Should You Choose the Yendo Credit Card? What You Need to Know
The Yendo credit card is a Mastercard that you can get by using your car as collateral. This option gives you access to a credit line of up to $10,000 without needing to make a cash deposit. When you check for pre-approval, Yendo does not run a hard credit pull, meaning no impact to your credit score. Instead of only looking at your credit history, Yendo also looks at your vehicle, your income, and your expenses.
If you want to build credit but don’t want to pay a deposit for a secured credit card, the Yendo Mastercard® is another option. No matter your credit history, the company may give you a card with a limit of up to $10,000 and not ask for a security deposit.
Yendo Credit Card
N/A
$40
29.88% Fixed
Fair, Limited History, No History
But there are some major downsides. You must use your car as collateral. This means your vehicle must have enough equity, and if you can’t make payments, you could lose your car. There is also a $40 annual fee. Some secured cards don’t charge this fee.
Yendo offers access to more credit ($4,400 average credit limit) than other secured credit cards, but using your car as collateral is a big risk. Depending on your needs, It may not be worth it, especially when other secured credit card options are available.
Yendo checks how much your car is worth compared to what you still owe on it. Based on this and your ability to pay, they decide how much credit to give you. If approved, you get a virtual card right away while you wait for the physical card. There is a $40 annual fee, and you can use the card up to your approved limit.
Yendo sends your payment history to the three major credit bureaus. This helps you build credit.
Top benefits of the Yendo credit card
- Unlimited cash back: Earn 1.5% unlimited cash back every time you make a payment (see yendo.com/rewards)
- You can build credit: Yendo reports to Equifax, Experian, and TransUnion. If you don’t have good credit yet, this can help you work toward credit goals like buying a home.
- You can refinance your car loan: If you still have a car loan, Yendo may let you refinance it to lower your monthly payments.
- No deposit required: Some cards ask for a deposit equal to the credit limit. For example, a $200 card might need a $200 deposit. Not everyone can afford that. Yendo avoids this problem.
- High credit limit possible: Many secured cards start with just a few hundred dollars. Yendo can offer up to $10,000, depending on your car equity and your finances.
Card Details
| Feature | Details |
| Card type | Mastercard |
| Card issuer | Cross River Bank |
| Annual fee | $40 |
| APR | 29.88% |
| Foreign transaction fee | 3% |
Card benefits
- Easy approval with no deposit
- Reports to the credit bureaus
- Works like a normal Mastercard but uses your vehicle equity
- The average credit limit is $4,400 – goes up to $10,000
- Earn 1.5% unlimited cash back every time you make a payment (see yendo.com/rewards)
- Apply with car photos and get an instant decision
- Pre-Qualify in minutes without affecting your credit score
- All credit scores can apply
- Get a virtual card right after approval
- Use Apple Pay, Samsung Pay, or Google Pay
- Accepted across the U.S. wherever Mastercard is accepted
- Fraud protection and 24/7 account access
- No cash deposit needed
Why you might want a different credit card
The Yendo card also comes with some big disadvantages:
- There’s a $40 annual fee: Some secured cards don’t charge any fee just for having the card. With Yendo’s high APR, the $40 annual fee can become costly.
- You could lose your car: If your car is repossessed, that’s a much bigger problem than losing a few hundred dollars from a secured card deposit. A regular secured card with a small deposit might be better if you want to avoid this high risk and still build credit.
- You’ll pay foreign transaction fees: Yendo charges a 3% fee on purchases made abroad. Some other cards don’t have this fee, so they can save you money when you travel.
FAQs
- Is Yendo worth it?
Yendo may not be the best choice for everyone. You must use your car as collateral, and not all secured cards require that. Some also do not charge the $40 annual fee. - How is my credit limit decided?
Your limit is based your credit worthiness, as well as on how much your car is worth and how much you still owe. The car’s condition, model, and mileage all matter. - How long does it take to get the card?
You can get pre-approved in 2–3 minutes. After you send in your documents, like your car title, and get final approval, you get a virtual card quickly. The physical card takes longer to arrive.
If you’re okay using your car as collateral and paying a $40 annual fee, Yendo might work for you. Just make sure you can manage your spending and keep up with payments while building your credit.
