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Cleo Builder: The Basics

Here's what you need to know about you subscription

Written by Daniel
Updated over a week ago

What is the Cleo Credit Builder Card*?

The Cleo Credit Builder Card is a unique type of secured card, which can help boost your credit score**. With a minimum deposit of only $1 and no hard credit checks, the credit builder card makes working on your credit score safe and easy.

*The Credit Builder Card is issued to WebBank, Member FDIC

**Cleo AI cannot account for all variables in your financial life or changes to reporting practices. Increases or specific changes to your credit score are not guaranteed.

How does it work?

The Cleo Credit Builder Card is a simple but impactful concept:

👉 You add cash to your security deposit, and this increases your credit limit

👉 You then buy/pay for things as you normally would & Cleo can help you pay off your card each month when you sign up for carefree credit building (it’s your choice how you pay!)

👉 Cleo reports your account status to Experian, TransUnion and Equifax

👉 Cleo helps you build up your score over time

Does Cleo charge any fees for using the credit builder card?

There are no specific fees attached to making purchases with the card.

However, there is a $2.50 fee for accessing a card cash advance at an ATM, in addition to fees charged by the dispensing ATM or bank.

The Cleo Credit Builder Card is only available if you are a member of the Cleo Builder subscription plan. You pay a monthly fee to access all the features associated with the plan, including the opportunity to apply for the Cleo Credit Builder Card.

What’s the difference between the Cleo Credit Builder Card and a normal credit card?

With normal, unsecured credit cards, a financial institution is lending you money (aka your credit limit) and you pay monthly interest rates on however much you've borrowed. Lenders will typically decide your credit limit by looking at your credit score and different aspects of your credit history.

However, your Cleo Credit Builder Card is a zero-interest card. The amount of the security deposit will become your credit limit. The more money you put in the security deposit, the higher your credit limit will be. The entire balance on the card must be paid off at the end of each cycle.

What is the credit limit on the Cleo Credit Builder Card?

Your credit limit is set based on the funds that you add to your security deposit, via the Cleo app. For example, if you add $200 to your security deposit, the credit limit on your card will become $200 in addition to the amount you have already deposited.

Your security deposit is held with our bank partner, WebBank

What else comes with my Builder subscription?

If you have Cleo Builder, you can now build more than just credit: Cleo savings and challenges are now part of the Builder upgrade

  • Need savings tools? You’ve already got ‘em with Savings Goals

  • Earn yearly early added interest that’s 9X the national average*

  • Cleo spots and targets your problem spending with Challenges

  • Auto-save every time you splurge on your worst habits with Swear Jar and other Save Hacks

  • Cleo will hold you accountable with regular check-ins

*The Annual Percentage Yield (APY) on your account is 4.11% effective 12/01/2023. Your interest rate and annual percentage yield are variable and subject to change*

Want more? Check out our blog for all things personal finance.

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