Cred AI Review: Is It Really Better Than Your Bank? Key Points:
Cred.ai offers a Unicorn credit card issued by WSFS Bank. APR : 17.76% Annual Charges : $0 Renewal Charges : $0 Service Fees : $0 Sum Insured : Up to $250,000 by FDIC. A few years ago, a fintech startup infused Artificial Technology and next-gen functionalities into a simple metal card, which disrupted the entire credit card industry.
We are talking about Cred.ai. Forbes has referred to the platform as “The Tesla of Banking” due to its innovative features. It offers a Unicorn credit builder card and credit builder deposit account with no annual fees. These cards have unique features such as stopgaps that prevent you from overspending and making late bill payments while you work on building your CIBIL score.
If you are looking for a credit card, this one might be best for you. Read this Cred AI review to learn about its features, application process, and how to calculate fees and interest rates .
What is Cred AI? Cred AI is a fintech company that provides a Unicorn credit card and a deposit account , both of which aid in the development of credit scores.
You can select both or just one. The Unicorn card without a deposit account carries a withdrawal and spending limit, whereas both of them together provide a complete banking experience.
Unlike other secured credit cards with low limits, the company reports a $1500 limit to the major credit bureaus and even offers credit utilization rates to its customers.
Now that you have been introduced to the platform, let’s look at its working mechanism in the next section.
How Does Cred.ai Work? Unlike traditional banks, the company does not charge any interest rates or annual maintenance fees. Its sole purpose is to provide AI-driven functionalities that can make people’s financial lives easier.
Talking about the revenue model, the company relies on merchant transactions and account deposits. Furthermore, it intends to license its underwriting system and compliance infrastructure technology to smaller fintech and banking firms.
Let’s now dig deep to learn about the features in the next section.
Cred.ai Features The company provides several powerful features that outperform all of its competitors. Let’s discuss some of them here.
Flux Capacitors : It allows you to link your direct deposit to Cred.ai’s account. Flux Capacitor will help you access your paychecks and other future deposits up to two days early. Plus, it will also help you budget for upcoming debits. Cred Optimizer: This tool manages transactions from your deposit account to your Unicorn card, ensuring that they are always reported with a low credit utilization rate.Check Please : Your transactions are authorized ahead of time to save you from the embarrassment of getting your card declined. You can check the status before paying any restaurant bills or other charges. Friend & Foe : This allows you to approve or deny transactions. You can select the merchant to allow or deny transactions. This works best for the subscriptions that are hard to cancel. High-Security Mode : This mode helps to shield a protection layer against the transaction. Plus, it also automatically detects pesky payment requests. Stealth Card : Along with the metal card, the company provides a Stealth card with a working credit card number and CSV code that can be used on not-so-trustworthy websites and applications. ATM Access : The unicorn card can be used as a debit card for free withdrawals and deposits in over 55,000 ATMs across the US. Now that you are familiar with the features and functionalities let us move on to the card’s fundamentals and fees.
Cred.ai Review: Fees and Interest Rates As we have already discussed all the features, let’s look at the card basics and the fees and interest rates here.
Fees Annual Fees : $0Balance Transfer Fees : No Foreign Transaction Fees : No Cash Advance Fees : NoInterest Rates APR : 17.76%Balance Transfer APR : NoSavings Account/ Checking Account : No Unicorn Card and Deposit Account Basics
So, these are the card fundamentals that set it apart from the competition. Moving ahead, let’s take a look at the application process in the next section.
Also Read: Bank of America Plasma Loyalty Card: Features, Activation, and Login Process
How to Apply for a Cred.ai Card? What we love the most is the straightforward and hassle-free application process it provides. These are the steps to apply for your Unicorn or Stealth card:
First, go to the official company page and tap the Sign up now button. You’ll be redirected to a new page. Here, enter the mobile number and click on Next . Fill in the verification code received in the given box and tick the Cred.ai Esign agreement . Read the terms and conditions carefully, and tap the Agree button to proceed. On the new page, fill in your personal and occupational details and follow the on-screen prompts to complete the process. You will receive a confirmation message within a few minutes. By following the link in the message, customers can track the delivery of the new credit card.
