Unlike traditional credit cards, you’ll need to make an upfront deposit, similar to a secured card with Cred.ai credit card. But here’s the twist: Your deposit isn’t just sitting idle. Instead, cred.ai uses it to automatically pay off your monthly statement balance as you make purchases, effectively extending your credit line without requiring extra cash on hand for each transaction. We’ve included a detailed step-by-step guide below on how to apply for your cred.ai credit card. Check it out!
What are the eligibility criteria for the Cred.ai card?
The good news? Applying for the cred.ai credit card doesn’t involve the usual credit score hit you might expect with other cards. According to their website, a FICO score isn’t even required to apply, making it a great option for those new to building credit. While cred.ai uses a proprietary underwriting model, you’ll still need to provide other financial information like your income, and approval isn’t guaranteed. They do, however, need to confirm your identity and ensure your financial profile meets regulatory requirements defined by the Card Act of 2009 and other underwriting criteria.
What about the fees?
Here’s where it gets interesting. Cred.ai reports a $1,500 credit limit and a 2-3% credit utilization rate (0% if your balance is zero) to credit bureaus each cycle, which can help boost your credit score. Plus, they offer an auto-reload function to ensure you have enough funds for transactions. Now, while they advertise “no fees,” there is an APR and interest rate – 17.76% on purchases and 24.99% on cash advances. But, the catch? They only charge interest if you disable their automated payment system.
The card’s terms and conditions do technically mention a late fee, but the automatic payment feature and Cred.ai Guaranty policy effectively prevent these fees in most cases. Technically, you can get the cred.ai credit card on its own, without a separate Cred.ai deposit account (similar to a checking account). However, having both unlocks the card’s full potential. With both accounts, you’ll gain access to features like automatic payments and safe spending limits.
Ready to apply? Get your cred.ai card now!
The entire credit card application process can be completed online. You can also find answers to frequently asked questions and additional information on our website. Click below to begin your journey towards a more revolutionary spending experience.