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"Unlike traditional banks who make money by charging you fees, Step makes money from interchange fees. When you use your Step Visa Card, card networks collect a service fee (kind of like a tax for the merchant charging your card) and Step gets a percentage of that fee. We also include a 2% markup on investing transactions to help cover our costs.

The Step Visa Card is a secured credit card that allows you to make purchases up to the amount that is in your Step Spending Account. With Smart Pay, your purchases are automatically paid off at the end of each month so you never have to worry about a bill or payments. You can opt in for us to report your transaction history as positive payment history to the credit bureaus when you’re 18+.

Here’s the short answer: When you have a good credit score, you can get better terms and lower interest rates on basically everything – auto insurance, student loans, cell phone plans, and much more. Low scores or no scores can cost you money. Learn more here.

The Step Visa Card is a new kind of secured credit card that is protected by Smart Pay. By default, you can only spend up to the amount of money that you deposit to your Step Spending Account. But you get the fraud protection and credit building benefits of a credit card, without the interest rates or overdraft fees most credit cards charge.

You sure can! You can use Step’s peer-to-peer payment feature to pay a friend back for lunch, receive rent from your roommate, or get your birthday cash from grandma. You can send money to people who aren’t on Step yet but in order to receive money from others, they’ll need to have their own free Step Account.