Credit Sesame Relaunches Sesame Credit Builder Mastercard Credit Sesame Relaunches Sesame Credit Builder Mastercard
Credit Sesame Credit Builder Mastercard

Credit Sesame Relaunches Sesame Credit Builder Mastercard

The credit monitoring site Credit Sesame is relaunching its credit building-debit card.

About Sesame Credit Builder:

With the Sesame Credit Builder Mastercard, users can allocate part of their Sesame Cash balance to serve as their security deposit. Then, customers can simply make purchases with their debit card, with Credit Sesame adding transactions to their line of credit and automatically paying off those purchases on time each month. Credit Sesame reports these payments to all three major credit bureaus, enabling customers to build positive credit history.

According to the Sesame Credit Builder site, there are some fees associated with the account — although there are opportunities for customers to have those waived. First, by default, there’s a $9.99 monthly fee. Those who direct deposit at least $500 per month into their Sesame Cash account or spend at least $1,000 a month with their Sesame Cash debit card can avoid this cost. Additionally, the account is also subject to a $3 per month inactivity fee. This fee will be charged for each rolling 30-day period where no money is moved into or out of a customer’s Cash account.

The Sesame Credit Builder product is similar to the feature Sesame Cash has offered since 2021. However, it’s unclear whether that version was ever officially publically available (or remained in beta) or what features may have been tweaked for this relaunch.

What they’re saying:

Announcing the Credit Builder card, Credit Sesame founder and CEO Adrian Nazari noted, “Finance plays a crucial role in everyone’s lives. However, for the nearly two-thirds of US households who are living paycheck-to-paycheck and relying on credit to manage their day-to-day expenses, a good credit history is vital to their financial health.” Nazari continued, “The new Sesame Credit Builder Mastercard brings inclusion and breaks down the barriers for everyone and especially people with low or limited credit history to build better credit history. We are making it easy for more Americans to get credit for the money they spend and the payments they make.” 

My thoughts:

To be honest, I’m still a bit confused by Credit Sesame’s announcement as the product they’re “launching” seems to be the same one they’ve had for a couple of years — perhaps with a slightly different name. Instead, the real change here seems to be the fees (which themselves have still been around for a few months). Speaking of those fees, unfortunately, those could be a deal breaker as it takes significant effort to have the $9.99 monthly fee waived while the $3 inactivity fee hitting after 30 days of no transfer seems quite aggressive. So, while I still think that this type of debit card/secured credit card product is an interesting idea, given the costs associated with it, Sesame Credit Builder doesn’t seem all that attractive.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Money@30's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

2023 Small Business Credit Card Satisfaction Tops 2019 Highs

The latest small business credit card study from J.D. Power shows satisfaction continuing to rise. About the study and results: This week, J.D Power released its 2023 U.S. Small Business Credit Card Satisfaction Study, which includes responses from more than 3,400 small business credit card customers. In this case, the study looked at businesses with annual revenues between $10,000 and $10 million. First, it was discovered that overall satisfaction among...

Discover Announces 5% Bonus Categories for First Quarter of 2024

With 2024 sneaking up on us, Discover has announced its rotating 5% bonus categories for the first quarter of next year. About the Q1 2024 bonus categories: From January through March 2024, Discover It customers will be able to earn up to 5% back in two categories: restaurants and drugstores. According to the company, the Restaurants category includes full-service establishments, cafes, cafeterias, fast-food locations, and dining delivery services. For the...

Public App Adds Corporate and Treasury Bonds Feature

The FinTech trading app Public has announced new investment options for its members. About the features: Public is now rolling out the ability for customers to invest fractionally in corporate and Treasury bonds. This capability will be introduced on both the mobile and desktop interfaces for the service. According to Public, the addition comes as demand for fixed-income products increases. In addition to these bond types, the app will also...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....