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- Put cash into your security deposit, which acts as, and increases, your credit line
- Account status is reported to 3 credit bureaus (Experian, Equifax, TransUnion)
- Cleo Credit Builder Card helps you build up your score over time
- No interest rates or fees
- Must have a Cleo Builder Subscription plan to apply for the Cleo Credit Builder Card
- Minimum Deposit Required: $1
At a Glance
The Cleo Credit Builder Card, issued by WebBank, is designed to get your credit where it needs to be. Easy and convenient signup for the secured charge card takes just three minutes through the Cleo App. No hassles or hoops to jump through to get started. Stay focused on boosting your credit score without the worry of credit checks and no interest on purchases. The Cleo Credit Builder Card functions more unconventionally. The card caters to the more tech-savvy crowd like Gen Z and Millennials (Zellenials if you will) ready to take on their finances with a more technology-forward approach. Stay focused on raising your credit with a new and fresh approach provided by the Cleo Credit Builder Card.
Ideal for Those Who:
- Want to build or establish credit without the fees of traditional credit cards
- Don’t mind paying a subscription to shape a better-looking credit score
- Would like a realistic line of credit to fit their lifestyle needs via a secured deposit
- Seek the convenience of an AI budgeting assistant in combination with credit building
Cleo Credit Builder Card Review
Working with the Cleo Credit Builder Card creates the perfect start on the path to better credit. Get your credit where it needs to be for the significant points in life, like renting your next home, buying a new car, or even buying your first house. Invest in your credit future with the subscription-based Cleo Credit Builder Card.
How to Get a Cleo Credit Builder Card
For starters, acquiring the Cleo Credit Builder Card happens through the Cleo App. The Cleo App is available through the Google Play Store and the iOS App Store. Save time with its hassle-free application process and get started on building up your credit in no time. Conveniently manage your money and work your credit, all in one place with the Cleo Subscription.
What’s this about a subscription, you may ask? To reap all the benefits of the Cleo Credit Builder Card, a $14.99 a month Cleo Builder subscription is required. While a monthly subscription may not be ideal, investing in your credit for as little as about $0.50 a day can be an affordable option compared to other credit cards with wild fees. If you struggle getting approved for credit cards due to less than perfect credit or no history of it, the Cleo Credit Builder Card may be the right option for you.
The Cleo Subscription
For $14.99 a month, the Cleo Subscription unlocks extras that will cater to your financial budgeting wants, including access to the Cleo Credit Builder Card. Receive cash advances, cash back rewards on everyday purchases, and support only through the Cleo Subscription. The interactive app makes budgeting your finances fun and favorable. It’s almost like having a personal financial manager via text on your cell phone. The subscription opens access to cash advances of up to $100–convenient for when you may require some spare money for the month so you can stress less.
As mentioned previously, with the Cleo Subscription, you get a slew of benefits–including that of cash back rewards which Cleo refers to as Daily Cash. Soften the blow of your daily spend with the Cleo Money Makers, click throughs, and Cleo Offers. These Daily Cash challenges are how you get cash back.
The Money Makers challenge earns you cash back based on the places you shop most often. Cleo is partnered with Button to bring its subscribers a wide selection of stores and retailers to choose from for the Money Makers feature. Subscribers get to choose up to five Money Makers at any given time, and each time you spend at the Money Makers stores, you will earn a percentage (percentage varies per store) in the form of cash back. Maximize the value of your subscription by shopping at your favorite stores and receiving some extra money back.
The second way to earn cash back is with the click throughs displayed on the Cleo Daily Cash page. Using the merchant links displayed, you can earn up to 7% cash back on your spending. That’s more than most top-rated credit cards out there. Thirdly, earn cash back rewards by completing Cleo’s challenges. It’s Cleo’s way of bribing you to manage your money better. All Daily Cash (cash back) gets automatically transferred into your Cleo Wallet, so there’s no added worry about rewards expiring. These are the three different avenues of cash back that you can use to your advantage for some extra change in your pocket.
How Cleo is Different
Similar to the Chime Credit Builder Visa® Secured Credit Card, the security deposit will act as your line of credit when you use the Cleo Credit Builder Card. So, what exactly is the difference? With regular unsecured cards, the bank is lending you money. And with all credit cards, including secured credit cards, there are interest rates, and the lender will decide what your credit limit will look like.
However, with the Cleo Credit Builder Card, you will not have to worry about all the extras because it is a zero-fee, zero-interest card. So, ease your mind with interest-free spending. That’s one less thing to think about while building your credit score up. Furthermore, your security deposit will act as your credit limit. When you first sign up, you will need an initial deposit of a $1 minimum to activate your card. The more money you decide to place in your security deposit, the higher your credit limit. There is no minimum dollar amount needed when adding funds to your card after the initial activation. Most importantly, the entire balance on the card must be paid off at the end of each month. In short, there is less decision-making when you have a financial plan set in place. For instance, knowing you will have to pay off the balance every month will make it easier to budget your money.
The purpose of the Cleo Credit Builder Card is to get you underway in your credit journey. Not only is managing your budget simplified through the Cleo App, but with the charge card, your payments will be reported to the three credit bureaus: Equifax, Transunion, and Experian. Something to note is this secured card does not report credit utilization because there is no set credit limit provided. Instead, it reports your account balance status, such as whether your balance is outstanding, paid, or current. Hence why Cleo recommends using the card for everyday purchases. Responsible use of the card will establish your credit history without the added pressure of tracking your credit utilization. And the fact that there are no credit checks when applying for the card makes it an excellent alternative for anyone running into obstacles accessing a line of credit to build credit.
Moreover, benefit from free credit tracking. Check your credit score for free via the Cleo Subscription within the app. This credit scoring feature, provided through Equifax, is a reliable source you can trust for all your credit reporting.
Should You Apply for the Cleo Credit Builder Card?
In summary, the Cleo Credit Builder card is an excellent choice for anyone new to credit who may be at the beginning of their credit journey. If technology is your strong suit, the AI budgeting assistant via the Cleo Credit Builder card subscription is an excellent choice, especially for Zellenials. For anyone seeking an all-in-one budgeting and credit building opportunity, the Cleo Credit Builder Card fits the script. Benefit from setting your credit limit with a security deposit amount of your choice, thus granting you the freedom of establishing a realistic credit amount for your lifestyle. Enjoy the Cleo interactive app, which provides an AI budgeting assistant to guide your spending habits for a clear path to a better credit score. Above all, any potential user of Cleo should consider the $14.99 monthly subscription, which in return will aid the building of a healthier credit score, plus so much more.