How do I add money to the security deposit to increase my Credit Builder Card limit?
To add funds to your security deposit, head over to the spend tab in your Cleo app and hit 'add money' button. This should spin up a screen, where you’ll be able to add funds from.
Choose the amount you would like to add to your security deposit and 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 Credit Builder Card (CBC) card?
When you first sign up to the CBC, we ask for an initial deposit, in order to activate your card: the minimum amount of funds you need to add = $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 lemme let you in on a little 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.
To find out how to top up your security deposit check out this article.
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.
Can I have my pay direct deposited to my Credit Builder Card security deposit?
Not yet, but if you want to add your net Pay to your Credit Builder Card.
For an intro on how to add funds to your builder card, Click here (top up article)
How do I set-up recurring security deposits?
Head to the Spend tab of the app 💳
Tap on Add Cash 💸
Select Add A Recurring Amount 👍
There will be two scheduling options, biweekly or monthly. There will also be two payment options, via card which has a fee of 1% + $0.30 or via checking account which is free but will take 4-6 days.