Frequently asked questions

Sesame Cash is a prepaid debit card issued by Community Federal Savings Bank (CFSB). To build credit with Sesame Cash, you must also open a virtual secured account with CFSB that is reported to the credit bureaus. There is no upfront security deposit required. Instead, the balance on your virtual secured account will be securitized around the time of each transaction. To start building credit, deposit money into your Sesame Cash account and start using your debit card. Your debit card purchases will then create a balance on your virtual secured account, and funds in your Sesame Cash account, equal to this balance, will be set aside as a security deposit to pay off the balance at the end of each month. This means you will always have enough money at the end of the month to make timely payments, allowing you to build a positive payment history. Credit Sesame does not guarantee your credit score will improve. To see any credit score improvement from the use of your virtual secured account you must also maintain other healthy credit habits, including paying bills on time, keeping credit balances low, avoiding unnecessary inquiries, appropriate financial planning, and more.`

Our Credit Builder enables you to use your cash to build credit. All you need to do is add funds to your Sesame Cash account and use your card for your daily transactions. Your debit card purchases will then create a balance on your virtual secured account, and funds in your Sesame Cash account, equal to this balance, will be set aside as a security deposit to pay off the balance at the end of the month. This allows you to build a positive payment history which will then be reported to all 3 credit bureaus. Unlike other credit building programs, our program does not require an up-front security deposit or utilization limit, making it a hassle-free option for those looking to improve their credit score.

Our Credit Builder allows you to build your credit without needing an up-front security deposit. By using your Sesame Cash card for daily purchases, you can establish a positive payment history reported to all 3 credit bureaus. Our Credit Builder open credit system is designed to encourage responsible usage which helps to increase your credit score. 

When you use your Sesame Cash debit card to make purchases, those transactions are reported to the credit bureaus to help establish a positive credit history. By reporting your spending behavior and payment history, the credit bureaus can create a credit report that reflects your creditworthiness and helps build your credit. 

A secured credit card requires you to provide a security deposit upfront, which is used as collateral against the credit line. The credit limit is typically equal to the amount of the security deposit, and you must make payments on time and keep your balance low to establish a positive credit history.

In contrast, our Credit Builder account does not require an up-front security deposit and users securitize as they go. The program is designed to encourage you to use your Sesame Cash card on a day-to-day basis, and as you make transactions, money is put aside to build your credit. The money spent goes into a vault account, which is used to pay off your credit builder balance. 

We update the credit bureaus regularly, and you could see a higher credit score as soon as next month!

Our Credit Builder account does not come with any fees or interest payments. However, in order to use Credit Builder you must have a Sesame Cash account which may have fees.

Sesame Cash fees include a $9.99 monthly fee (“Monthly Fee”) and a $3 monthly inactivity fee (“Inactivity Fee”). However, we may waive these fees as follows: To qualify for the waiver of the Monthly Fee, you must either deposit $500 into your Sesame Cash account through direct deposit or spend $1,000 each month with your Sesame Cash account. Spending can be satisfied either through point of sale transactions or by using your Sesame Cash card to pay your bills. To qualify for the waiver of the Inactivity Fee, there must be money movement or a purchase made with your Sesame Cash account at least once within a 30-day rolling period. As a courtesy, we will not charge you the Monthly Fee or the Inactivity Fee within the first 30 days of account opening. Review the Sesame Cash Cardholder Agreement for the full fee schedule and additional details. International and out-of-network cash withdrawal fees apply. Third-party and cash deposit fees may also apply.

Our Credit Builder does not require an up-front security deposit to get started, and there is no minimum amount that you need to add to your account. However, it’s important to ensure that you have enough funds in your account to make purchases.

You cannot access the money in the account vault as it is meant to be used to pay off your Credit Builder balance. The account vault is where the money you spend using your Sesame Cash debit card is held until it’s needed to pay off your credit builder balance. 

With our Credit Builder, you can start building your credit without needing to make an up-front security deposit. Although there is no upfront security deposit required to use the Secured Card, you will be required to hold a security deposit account to securitize your debt as it is incurred and separately pay off the balance on your Credit Builder account in full every month. Funds from your Sesame Cash account will be used to securitize transactions made on your Credit Builder account.

No, you do not need to set a credit utilization limit with our Credit Builder account. This is because the program is designed as an open credit system, meaning there is no preset credit limit. Instead, you can spend as much as you want up to the available balance in your Sesame Cash account (following our cardholder agreement limits).

Building your credit is simple and easy with the free Credit Sesame app. You’ll be able to check your score daily, track your progress, and use Sesame Cash purchases to grow your score even more.

Download our iOS or Android app today!

The primary difference between our Credit Builder 1.0 and Credit Builder 2.0 is the requirement for an up-front security deposit. Credit Builder 1.0 required customers to make an up-front security deposit to open a credit builder account, while Credit Builder 2.0 does not.

Another difference between the two programs is that Credit Builder 2.0 is an “open credit” system, meaning there is no limit to what customers can spend on their Sesame Cash program (following our cardholder agreement limits). With Credit Builder 1.0, customers had to choose a utilization limit based on their security deposit.