Money lessons with The Penny Pal
If there’s anyone who can tell us where to find the light when it comes to the pandemic and our money, it’s The Penny Pal. Here’s a wrap up of this year’s learnings so far and how we take ‘em and move forward.
What credit score do you need to have to get the card
Any score. We’re building something that literally anyone can use to help boost their credit. The only way is up, pal.
How much would I need to put on the card to use it
No minimum. You do you. The more you put on, the more we can report to the credit people though. Cleo will help you make the most of what you have.
Will it be possible to have a secured credit card that has the ability to increase the credit limit with additional deposits?
We take the highest balance you have at any point during the month. If you find you have a bit more to throw on your card, go ahead.
Is there a limit on what I can spend daily with the card?
No. We want you to use your card however you like. Cleo might judge you, of course.
Will this card have a set credit limit or will it be an open-ended credit card?
Your credit limit is just the amount of money that you transfer onto your card. You’re the boss here!
What about 18 year olds who have no credit and are look to start building it?
You, pal, are the dream audience. If you want to be part of the early testers, shout at us on Twitter
Is there a monthly fee?
Yep. This covers our costs in managing your card, transfering funds, and reporting your business to the credit people.
When will it be ready?
SOON. If you want to help us test it, we could use you.
How will I know if I will even be eligible to apply for the credit builder card?
This is for everyone. You will.
How will I know if i’m chosen to test it?
Cleo will let you know and we’ll also send you an email. If you have ideas on what we should build, we’d love to have them.
Can I manage it in the Cleo app?
Yep. Along with adding money to your card and checking your balance - Cleo will show you spending trends. And help you budget with it. And yell at you when you buy too much coffee. ❤️
What are great tips in building credit for someone who doesn't have any credit?
You’re already doing amazing at step 1 - which is avoiding credit cards that you can’t afford. Cleo is great for people with thin credit files. Follow us on Instagram for a series on this, coming soon.
Whether you have a question about what affects your credit score, or you want to ask us about the upcoming launch. Drop your questions below, we'll be answering them each week.
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