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Automatic Transfers FAQ

How Cleo handles adding funds to your credit limit for you.

Written by Clotilde
Updated over a week ago

What are automatic transfers?

They’re a pain-free way to increase what you can spend with your Credit Builder Card. The card needs money to work, so you’ll have to add some no matter what. So, rather than moving funds manually (annoying), automatic transfers move the amount you choose to your card’s credit limit, either monthly or every other week (magical) 🪄


Why should I set up automatic transfers?

It makes using your Credit Builder Card even easier. Adding funds to your card’s credit limit is a key step to using it towards better credit. But, let’s be real, remembering to add funds manually to your credit limit is a drag. In fact, most people don't remember. So let Cleo handle it 💅 Just set it up, spend, and pay off your monthly statement automatically or manually.

Cleo does the rest 💙


Do automatic transfers have fees?

Nope.


Cool. How do I set up an automatic transfers?

As a Credit Builder Card holder, you just need an active debit card.

Head to the Spend tab in the app:

👉 Tap “Add cash”

👉 Select “Automatic transfers”

👉 Choose a debit card to transfer from

👉 Set your first transfer date

👉 Pick either monthly or bi-weekly

Then, all you have to do is spend and repay your monthly statement (which can also be made automatic with carefree credit building - in the Spend tab, tap “Manage card”, then “Change payment method”).


Tips for setting up automatic transfers

It’s popular to pick a date near a recurring payday. Any time you know you’ll have money on the debit card you’re transferring from is good, really 💰

When setting the amount, think about what you want to pay for with your Credit Builder Card. For example, Netflix costs about $17.99/mo. If you set your auto-transfers to $20 monthly and switch paying Netflix to the Credit Builder Card, you’ll always have enough to cover Netflix and then some.


Will I be reminded of upcoming transfers?

Yes. Cleo will remind you 5 days before each auto-transfer to help you stay on top of your finances. You’ll get a non-boring email and a semi-boring notification to help you remember.


How can I stop automatic transfers?

If you change your mind about auto-transfers, you can:

  • Tap “Manage card” in the Spend tab to cancel

OR

  • Tap one of your upcoming auto-transfers in the Spend tab transaction list to cancel

Be aware that trying to cancel an auto-transfer on the same day it’s scheduled might not work. If you do try this, all auto-transfers after it will be canceled, but the one scheduled for that same day may still go through.

To restart auto-transfers, set them up again (tap “Add funds” in the Spend tab).

If you don’t want auto-transfers, just be sure to add funds another way to keep your card ready for spending.


Can I edit my automatic transfers?

Yes, but you'll need to cancel your current setup first. After cancellation, you can re-do your automatic transfers set up with your new preferences.


Where can I see and manage my automatic transfers?

Do both in your favorite place: the Spend tab.

To see upcoming transfers, look in your Credit Builder Card transactions list.

To manage or cancel, tap "Manage card,” then “Manage automatic transfers.”

If you set these up today, that’s huge. And s/o to you for engaging in extremely positive credit behavior 💳 ✨

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