Andy Montoya
Cheese is a neobank that offers a range of financial services to help users build their credit scores. The company previously offered a bank account with various perks, including cashback rewards, interest, and no fees. However, as of February 2024, Cheese is no longer offering bank accounts or credit-building services, and there is no news about the company's future. Before closing its credit services, Cheese offered a credit builder loan program, a bank account, and a credit card that helped users build their credit scores. The credit builder loan allowed users to borrow money and pay it back with interest, with repayments reported to major credit bureaus. The Cheese card worked similarly, allowing users to make purchases reported to the bureaus. The company also had a mobile app for Android and iOS users. Reviews of Cheese are mixed, with some users reporting significant credit score increases, while others experienced issues with the Android app.
| Characteristics | Values |
|---|---|
| Credit check | No credit check |
| Mobile app | Yes, for iOS and Android |
| Sign-up requirements | Name, address, Social Security, email, valid bank account |
| Availability | 43 states in the US |
| Unavailable in | AL, IN, KY, NV, PR, VT, VI, WA, WI |
| Credit bureaus | Reports to all three bureaus |
| Interest | 5% to 16% |
| Other fees | None |
| Account opening speed | 3 minutes |
| Target market | Immigrants, Asian Americans, international students, people with poor or no credit history |
| Minimum cashback redemption | $25 |
| Daily maximum | $10 |
| Cashback base rate | 0.25% |
| Cashback categories | 5% on phone bills, 1% on pay-later services |
| Account type | Not a real bank account, credit builder |
| Loan amount | $500, $1,000, or $2,000 |
| Loan term | 12 or 24 months |
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What You'll Learn
Cheese is no longer offering credit-building services
Cheese is a neobank that offers credit-building services to help users establish or improve their credit score. It is targeted towards immigrants, Asian Americans, and those with poor or no credit history.
Cheese offered a credit builder loan program, a bank account, and a credit card. The credit builder loan allowed users to borrow money from Cheese and pay it back with interest. These repayments were reported to the three major credit bureaus, helping to build credit. The bank account allowed users to save money and earn interest, and the credit card worked similarly, allowing users to make purchases that were reported to the credit bureaus.
However, as of February 2024, Cheese is no longer offering credit-building services. According to a notice sent to customers, the discontinuation of these services is due to unforeseen circumstances. Cheese previously offered an online debit card account, which was discontinued in December 2022.
While Cheese is no longer an option for credit-building, there are alternative services available, such as Ava and Self. These platforms also offer credit-building opportunities and may be worth considering for those looking to improve their credit score.
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The Cheese card is available on both iOS and Android
Cheese is a financial service that provides users with an easy and stress-free way to build their credit score. It is not a bank or a lender, but a credit builder that offers several loan plans. Cheese used to offer a debit card, but this has since been discontinued.
The Cheese card comes with two major benefits: no credit check and the ability to add a credit card to your credit mix, which can improve your score. The card does not have any fees besides interest, and Cheese reports to all three bureaus, helping users build credit after making their monthly payments.
Cheese is not ideal for those who need extensive credit repair, but it is a good option for those who want a simple way to build credit. It is also worth considering for those who have struggled with saving money in the past, as it allows users to make monthly payments and receive the lump sum at the end of the term.
It is important to note that Cheese is not available in all states. As of February 2024, Cheese ended its credit-building services, and there is no news about the neobank's future.
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Cheese offers cashback rewards, interest, no fees and donation services
Cheese is a financial service that helps users build their credit score through a variety of credit-building products, including a bank account, a credit card, and a credit builder loan program. It is not a bank or a lender, but a credit builder that offers several loan plans to help individuals with no credit or bad credit establish a positive credit history.
One of the key features of Cheese is its no-fee structure, with the exception of interest charges. This makes it a more affordable option for those looking to build their credit. The interest rates offered by Cheese range from 5% to 16%, and users can earn up to 3% interest on their savings. Additionally, Cheese offers cashback rewards on debit card purchases, with a base rate of 0.25% cashback and higher cashback offers from Dosh, including 5% cashback on phone bills and 1% on pay-later services.
The Cheese card also provides the benefit of no credit check, which can be advantageous for those with poor or no credit history. It is important to note that Cheese does not offer bank accounts or credit-building services as of February 2024, and there is no news about the future of these services. However, Cheese continues to offer credit-builder loans, which are designed to help individuals build their credit score by making monthly payments that are reported to the three major credit bureaus.
In summary, Cheese offers a range of features that can help individuals build their credit and improve their financial security, including cashback rewards, interest earnings, no fees, and donation services. However, it is important to weigh the benefits against the potential drawbacks, such as the discontinuation of certain services and the need for timely payments to build a positive credit history.
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Cheese is FDIC-insured and reports to all three credit bureaus
Cheese is a credit-building service that helps users establish or improve their credit score. It is not a bank or a lender but 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 offers a Credit Builder Loan, which is an instalment loan that helps build a credit record. The money from this loan goes into a locked savings account, and the user makes monthly payments. Once the loan is paid, the entire sum is released to the user. This product is completely free of fees, but users pay interest or an annual percentage rate (APR) ranging from 5% to 16%.
Cheese also offers a bank account and a card, which can help build a user's credit score. 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, which are reported to the major credit bureaus.
However, it is important to note that Cheese is not accredited by the Better Business Bureau (BBB) and has an F rating due to complaints about its now-discontinued online debit card account. As of February 2024, Cheese has discontinued its credit-building services, and there is no news about the neobank's future.
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Cheese is not available in all states
Cheese is a financial service that helps users build their credit score. It is a credit builder that offers several loan plans, allowing users to pay monthly and improve their credit. It is a good option for those who want a simple, affordable, and stress-free way to build credit. However, it is important to note that Cheese is not available in all states.
Cheese is available in 43 states, but there are nine states where it is currently not offered: Alabama, Indiana, Kentucky, Nevada, Puerto Rico, Vermont, Virgin Islands, Washington, and Wisconsin. This means that individuals in these states cannot access Cheese's credit-building services and will need to explore alternative options to improve their credit score.
The unavailability of Cheese in certain states may be due to various reasons, including regulatory or legal restrictions, market demand, or strategic decisions by the company. It is important for individuals interested in using Cheese's services to check the latest information on the states where it is available.
While Cheese provides a unique and convenient way to build credit, its discontinuation of bank accounts and credit-building services as of February 2024 may impact its availability and offerings in the future.
Overall, Cheese's unavailability in specific states may limit its accessibility for some individuals looking for credit-building options. However, it is essential to consider the features, fees, and availability of alternative credit-building services to make an informed decision.
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Frequently asked questions
Cheese is a financial service that offers a credit card and a bank account to help users build their credit score. The company also offered a credit-building loan program, which was designed to help individuals with no credit or bad credit establish a positive credit history. However, as of February 2024, Cheese is no longer offering bank accounts or credit-building services.
The Cheese credit card allows users to make purchases that are reported to the major credit bureaus. This helps users build their credit score over time. Additionally, Cheese offers a credit builder loan program, where users can borrow money from Cheese and pay it back with interest. These repayments are also reported to the major credit bureaus.
To sign up for the Cheese credit card, you need to visit the Cheese website and click the "Sign Up" button. You will then be asked to provide personal information, such as your name, address, phone number, and email address. After completing the sign-up process, you will be able to access Cheese's various services and products, including their credit-building products.
