How do I add money to the security deposit?
Want to increase your credit builder card limit? To add funds to your security deposit, head over to the spend tab in your Cleo app and hit the 'add money' button. This should spin up a screen, where you’ll be able to add funds:
From here you’ll be able to add cash via free transfer (yep, free - takes 4-6 days to land), instant transfer (for a small fee of 1% + $0.30) or as a direct deposit. The choice is yours.
You'll then be asked to choose the amount you'd like to add to your security deposit. Once you're happy with it, hit the big blue button below the amount. Make sure the funds are coming from the correct card or you may get an error.
If you do get an error, it's worth cross-checking the debit card you add funds from. Also, make sure there are enough funds to make the payment.
How much do I need to put in the security deposit to use the Cleo Credit Builder Card?
When you first sign up to the credit builder card, we ask for an initial deposit, in order to activate your card. The minimum amount of funds you need to add is $1.
After you sign up:
After the statement balance is paid, there’s no minimum amount when adding funds to your CBC, so you do you boo.
But here's a secret:
The more money you add to to the security deposit, the higher the credit limit we can report to the credit bureaus, so take that into account when making your decision.
After adding funds to my security deposit, how soon can I start using my Credit Builder Card?
You can start using your credit builder card as soon as you’ve successfully added funds to the security deposit.
While you can start using your card right away, but your cash may take some time to come through on the card depending on how you've chosen to transfer. When you add instant cash, you'll be charged a 1% fee but your money will come through to your card right away.
Can I have my paycheck direct paid into my credit builder card security deposit?
Yes, you can! Go here to learn more.
Want more? Check out our blog for all things personal finance.