What the Freedom Rise Credit Card Is
The Freedom Rise Credit Card is a secured credit card issued by Stride Bank. You put down a cash deposit, and that deposit becomes your credit limit. The card reports your payment activity to all three credit bureaus — Equifax, Experian, and TransUnion — so on-time payments build your credit history.
This card is designed for people rebuilding credit or starting from scratch. You are not borrowing money against collateral; you are using your own deposit as a safety net while you demonstrate you can pay bills on time. After you have used the card responsibly for a period of time, the bank may convert it to an unsecured card and return your deposit.
The card itself works like any other: you make purchases, receive a statement, and pay a bill each month. The difference is that your spending limit is capped at the amount you deposited upfront.
Key Takeaways
- You deposit cash upfront, and that amount becomes your credit limit — typically between $200 and $2,500.
- The card reports to all three credit bureaus, so consistent on-time payments will raise your credit score over time.
- You pay an annual fee, which varies depending on the deposit amount and current terms.
- After 12 to 18 months of on-time payments, the bank may offer to convert the card to unsecured and return your deposit.
- Interest rates on secured cards are higher than standard cards because the bank is taking on more risk with your profile.
How to Open a Freedom Rise Account
You start by visiting Stride Bank's website or calling their customer service line. You will need to provide basic personal information: your name, address, Social Security number, and date of birth. The bank will run a soft credit check, which does not affect your credit score.
Next, you choose your deposit amount. This becomes your credit limit. Most banks allow deposits between $200 and $2,500, though the exact range depends on current terms. You fund the account through a bank transfer or debit card. Once the deposit clears — usually within one to three business days — your card is activated and you can begin using it.
The entire process typically takes less than 15 minutes online. You do not need to visit a branch or mail in paperwork.
Deposit Requirements and Credit Limits
Your deposit is held in a separate savings account at the bank. It is not used to pay your bill; it is straightforward collateral. You will earn a small amount of interest on the deposit, though the rate is typically very low — often less than 1 percent annually.
The deposit amount you choose becomes your credit limit. If you deposit $500, your limit is $500. You cannot spend more than that amount, and the bank will not increase your limit unless you add more money to your deposit account. This structure protects both you and the bank: you cannot overspend, and the bank knows it can recover its money from your deposit if you stop paying.
Your deposit remains yours. It is not a fee or a cost — it is money you control. When the bank eventually converts your card to unsecured or when you close the account, you get the deposit back.
Fees and Interest Rates
The Freedom Rise Card charges an annual fee. The exact amount depends on your deposit tier and the current terms offered by Stride Bank, so you should confirm the fee before you open the account. Annual fees for secured cards typically range from $25 to $99, though this varies by issuer and time period.
The card also carries an interest rate — called the Annual Percentage Rate, or APR — that applies to any balance you carry from month to month. Secured card APRs are usually higher than unsecured cards because the bank views the cardholder as higher risk. Current rates vary, so check Stride Bank's website for the exact APR before you explore.
If you pay your full statement balance by the due date each month, you will not pay any interest. Interest only applies to balances you carry over. There is no grace period waived if you carry a balance, so interest begins accruing when ready on unpaid amounts.
Building Credit With On-Time Payments
The main reason to use a secured card is to build credit history. Each month, Stride Bank reports your payment status to Equifax, Experian, and TransUnion. If you pay on time, that positive payment shows up on your credit report. If you miss a payment, that negative mark shows up too.
Payment history is the single largest factor in your credit score — it accounts for about 35 percent of the calculation. Making on-time payments every month, even if you only charge a small amount and pay it off when ready, will gradually raise your score. Most people see meaningful improvement within 6 to 12 months of consistent on-time payments.
To maximize your credit-building, use the card for small, regular purchases — a gas station fill-up, a grocery trip, a subscription — and pay the full balance when the statement arrives. This shows the credit bureaus that you can manage credit responsibly without carrying debt.
When the Bank Converts Your Card to Unsecured
After you have demonstrated responsible use — typically 12 to 18 months of on-time payments — Stride Bank may offer to convert your secured card to an unsecured card. When this happens, your deposit is returned to you, and your credit limit may increase. You keep the same card number and account, so your credit history with that account continues uninterrupted.
Conversion is not automatic. The bank reviews your account and decides whether to offer it based on your payment history and credit score at that time. If you have missed payments or carried high balances, the bank may not convert your card yet. You can ask the bank to review your account after 12 months of perfect payments, but there is no may provide they will approve conversion.
If your card is not converted, you can continue using it as a secured card indefinitely. Some people keep secured cards open even after their credit improves, because closing an old account can temporarily lower your score.
Alternatives to the Freedom Rise Card
Other banks offer secured cards with similar structures. Capital One Secured Mastercard, Discover Secured Card, and US Bank Secured Visa are common alternatives. Each has different deposit minimums, annual fees, and APRs, so comparing them side by side can help you find the best fit for your situation.
If you have a small amount of credit history already — even if it is damaged — an unsecured card designed for fair credit might be a better option than a secured card. These cards do not require a deposit, though they carry higher interest rates and lower credit limits. The tradeoff is that you avoid tying up cash as collateral.
Another option is a credit-builder loan, which works differently than a card. You borrow a small amount of money, make monthly payments, and the lender reports your payments to the credit bureaus. Credit-builder loans often have lower interest rates than secured cards, but they require you to make fixed monthly payments rather than flexible spending.
Frequently Asked Questions
Can I use the Freedom Rise Card right away after I open it?
Yes, once your deposit clears — usually within one to three business days — your card is activated and ready to use. You can make purchases when ready. You will receive your physical card in the mail within 7 to 10 business days, but you can often use the card number online or through a digital wallet before the physical card arrives.
What happens if I miss a payment?
A missed payment is reported to all three credit bureaus and will lower your credit score. The bank may also charge a late fee. If you miss payments repeatedly, the bank may close your account and use your deposit to cover the unpaid balance. Always pay at least the minimum by the due date to protect your credit and your deposit.
Can I increase my credit limit without adding more money?
No. Your credit limit is tied directly to your deposit amount. To raise your limit, you must add more money to your deposit account. Some banks allow you to increase your deposit after a period of on-time payments, but this is not automatic and requires a request to the bank.
Will closing the Freedom Rise Card hurt my credit?
Closing any credit card can temporarily lower your score because it reduces your total available credit and may shorten your average account age. If the Freedom Rise Card is one of your oldest accounts, closing it will have a bigger impact. Consider keeping it open even after your credit improves, especially if you have few other credit accounts.
How long does it take to build credit with this card?
Most people see meaningful improvement in their credit score within 6 to 12 months of on-time payments. The exact timeline depends on your starting score, how much you use the card, and what else is on your credit report. Older negative marks fade over time, so older damage takes longer to overcome than recent damage.