Can I pay bills with the Credit Builder Card?
Hell yeah, that’s one of the many beauties of this card. Imagine how good it feels to have your Netflix or Spotify subscription actually help to build your credit.
When can’t I use my Credit Builder Card?
🚫 You cannot purchase crypto currencies
🚫 Insufficient funds: if the amount of the transaction exceeds your available credit limit. In this instance you can add funds to your security by saying ‘credit builder card’ in chat to Cleo
🚫 You cannot make business purchases, this is a personal card and should only be used for making personal, family or household purchases.
What happens if I try to pay for something but have insufficient funds on my card?
If you try to pay for something but have insufficient funds in the security deposit, that transaction will decline. But, don’t stress: Cleo’s got you.
You can increase your credit builder limit in-app. Just head over to the Builder section of the spend tab in the Cleo app and tap the add funds button.
I want to make a purchase online. Where can I find my card details?
There are 2 ways to retrieve the card details for your virtual Cleo Credit Builder Card
From the spend tab:
👉 Tap the ‘card details’ button, where you’ll be prompted to enter your passcode.
👉 Once you enter the right information, a visual of your card number, expiry month and date, and CVV number
From chat:
👉 Say ‘credit builder card’ to Cleo in chat.
👉 Cleo will respond with your available balance and the following options: 'add funds', 'virtual card' and 'spending'
👉 Tap the virtual card button, where you’ll be prompted to enter your passcode
👉 Once you enter the right information, you'll get a visual of your card number, expiry month and date, and CVV number
Right. Now I know how to make payments… but how do I pay off my card balance?
There are 3 ways you can pay off the monthly balance due on your card:
1️⃣ Automatically using the money in your security deposit. This payment will be processed 4 days before due date
2️⃣ Manually setting a one time payment from the security deposit
3️⃣ Manually using an alternate payment method (e.g. the connected account you’re already using to pay for your Cleo subscription)
So what happens if I miss a payment?
If you don’t make your balance payment by the due date, Cleo reserves the right to report a missed payment to the 3 credit bureaus, as allowed by law. Generally, negative account information will be reported to the applicable credit bureaus once your account is 30 days delinquent. See the Cardholder Agreement for additional information.
If you haven’t paid your balance within 14 days of the due date, we reserve right to use funds from the security deposit to pay off any outstanding balance.
Want more? Check out our blog for all things personal finance.