Cleo Credit Builder Card Review [2024] – The Money Manual (2024)

Borrowing money is often an essential part of life. That’s why American households owed a total of $16.9 trillion by the end of 2022.

But it’s hard to borrow funds – or even rent an apartment – if your credit score is down in the dumps.

Luckily, there are tools available that can help send your credit score soaring. The Cleo Credit Builder Card is one of them.

In this Cleo Credit Builder Card review, I’ll tell you how the service works and explain why it might be worth the monthly fee.

What is The Cleo Credit Builder Card?

The Cleo Credit Builder Card is just what it sounds like: a credit card designed to give your credit score a boost.

The card comes as part of the Cleo Credit Builder subscription. It’s a “secured” credit card – meaning you deposit a security upfront before you can start using it. The security money can then be used to pay off the card’s balance at the end of every month.

Basically, the Cleo Credit Builder Card is a credit card that you pay off ahead of time. The reason for this format is simple: You can’t miss payments, which means your credit score will likely go up!

The Cleo Credit Builder subscription has some seriously helpful features:

• Getting the card doesn’t require a credit check.
• There are no interest payments on the card.
• You can access your paychecks up to 2 days early (if you set up direct deposit).
• You can get cash advances (up to $500 with direct deposit and up to $250 without direct deposit).

The subscription for this service costs just $14.99 per month.

So, the Cleo Credit Builder Card is pretty special – but let’s back up a second and ask another key question: What’s Cleo?

Cleo is a personal finance app that features an AI-powered chatbot. The Cleo bot talks to users in a direct, informal style, helping them understand their financial situation without using complicated jargon.

If you like the sounds of an informal finance app – and if you need a boost to your credit – then Cleo is definitely worth considering.

For other credit-boosting options, read this list of the best credit repair companies.

How Does The Cleo Credit Builder Card Work?

The basic idea with the Cleo Credit Builder Card is simple: You use the card for everyday purchases, and then your credit score (hopefully) increases.

But before pulling the plug and paying for a subscription that costs $14.99 per month, you probably want some more details.

It’s time for this Cleo Credit Builder Card review to break down exactly how the process works.

1. Apply for the Creo Credit Builder Card. You can start by downloading the Cleo app (available for iOS and Android) or sign up through the Cleo website. The card is designed for beginners who are struggling with their credit, so they won’t check your credit before reviewing your application.

2. Make a security deposit. This is the money that funds your account. You can either deposit money yourself or set up direct deposit, meaning your paycheck will go straight to Cleo. The amount you deposit determines your spending limit – so if you deposit $500, then you can spend up to $500 with the Cleo card. Your initial deposit must be at least $1.

3. Spend money with your Cleo Credit Builder Card. You can use the card with any vendor or service provider that accepts Visa. The card can also be used for a cash advance from an ATM, but there’s a $2.50 fee (plus whatever the ATM might charge).

4. Pay off your balance to improve your credit. At the end of each monthly statement period, your balance must be paid off. You can set up autopay or use the funds from your security deposit to pay the bill. Cleo then reports these payments to the three main credit bureaus 14 days after your statement due date – and since the payments will be on time, they should eventually help your credit score.

Is The Cleo Credit Builder Card Legit?

The Cleo Credit Builder Card is a legitimate way to improve your credit score. Why am I so sure? It’s because of Cleo’s strong reputation and successful track record.

Cleo is a massive company based in London, England. It’s well-funded, with investors giving it $80 million in 2022. That means this is a venture that people believe in.

Users are also praising Cleo. The app gets 4 stars from people on Trustpilot – enough to put it in the “Great” category. And it’s not like those reviews are coming from a tiny pool of users. Cleo claims to have over 5 million customers worldwide.

Is The Cleo Credit Builder Card Safe?

The Cleo Credit Builder Card is definitely safe to use. You don’t have to worry about losing your money or having your data stolen.

Here are some reasons why the Cleo Credit Builder Card is so trustworthy:

• The card is issued by WebBank, which is a member of the Federal Deposit Insurance Corporation (FDIC). That means the security for the card will be protected by the federal government up to $250,000.
• The Cleo app uses 256-bit encryption. That’s the same level used by banks!
• Cleo never sells your data to third parties.

Pros and Cons of The Cleo Credit Builder Card

I want this Cleo Credit Builder Card review to be totally honest – which is why I’m being upfront about the product’s strengths and its weaknesses. Make sure you consider the pros and cons before applying for the card.

Pros

• There’s no credit check when you apply. This increases the likelihood of getting accepted while also expediting the process.
• Cleo reports to all three of the major credit bureaus. When you make on-time payments through Cleo, Experian, Equifax, and TransUnion will all hear about it.
• There’s no interest to be paid on the card. Since this is a secured credit card and you’ll pay off your balance each month, you don’t have to worry about falling into costly debt.

Cons

• The Cleo Credit Builder subscription costs $14.99 per month. It might be worth it to boost your credit score – but it isn’t super cheap.
• You have to pay off your balance each month. If you want a traditional credit card that lets you carry a balance, this isn’t it.
• You have to put down an initial security to use the card. This is what makes a secured credit card so safe, but it also means you’ll essentially be paying for purchases ahead of time.

Cleo Credit Builder Card Reviews

Let’s take a look at some Cleo reviews on Trustpilot that focus on the Cleo Credit Builder Card.

One user left a 5-star review saying that the credit builder makes Cleo stand out from other personal finance apps.

In a 4-star Cleo Credit Builder Card review, a user called Cleo a “great company” with a
“great concept.” They also mentioned that their card kept getting declined – which is strange since Cleo clearly states that the card should work anywhere Visa is accepted.

It makes me wonder if there was an issue with this user’s security deposit.

