Andy Montoya
Cheese is a financial service that offers credit-building products such as a bank account and a credit card. It is not a bank or lender, but a neobank with services provided by its lender partner, Synapse Credit LLC. Cheese is FDIC-insured and helps users build their credit scores by reporting to the three major credit bureaus. The company previously offered an online debit card account, which has since been discontinued. Cheese's credit-building loan product is straightforward and does not charge fees beyond interest. The loan works like a reverse loan, where users make monthly payments and get their money back at the end of the term. The company also offers a credit card that can be used to cover the cost of streaming services.
| Characteristics | Values |
|---|---|
| Type of company | Credit builder |
| Target audience | Immigrants, Asian Americans, international students, and people with poor or no credit history |
| Requirements to open an account | U.S. address, passport, and valid Visa |
| No SSN required | Yes |
| Account features | 0.25% cashback rate on the debit card, 5% cashback categories, 1% on pay-later services |
| Available in | 43 states |
| States where Cheese is not available | AL, IN, KY, NV, PR, VT, VI, WA, WI |
| Interest rate | 5% to 16% |
| Credit check required | No |
| App | Yes, for iOS and Android |
| Sign-up requirements | Name, address, Social Security, email, and a valid bank account in your name |
| Reporting | Reports to all three bureaus |
| Fees | No fees besides interest |
| Credit Builder Loan | Yes |
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What You'll Learn
Cheese is a credit-building loan provider
The company offers a variety of credit-building products, such as a Cheese bank account and a Cheese card, which can help to build a user's credit score. The Cheese bank account allows users to start saving money in a secure online account and earn interest on those savings over time. This helps to build financial security, which can, in turn, improve an individual’s credit score.
The Cheese card works similarly, allowing users to make purchases with the card that are reported to the major credit bureaus. This helps those with bad credit or no traditional financial history to build their score over time. The card has two major benefits: no credit check and the ability to add a credit card to your credit mix, providing variety and potentially improving your score.
In addition to the bank account and card, Cheese offers a Credit Builder Loan, which is their main product. This loan is completely free of fees, although users pay interest or an annual percentage rate (APR) ranging from 5% to 16%. It works like a reverse loan, where users make monthly payments towards their chosen loan but get their money back at the end of the term. This helps users build their credit and savings simultaneously.
Overall, Cheese is a good option for those looking for a simple and affordable way to build their credit. However, it may not be ideal for those who need extensive credit repair.
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Cheese offers a debit card with cashback rewards
Cheese is a neobank with services provided by its lender partner, Synapse Credit LLC. It is targeted towards immigrants and Asian Americans, but anyone can open an account. The account offers several competitive features, such as no credit check, no Social Security Number (SSN) requirement, and a base cashback rate of 0.25% on debit card purchases.
The cashback rate on the debit card can go up to 10%, depending on the merchant. For example, Cheese offered 5% cashback on phone bills from major carriers and 1% on "pay later" services such as Klarna and Afterpay. There is a $25 minimum cashback redemption and a $10 daily maximum for the 0.25% and exclusive offers.
The Cheese debit card also allows users to earn up to 3% interest. This is in addition to the cashback rewards. The card is available in 43 states, with no availability in Alabama, Indiana, Kentucky, Nevada, Vermont, Washington, and Wisconsin.
However, it is important to note that Cheese ended its credit-building services in February 2024. As of August 2022, there was an announcement that there would be no more cashback after August 15th and no more transactions after September 10th.
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Cheese is not a bank or lender
Cheese is a financial service that helps users build their credit score. It is not a bank or lender. Cheese offers a credit builder loan program, a bank account, and a credit card. The credit builder loan program allows users to borrow money from Cheese and pay it back with interest. The repayments are reported to the major credit bureaus, helping users build their credit score over time. The Cheese bank account allows users to save money and earn interest, which can help improve their credit score. The Cheese card works similarly, allowing users to make purchases that are reported to the major credit bureaus.
Cheese is a relatively new company, and it is not accredited by the Better Business Bureau (BBB). It is important to note that Cheese is not a bank or a lender. Banking services and FDIC insurance are provided through Synapse, a banking software provider. Previously, Cheese offered an online debit card account, but this product was discontinued in December 2022. Now, the company is focused on credit-building products.
The Cheese card has two major benefits: no credit check is required, and it can be added to a credit mix, providing variety and potentially improving the user's credit score. The card does not have any fees besides interest. It is available in 43 states, excluding Alabama, Indiana, Kentucky, Nevada, Vermont, Washington, and Wisconsin.
Cheese is a good option for those who want a simple and affordable way to build their credit score. It may be worth considering if you've had trouble saving money in the past, as it allows you to make monthly payments and build savings at the same time. However, it is important to note that Cheese does not offer extensive credit repair services, so it may not be suitable for those who need thorough credit repair.
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Cheese is FDIC-insured
Cheese is a financial service that provides credit-builder loans to help individuals with no credit or bad credit establish a positive credit history. It is not a bank or a lender; instead, it is a neobank with services provided by its lender partner, Synapse Credit LLC. Banking services and FDIC insurance are provided through Synapse, a banking software provider.
Cheese's Credit Builder Loan is completely free of fees, although users pay interest or an annual percentage rate (APR) ranging from 5% to 16%. There is no credit check, which means that signing up will not temporarily hurt your credit. The loan works like a reverse loan, where users make monthly payments towards their chosen loan and get their money back at the end of the term. This money is kept in a locked savings account, and when the loan is paid, the entire sum is released to the user.
Cheese also offers a bank account and a card that can help to build users' credit scores. The bank account allows users to start saving money in a secure online account and earn interest on those savings over time. The card can be used to make purchases that are reported to the major credit bureaus.
Cheese is available in 43 states, although it is not available in AL, IN, KY, NV, PR, VT, VI, WA, or WI.
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Cheese is not BBB-accredited
Cheese is a financial service that helps users build their credit score through a variety of credit-building products. It is not a real bank account, but rather a credit builder that offers several loan plans. Cheese used to offer a debit card account, but this was discontinued in December 2022. The company is now focused on credit-building products.
Cheese is not accredited by the Better Business Bureau (BBB) and has an F rating. The complaints received are related to the now-closed online debit card account.
Cheese is a relatively new company, providing credit-builder loans to help individuals with no credit or bad credit establish a positive credit history. Their Credit Builder Loan is completely free of fees, although users pay interest or an annual percentage rate (APR) ranging from 5% to 16%. There is no credit check, which can be beneficial to those looking to build their credit score.
The Cheese card can be used to cover the cost of streaming services, such as Netflix or Spotify. It is available in 43 states, although it is not offered in AL, IN, KY, NV, PR, VT, WA, WI, and VI.
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Frequently asked questions
Cheese is a financial service that provides users with an easy and stress-free way to build their credit score. It is a neobank with services provided by its lender partner, Synapse Credit LLC.
Cheese offers a bank account, a card, and a credit builder loan program. The bank account allows users to start saving money in a secure online account and earn interest on those savings over time. The card works similarly, allowing users to make purchases that are reported to the major credit bureaus. The Credit Builder Loan allows users to borrow money from Cheese and then pay it back with interest.
To sign up for Cheese, visit the website and click the “Sign Up” button. You will be asked to provide personal information, such as your name, address, phone number, and email address. You must also have a valid bank account in your name.
