Sesame Cash Review – Helping You Build Your Credit

Name: Sesame Cash Review – Helping You Build Your Credit
Item: Sesame Cash
Rating: 9

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Last Updated:January 01, 2024

Sesame Cash Review – Helping You Build Your Credit

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Sesame Cash is free, reputable, and a fantastic way to boost your credit score.

9/10

Cost

9/10

Features

8.5/10

Ease of use

9/10

Services

9/10

It's an age-old problem: How do you build credit when you don't have credit? To build a good credit score, you must make regular, on-time payments to debts, such as credit cards, mortgages, and loans. But you cannot get credit cards, mortgages, or loans without a credit check. Enter Credit Sesame. It provides free credit reports and tips to improve your credit score and gives you a free credit-building tool to officially get on the credit bureaus' radar and grow your credit score. Welcome to the Sesame Cash debit card.

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What is Sesame Cash?

Sesame Cash is a Mastercard-branded pre-paid debit card provided by the California-based Credit Sesame.

The debit card can be added to your digital wallet and works with Apple Pay, Google Pay, and Samsung Pay. But the account also works to help its users improve their credit scores with features to help them save, spend, and manage their money.

How does Sesame Cash work?

Sesame Cash is part of Credit Sesame's mobile banking, so you must create a free Credit Sesame account before you can enroll.

Once you enter your name, address, phone number, and last four digits of your social security number to verify your identity, you'll be brought to the enrollment page for Sesame Cash.

You will also open a secured line of credit with Community Federal Savings Bank (CFSB). The money you have in your Sesame Cash account will be used to create your secured debit card. Each time you make a purchase with your card, it will create a balance. That balance will be set aside in your Sesame Cash account to ensure you can make the payment needed to pay off the balance at the end of each month. By making the guaranteed monthly payments, your actions are reported to the three credit bureaus to help you improve your score.

Not only does your credit score improve, but Credit Sesame gives you cash whenever your score increases, up to $100 in 30 days. You can also opt-in to Cash Back Offers to pocket even more change.

How much does Credit Sesame cost?

Sesame Cash does not charge monthly service fees, foreign transaction fees, or withdrawal fees at over 55,000 ATMs worldwide. No minimum balance is required, but if you want to spend money on your debit card, you must have funds in your account.

Credit Sesame membership is 100% free, even providing $50,000 in identity theft insurance. There are no hidden fees or traps to get a view of your free credit report.

The Advanced service features a daily credit score update, monthly three-bureau (TransUnion, Equifax, or Experian) credit score update, and monthly three-bureau full credit report for $9.95 monthly.
The Platinum Protection service is available with 24/7 live experts to help in case your wallet is lost or stolen. This premium service conducts black market website monitoring, public records monitoring, and social security number monitoring to alert you of suspicious activity before it becomes an issue. This platform is $19.95 per month and comes with $1 million in identity theft insurance.

Get Your 100% Free Credit Score

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Sesame Cash features

Free credit score

Enrolling in Sesame Cash means enrolling in Credit Sesame. Immediately I had access to my TransUnion credit report score. I was also shown my potential score and given actions I could take to boost my number. However, many of these actions led me to apply for a credit card or personal loan through its partners, which I didn't care for and didn't do.

Free cash for improving your score

Every time your credit score goes up, you'll receive cash in your account: $10 for every 10 points, which improves up to $100 in 30 days.

Cashback offers

Users can earn up to cash back on everyday purchases simply by using their debit cards. Shop online or in stores, and your Sesame Cash app will show you available offers at more than 5,000 participating stores and restaurants. Activate an offer, pay with your card, and deposit the cash directly into your Sesame bank account.

Early payday

Get your paycheck up to two days early simply by enrolling in direct deposit when you set up your online bank account. It's free, and you won't have to pay it back with interest.

Secure

As if using a traditional bank debit card, your money is FDIC secured up to $250,000. Any unauthorized purchases or transactions are also covered. You'll also be covered with $1 million identity theft insurance at no additional cost.

Free credit monitoring

Credit monitoring services provide real-time alerts that affect your credit, from changes in your credit score to credit checks to spot errors that may appear on your credit report. The monitoring also covers ID theft, with the company offering identity theft protection.

Savings recommendations

Credit Sesame works to help you spend and save, as well. Reviewing your credit and debt will customize and recommend credit cards or loans best suited for you to help you save.

Mobile protection

It's unclear why a credit monitoring/bank offers mobile device protection, but why argue that it is good? You're covered up to $500 yearly from theft and certain types of damage.

Pros & cons

Pros

Reports to all three credit bureaus: Experian, TransUnion and Equifax
No credit check required
No monthly minimums or fees

Cons

Must join Credit Sesame and online bank
No overdraft protection
No savings account offering

Sesame Cash vs. competitors

Credit builder	Cost	Type
Sesame Cash	Free	Secured debit card
Brigit Credit Builder	Free	Personal loan
Chime Credit Builder	Free	Secured credit card

Brigit Credit Builder

Like Credit Sesame, Brigit provides a similar way to build credit in its cash advance app. Brigit gives users a no-credit-check personal loan. Still, instead of providing the funds and then charging monthly payments to repay, users pay the monthly bill without any interest and receive the funds after making all the payments. In doing this, users are building credit reports to the credit bureaus. The funds paid toward the loan are given back at the end of the 12-month loan period, so, in essence, it is a savings account credit builder.

Read a full review on Brigit Credit Builder.

Chime Credit Builder

Chime provides a secured Visa in the same way Sesame Cash operates. The funds on this account must be in the account to use it like any debit card can be used, and after making monthly payments, reports are sent to the three credit reporting bureaus. It is also free with no hidden fees.

Read a full review on Chime Credit Builder.

NEW! Online Bank Account

Better banking is here.

No account fees
Earn up to 4.50% APY
Up to 2-day-early-paycheck
No-fee Overdraft Coverage.
Do it all in one app.
Up to $2M of additional FDIC insurance through a network of participating banks.

Open an Account

FAQs

Can I use my Sesame Cash account to pay bills?

Yes. You can schedule payments and manage your bills using your online account. If your account balance drops too low to cover an upcoming payment, it will notify you, so you don't bounce a payment.

Is Sesame Cash a bank?

No, it is a fintech company that has partnered with Community Federal Savings Bank. You cannot do in-person banking, but you can utilize more than 55,000 free ATMs.

Will Sesame Cash check my credit score?

Your credit score is not required to receive the free bank account. The only requirement is that you are 18 and older. Sesame Cash is a part of Credit Sesame, which provides you with access to your free credit score.

What is the minimum balance requirement?

$0. There is no requirement to have a digital banking account or the Sesame Cash debit Mastercard.

Is Sesame Cash legit?

A company that provides you with regular updates on your credit score and ways to improve it is one thing. When it gives you the tools to build credit by allowing you to use your own money toward transactions that positively appear on your credit report, it is a whole new ball game. It's free, reputable, and a fantastic way to boost your credit score. You can earn cash rewards and even up to $100 using it. What's not to love?

Get Your 100% Free Credit Score

Use Experian To Get Your Free Credit Score

Free Credit Score, Credit Report & Identity Protection

Simple & Secure. Sign Up In Less Than 90 Seconds

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Lissa Poirot is Joy Wallet’s Head of Content and an award-winning journalist and editor with a focus on finance, travel and health. Her work has appeared online and in print, and she has often been cited as a source on both. She currently resides in Pennsylvania.

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