In a rare 1-star Cleo Credit Builder Card review, someone said they weren’t receiving the email code they needed to access their account.

In another 1-star Cleo Credit Builder Card review, a user complained that the card was a little expensive. They also described an issue accessing their money after they closed their account.

Cleo Review / Cleo App Review

Cleo is an app-based credit builder and personal finance service, making it perfect for tech-savvy users who value convenience.

One thing that sets the Cleo app apart is its chat-based interface. When navigating Cleo, you don’t have to search through a maze of menu options and portals. You can just type messages into the chat box to request information, and the AI bot will help you out!

While the AI is technically a bot, it talks more like a friend – and a friend who cares deeply about your financial well-being. You can even tell Cleo to “roast” you, and the bot will respond by calling you out on your budgetary lapses. The language might sound “rude,” but that’s the idea. Sometimes, we all need a little “tough love.”

Users are responding well to Cleo. Just check out these ratings:

• Apple App Store – 4.7 stars
• Google Play – 4 stars
• Trustpilot – 4 stars

But if the Cleo model sounds a bit too informal, there are other apps that offer a similar credit-building service with a more traditional user experience. For example, Cheese is a highly-rated app that provides credit builder loans. Read this full Cheese credit builder review to learn more.

Then there’s Cushion, which is a credit builder designed for people who use buy now, pay later (BNPL) services. Here’s a full Cushion App review.

Cleo Credit Builder Card Reviews Reddit

I couldn’t find a Cleo Credit Builder Card review on Reddit, but I did find a thread about Cleo’s cash advances.

Someone responded by saying they’d successfully received Cleo cash advances in the past, but they no longer qualified.

In another thread, a user praised Cleo for helping them notice their problematic shopping habits.

I’ll keep searching for a solid Cleo Credit Builder Card review on Reddit. Be sure to check back here in the future!

Cleo Credit Builder Card Reviews BBB

Cleo gets an F grade from the Better Business Bureau (BBB), and it’s not considered an “accredited business.”

The BBB says its grade stems from two factors:

• The 120 complaints filed against Cleo on the BBB website
• Cleo’s failure to respond to 4 complaints

I still don’t think you should avoid the Cleo Credit Builder Card. It gets rave reviews in other places for a reason!

But I will admit that the BBB rating doesn’t fill me with a warm, fuzzy feeling.

Is The Cleo Credit Builder Card Worth It?

Here’s the conclusion of this Cleo Credit Builder Card review: The product is absolutely worth it for anyone who needs to raise their credit score.

Yes, the Cleo Credit Builder subscription costs $14.99 per month, which isn’t exactly cheap. But how much is a lousy credit score costing you already?

Your credit score has a massive impact on your financial well-being. It’s what determines whether you can take out a loan, get a credit card, and even rent a home.

So, if the Cleo Credit Builder Card can help you raise your credit score (and it probably will), then $14.99 is a small price to pay. That’s why I say, “Go for it!”

Commonly Asked Questions About The Cleo Credit Builder Card

What are Alternatives to The Cleo Credit Builder Card?

Here are some Cleo Credit Builder Card alternatives that can help you raise your credit score:

• StellarFi (read this full StellarFi review)
• Dovly (read this full Dovly review)
• Cheese (read this full Cheese Credit Builder review)
• Kikoff (read this full Kikoff review)
• Chime (read this Chime review)
• CreditStrong (read this Credit Strong review)
• Nevly Money (read this Nevly Money review)
• Cushion (read this full Cushion app review)

For more ways to fix your credit, check out our comparison of Credit Saint vs Lexington Law, or see if working with the best tradeline companies could be the right credit repair solution for you.

Meanwhile, learn how to budget for non recurring expenses so you can be prepared for unexpected costs going forward.

And to learn which budgeting app could best help you manage your finances and boost your savings, check out these comparisons of Rocket Money vs the competition:

• Rocket Money vs YNAB
• Rocket Money vs Simplifi
• Rocket Money vs Copilot

Then use a net worth tracker to see how your new financial strategies are paying off.

Is The Cleo Credit Builder Card a Scam?

The Cleo Credit Builder Card definitely isn’t a scam. Lots of people have used it to improve their credit scores, which is part of why the Cleo app gets an average of 4 stars from users on Trustpilot.

What is The Catch With The Cleo Credit Builder Card?

The only catch with the Cleo Credit Builder Card is that the subscription costs $14.99 per month. That’s a little steep, but it might still be worth it if the card has a meaningful impact on your credit score.

Speaking of subscriptions, see how much you could save by learning how to cancel all subscriptions on your debit card or credit card.

Cleo Cash Advance?

Cleo offers cash advances from $20 – $250, depending on your eligibility. And if you get a Cleo Credit Builder subscription and set up direct deposits, your cash advance limit could rise to $500.

Is Cleo a Real Credit Card?

The Cleo Credit Builder Card is a real credit card, but it’s a “secured” credit card. That means you have to put down a security deposit beforehand, and the amount you deposit will determine your spending limit. You’re also required to pay off the balance each month.

Is Cleo Good for Building Credit?

Cleo’s credit-building model is simple and often effective. You put down a security before using the Cleo Credit Builder Card, making it essentially impossible to miss payments. Cleo then reports your on-time payments to the three major credit bureaus, which should eventually improve your credit score.

How Much Does Cleo Let You Borrow The First Time?

Some online reviewers report that Cleo typically offers first-time borrowers $20 – $70. Your maximum cash advance amount could eventually rise to $250 – or $500 if you subscribe to Cleo Credit Builder and set up direct deposit.

Cleo Credit Builder Card Limit?

The limit for the Cleo Credit Builder Card depends on how much you deposit as a security. So, if you deposit $300, you’ll be able to run up a balance of up to $300, which you’ll then have to pay off at the end of the month.