The card reports to all three major credit bureaus (Equifax, Experian, and TransUnion), which means your payment history shows up on your credit report. That payment history is what lenders look at when you later explore for a car loan, mortgage, or unsecured credit card.

The card itself has no annual fee, which is unusual among secured cards. Most competitors charge $25 to $95 per year just to hold the card. Built also offers a cash-back feature — you earn 1% cash back on all purchases — which is rare for secured cards at this price point.

Key Takeaways

  • Built requires a cash deposit between $500 and $2,500 that becomes your credit limit, and the deposit earns interest while it sits in the bank.
  • There is no annual fee, and you earn 1% cash back on all purchases, which is uncommon for secured cards.
  • Your payment activity reports to all three credit bureaus, so on-time payments build your credit history over time.
  • After 12 months of on-time payments, you can request that Built convert your account to an unsecured card and return your deposit.
  • Built does not report to the credit bureaus during your first statement cycle, so your credit file does not show activity until month two.

Deposit Amount and How It Works

You choose your deposit amount when you open the account, anywhere from $500 to $2,500. That amount becomes your credit limit. If you deposit $1,000, your limit is $1,000. You cannot spend more than your deposit, and you cannot increase your limit without adding more money to the deposit account.

The deposit itself earns interest. Built holds it in an FDIC-insured savings account, and you receive interest on that money while you use the card. The interest rate varies and is not may provide, but it has historically been competitive with high-yield savings accounts. You can see the current rate on Built's website before you open an account.

Your deposit is separate from your credit line. If you miss a payment or default on the card, Built can use the deposit to cover what you owe, but they do not automatically do so. The deposit is there as security for the bank, not as a buffer you can ignore.

How Your Payment History Builds Credit

Every month, Built reports your payment activity to Equifax, Experian, and TransUnion. This means on-time payments add positive history to your credit report, and late payments add negative marks. The payment history is the single largest factor in your credit score — it typically accounts for 35% of your score.

Built does not report during your first statement cycle. Your account opens, you make purchases, and your first bill arrives. That first payment does not show up on your credit report. Starting with your second statement cycle, all payments are reported. This means your credit file does not begin building until month two, not month one.

The card also reports your credit utilization — how much of your limit you are using each month. If your limit is $1,000 and you spend $300, your utilization is 30%. Lower utilization is better for your credit score. Lenders see high utilization as a sign of financial stress, even if you pay on time. Most people rebuilding credit aim to keep utilization below 30%.

Fees and Costs

Built charges no annual fee. There is no monthly fee, no inactivity fee, and no fee to close the account. You pay interest only if you carry a balance — that is, if you do not pay your full statement balance by the due date. The interest rate (APR) is not fixed and varies based on your creditworthiness at the time you open the account.

If you miss a payment, Built charges a late fee. The amount depends on how late you are and your account history, but late fees typically range from $25 to $35. A single late payment can lower your credit score by 100 points or more, so the fee itself is less damaging than the credit report impact.

There is no fee to convert your account to an unsecured card after you meet Built's requirements, and no fee to close the account and retrieve your deposit.

When You Can Convert to an Unsecured Card

After 12 months of on-time payments, you can request that Built convert your secured account to an unsecured card. Built does not automatically convert — you have to ask. When you convert, your deposit is returned to you, and your credit limit may increase or stay the same depending on your credit history and income at that time.

Conversion is not may provide. Built reviews your account and may decline if you have missed payments, carried high balances, or if your credit score has not improved enough. The company does not publish exact conversion criteria, so you will not know until you request it whether you may have access to.

Some people convert after 12 months; others keep the secured card longer because the interest on the deposit is attractive, or because they want to build more credit history before moving to an unsecured card. There is no penalty for keeping the secured card open indefinitely.

How Built Compares to Other Secured Cards

Built's main advantage is the combination of no annual fee and cash-back rewards. Most secured cards charge an annual fee ($25 to $95), and very few offer cash back. Capital One Secured and Discover Secured both charge annual fees. The Chime Credit Builder Card has no annual fee but offers no cash back and requires a smaller deposit ($200 to $2,000).

Built's disadvantage is the deposit range. The minimum is $500, which is higher than some competitors. If you are starting with very limited funds, a card with a $200 minimum deposit may be more realistic. Built also does not report to the credit bureaus in month one, while most other secured cards report when ready.

Built is owned by Piermont Bank, a smaller institution than Capital One or Discover. This means fewer physical branches and less brand recognition, though the card itself functions the same way. The FDIC insurance on your deposit is the same regardless of bank size.

What Happens If You Close Your Account

If you close your Built account, your deposit is returned to you within 5 to 7 business days, plus any interest it has earned. You do not lose the credit history you built while the account was open — that stays on your credit report for seven years. Closing the account does lower your credit score slightly because it reduces your total available credit, but the impact is usually small if you have other open accounts.

If you close the account and later want to rebuild credit again, you would need to open a new secured card with a new deposit. Built does not let you reopen a closed account.

Frequently Asked Questions

Can I use my Built card right away after opening the account?

Yes. Your account opens, your deposit is verified, and you can use the card when ready. You do not have to wait for a physical card to arrive in the mail — Built provides a virtual card number you can use for online purchases while you wait for the physical card, which typically arrives within 5 to 10 business days.

What happens if I miss a payment on my Built card?

Built reports the late payment to the credit bureaus, which damages your credit score. You also pay a late fee (typically $25 to $35). If you miss payments repeatedly, Built may close your account and use your deposit to cover what you owe. A single late payment can lower your score by 100 points or more, so contact Built when ready if you cannot pay on time.

Does Built check my credit before opening an account?

Built performs a soft credit inquiry, which does not lower your credit score. A soft inquiry is a background check that lets Built see your credit history without the impact of a hard inquiry. This means you can check whether you might be approved without damaging your score.

Can I increase my credit limit without adding more money?

No. Your credit limit is equal to your deposit amount. To increase your limit, you must add more money to your deposit account. Built allows you to increase your deposit up to $2,500 total, so if you started with $500, you can add up to $2,000 more.

What is the interest rate on my deposit?

Built's deposit earns interest at a variable rate that changes over time. The current rate is posted on Built's website and typically moves with market rates. You can see the rate before you open an account, and it is usually competitive with high-yield savings accounts, though it is not may provide to stay the same.