Cred AI Credit Card: Pros and Cons Here are the positives and negatives we discovered after thoroughly analyzing the platform and card:
Pros Cons No annual fees. Does not offer cash back on transactions. Does not have any credit score requirements to apply. Does not have any reward programs. Powerful features to maximize control over security and protection. No interest on the funds in your checking or savings account. Credit building with no hard credit pull or record check. No web account. Benefits of a low credit utilization rate.
These are the pros and cons that you need to keep in mind before applying and deciding if this one’s the best for you.
Fast Fact: Cred.ai’s official application runs 10 times faster and is available in both the App Store and Google Play Store.
Cred AI vs. Other Credit Builder Cards There are many credit builder cards available on the market; the best way to know which is the best is by comparing them with one another. In this section, we will compare Cred.ai to other secured and unsecured cards.
Cred.ai V/S Chime Card Chime offers credit builder cards with checking or savings accounts. Customers need to make a direct deposit of $200 to apply and open the account. One can add money to their account through Chime Reload locations . The bills are paid from the funds available in the account. Chime reports to credit bureaus; however, it does not show the credit utilization ratio.
Cred AI V/S Tomo Credit Card Tomo provides unsecured credit cards issued by Community Federal Savings Bank . The company helps young adults build a good credit record and reports to three credit bureaus. Since the Tomo credit cards do not have any balance carry forward feature, it helps customers not accumulate any pending charges and has no APR.
You can simply apply for the card through the online portal, and it will be delivered within 15 days. What is the differentiating point between Credit AI and Tomo? — Cred.ai uses Artificial Intelligence, which helps customers view their spending patterns.
Cred AI V/S Milestone Credit Card Along with credit building, Milestone cards also offer cash back on every purchase. The Bank of Missouri provides these cards, which can be applied by people with fair CIBIL scores. The card rewards can be redeemed as gift cards, vouchers, and cash, and do not have any expiration date.
This card can be best for people who only need one functionality other than simple credit features.
Cred AI V/S Indigo Platinum MasterCard These MasterCard network cards issued by Celtic Bank help people with poor history to rebuild their FICO scores. Indigo Platinum cards give flexible repayment options that reduce customers’ financial burdens. It also offers fraud liability coverage. Additionally, when you make a foreign transaction, 1% of the total will be deducted as service fees.
So, if you want to avoid applying for a Credit AI card, these are some of the best credit cards you can get.
Is Cred.ai Legit? Given the abundance of cards claiming to be credit builders, we understand why people are concerned about whether this platform is legitimate.
Yes, it is legitimate; the fintech company was founded in 2016 to deliver cutting-edge features and functionalities in the form of credit cards. The company infused artificial intelligence into its robust mechanism. Furthermore, millions of Americans use the company’s credit cards and other financial products, even though they are relatively new.
Cred AI Customer Reviews These cards are ideal for people who do not have a good CIBIL record. One of our officemates uses this card and always keeps on boasting about its functionalities. Akin to him, millions of users prefer Cred.ai over any other credit builders.
Customer Support Info The company has a dedicated team of experts who are always eager to solve customers’ issues. So, whether you want to know more about the fees or need assistance in the application process, reach out to the customer support team.
Instagram : @cred
X : @cred
Facebook : @yourebetterthanyourbank
Email support : help@cred.ai
The helpdesk provides 24/7 support, so reach out to them with your query, and they will revert as soon as possible.
Is Cred AI Unicorn Card the Best One for You? Well, it is tough to answer on behalf of everyone, as it depends on each person’s financial needs. However, considering all the features and great functionalities provided by the platform, we think the cards and financial tools can be the perfect option. But as said earlier, you can keep your options open and look at the features of other credit builder cards like Credit One and compare them.
We hope this Cred.ai review will help you in making the right decision. Share this blog with your friends to make them financially aware, too!
Read Next: How to Access and Pay Bills through Avant Credit Card Login Portal?
Frequently Asked Questions Ans: Yes, the company uses AI technology to streamline all the procedures.
Ans: Yes, it helps to improve the overall CIBIL score.
Ans: Yes, you can make withdrawals and deposits without any fees.
Ans: No, the company may decline the request if it is unable to verify identity and obtain satisfactory financial records.
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