PayToo and PAYTOO Start are the Brands or PayToo Corp, a company registered in Florida. You can view more information about PayToo at www.paytoo.com
A Secured PAYTOO Start account is not a credit card but like any other secured credit card, it requires a security deposit that is held as collateral for your account. This security deposit does not earn interest. As an Wallet User with a credit line, your status is automatically reported to the three major credit bureaus. You may earn credit line increases based on your payment and credit history-with no additional security deposit required. As an added benefit of this account, you can track your credit with enrollment in any credit bureau report agencies, a service that provides you access to your credit score as well as credit tools and information.
Once you are approved, all it takes to get started is a minimum, refundable security deposit, which you can make all at once or over a period of time. You can make your security deposit online or over the phone. When you have made your minimum-security deposit, your account will be open and your PayToo card will be sent to you with a minimum credit line of $300 available on your PayToo account. If you want to increase your credit line, simply deposit more than your minimum-security deposit and your line will increase equal to your additional deposit up to your maximum approved credit line.
Your card status will automatically be reported to the three major credit bureaus. Based on your payment and credit history, you may qualify for a future credit line increase with no additional security deposit needed.
A secured PAYTOO Start account is not a credit card but will work like a credit card. We report payment information to the three major credit bureaus providing the opportunity to build your credit with responsible use. Missing payments may hurt your credit score. Prepaid cards are not like secured credit cards. Prepaid cards are more like debit cards. Since they do not report to the major credit bureaus, prepaid cards cannot help you build your credit.
At this time, the security deposit does not earn interest. However, the NO cost of the Secured PAYTOO Start account outweighs the little interest that could be earned on the deposit.
Since this account acts as a security deposit for your secured PAYTOO Start account, you may not withdraw funds from it. However, you may take a cash advance using your PayToo Card according to the terms of the Mobile Wallet Agreement.
This account will stay secured by your deposit as long as you have an active account.