What the Genesis Card Does and Who It's For
The Genesis Credit Card is a secured credit card issued by Genesis Financial Solutions. You put down a cash deposit—typically between $300 and $2,500—and that deposit becomes your credit limit. You use the card like any other credit card, and your on-time payments get reported to all three credit bureaus (Equifax, Experian, and TransUnion). The card is designed for people rebuilding credit after missed payments, collections, or no credit history at all.
The card charges an annual fee and interest rate that reflect the risk the issuer takes. Because your deposit secures the card, approval does not depend on your credit score or credit history—only on your ability to fund the deposit and pass a basic identity check. This makes it one of the few cards available to people with poor credit or no credit file.
Genesis does not convert your deposit to a credit line automatically. You keep the deposit in a separate account, and the card issuer holds it as collateral. If you stop paying, they can use the deposit to cover what you owe. If you close the account or the issuer closes it, you get the deposit back—minus any unpaid balance.
Key Takeaways
- Genesis is a secured card that requires a cash deposit equal to your credit limit, ranging from $300 to $2,500.
- The card reports to all three credit bureaus, so consistent on-time payments build your credit score over time.
- Annual fees and interest rates are higher than unsecured cards because the issuer is taking on risk despite the deposit.
- After 12 to 18 months of on-time payments, you may be offered an unsecured card or the option to convert your existing card.
- Your deposit stays separate from your credit line and is returned when you close the account or graduate to an unsecured card.
Costs: Annual Fee, Interest Rate, and Other Charges
Genesis charges an annual fee of $95. This is deducted from your credit line or billed to your statement, depending on the issuer's current terms. The interest rate (APR) typically ranges from 18% to 24%, which is higher than most unsecured cards but standard for secured cards aimed at rebuilders. You pay interest only on balances you carry month to month; paying your full statement balance by the due date means no interest charge.
Genesis also charges a one-time account setup fee, usually between $25 and $35, which may be deducted from your deposit or added to your first statement. Late payment fees run $25 to $35 per occurrence. If you miss a payment by 30 days or more, that miss gets reported to the credit bureaus and damages your score—the opposite of what you are trying to build.
Some versions of the Genesis card offer a cash-back reward (typically 1% on all purchases), which can offset part of the annual fee if you use the card regularly. Check the current terms when you review the offer, because rewards structures change and not all Genesis cards include them.
How Your Deposit Works and When You Get It Back
When you open a Genesis account, you choose your deposit amount. That amount becomes your credit limit. If you deposit $500, your limit is $500. The deposit sits in a separate savings account held by the issuer or a third party, and you cannot touch it while the account is open. The issuer earns interest on the deposit (usually a small amount, often under 0.5% APY), which they keep.
Your deposit is returned when one of three things happens: you close the account in good standing, the issuer converts your card to an unsecured card, or the account is closed and you have no outstanding balance. If you have an unpaid balance when the account closes, the issuer deducts what you owe from your deposit before returning the remainder. If your balance exceeds the deposit, you still owe the difference.
The timeline for getting your deposit back varies. If you request closure, expect the return within 7 to 10 business days. If the issuer converts your card to unsecured, the deposit is typically released within 30 days. Do not assume the deposit is gone; it is yours, and you will receive it back as long as you settle any debt first.
Credit Building: What Gets Reported and How Long It Takes
Genesis reports your account activity to Equifax, Experian, and TransUnion every month. This means every on-time payment, every late payment, and your current balance all show up on your credit report. If you make payments on time and keep your balance low (ideally under 30% of your limit), your credit score should improve within three to six months. The improvement accelerates after six months of consistent on-time payments.
The amount you owe relative to your limit—called your utilization ratio—matters for your score. If you deposit $500 and carry a $400 balance, your utilization is 80%, which hurts your score. Keeping it under 30% (so $150 or less on a $500 limit) signals responsible borrowing. You do not need to carry a balance to build credit; paying in full each month and using the card regularly is actually better for your score than carrying debt.
After 12 to 18 months of on-time payments, Genesis or other issuers may offer you an unsecured card or the chance to convert your Genesis card to unsecured status. This is when your deposit gets released. Some people use Genesis for 18 months, build their score to the 650–700 range, and then move to a standard rewards card with no annual fee.
Genesis vs. Other Secured Cards
Genesis competes with other secured cards like the Capital One Secured Mastercard, the Discover Secured Card, and the OpenSky Secured Visa. The main differences are annual fee, interest rate, deposit range, and whether the card reports to all three bureaus.
| Card | Annual Fee | APR Range | Deposit Range | Reports to All Three Bureaus |
|---|---|---|---|---|
| Genesis | $95 | 18%–24% | $300–$2,500 | Yes |
| Capital One Secured | $0 | 18.9%–24.9% | $200–$2,500 | Yes |
| Discover Secured | $0 | 18.9%–24.9% | $200–$2,500 | Yes |
| OpenSky Secured | $35 | 18.9%–24.9% | $200–$3,000 | Yes |
The biggest advantage Genesis has over Capital One and Discover is that it accepts people with no credit file or very poor credit. Capital One and Discover may decline you if your credit is too damaged. The disadvantage is the $95 annual fee; Capital One and Discover charge no annual fee, which saves you money over time if you are building credit.
If you can get approved for Capital One or Discover, those are usually the better choice because you save $95 per year. If you cannot get approved for those cards, Genesis is a solid alternative. OpenSky sits in the middle: it has a lower annual fee ($35) than Genesis but higher than Capital One or Discover, and it does not require a credit check at all.
When Genesis Is the Right Choice
Genesis makes sense if you have been turned down for other secured cards or if your credit is so new or damaged that you need a card that does not pull a hard credit inquiry. It also makes sense if you want a higher deposit range (up to $2,500) and need a higher credit limit to start with.
Genesis is not the right choice if you have fair credit (620 or higher) and can get approved for Capital One or Discover, because you would save money on the annual fee. It is also not ideal if you cannot afford the $95 annual fee or the setup fee, because those costs eat into the benefit of building credit.
The card works best for people who plan to use it actively—making small purchases and paying them off monthly—rather than letting it sit unused. Unused accounts can be closed by the issuer, and activity is what builds your credit score. Aim to use the card for at least one small purchase per month and pay it in full by the due date.
How to Use Genesis to Actually Build Credit
Open the account with a deposit you can afford to leave untouched for at least 12 months. Make a small purchase each month—a gas fill-up, a coffee, a subscription—and pay the full balance before the due date. This shows the bureaus that you can borrow and repay reliably. Do not max out the card or carry a large balance; that signals financial stress and hurts your score.
Set up automatic payments if possible, so you never miss a due date. Missing even one payment by 30 days can set back your score by 100 points or more. After six months, check your credit report at annualcreditreport.com (the free, official source) to see if your score is moving up. If it is not, you may have errors on your report that need correcting.
After 12 to 18 months, contact Genesis or watch for an offer to convert to an unsecured card. If you are offered conversion, take it—your deposit gets released and you keep the card without the annual fee (or with a lower one). If you are not offered conversion, you can close the account and move to an unsecured card from another issuer. Either way, your credit history with Genesis stays on your report and continues to help your score.
Frequently Asked Questions
Can I increase my credit limit after I open a Genesis account?
Yes, but only by increasing your deposit. If you deposit an additional $200, your credit limit rises by $200. You cannot get a credit line increase without adding more cash. Some issuers allow you to increase your deposit after 6 to 12 months of on-time payments.
What happens if I miss a payment on the Genesis card?
A missed payment gets reported to all three credit bureaus and damages your credit score. Late fees ($25–$35) are added to your balance. If you miss a payment by 60 days or more, the issuer may close your account and use your deposit to cover what you owe. Contact Genesis when ready if you cannot make a payment; some issuers offer hardship programs.
Does Genesis do a hard credit pull?
Genesis typically does a soft inquiry, which does not affect your credit score. However, terms vary by issuer and current policy, so confirm this before you explore. A soft inquiry is one reason Genesis is accessible to people with poor or no credit history.
Can I use my Genesis deposit as a down payment on something else?
No. Your deposit is held by the issuer as collateral for the credit card account. You cannot withdraw it or use it for any other purpose while the account is open. It is returned only when the account closes or converts to unsecured.
How long does it take to get approved for Genesis?
Approval typically takes one to three business days. Once approved, you fund your deposit, and the card is mailed to you within 7 to 10 business days. You can usually start using the card online before the physical card arrives if the issuer offers that option.