Credit Sesame Review
Credit Sesame was established in the aftermath of the 2008-2009 financial crisis. Its founder, Adrian Nazari, wanted to create a way for consumers to access free credit reports. After lengthy negotiations, Nazari finalized a contract with a major credit bureau to do just that. Thanks to his efforts, consumers no longer need to pay a $10 fee to review personal credit reports.
Since then, Credit Sesame has diversified its lineup of consumer credit and advice services. The company now has a Sesame Cash debit account. This review examines its features along with its pros and cons.
Pros and Cons of Credit Sesame
- No monthly service fees or minimum balance requirements
- Free daily credit score monitoring
- Chance to earn $100 by improving your credit score
- Free withdrawals at 55,000 ATMs nationwide
- Get paychecks up to 2 days early with the early payday feature
- Accounts don’t earn interest
- Relatively low $20,000 max balance limit
What Does Credit Sesame Offer?
The Sesame Cash account is branded as “the no-fee debit account that pays you for improving your credit.” Its core features include:
- A mobile app that includes built-in credit tracking features
- Automatic identity theft protection of up to $1 million
- Cashback rewards for making everyday purchases
- Up to $100 in cash rewards for improving your credit score
- A feature that makes paychecks accessible up to 2 days early
Customers qualify for cash rewards if they improve their credit score by 10 points or more within a 30-day period. By improving their credit scores, customers stand to benefit in the future. For instance, an improved credit score may help customers qualify for more favorable home loans from lenders and discounts from insurance companies. Sesame Cash also maintains partnerships with major retailers, offering cashback on everyday purchases. Offers change daily, and customers can get info on current deals through the Sesame Cash mobile app.
As mentioned above, Sesame Cash accounts don’t earn interest. However, you can check your daily credit score for free by making a minimum deposit of $25 every 30 days. Sesame Cash also maintains an extensive network of more than 55,000 ATMs. So, customers can easily make no-fee withdrawals.
The account supports direct deposits and online money transfers, but Sesame Cash isn’t compatible with mobile check deposits. But customers can overcome this limitation by using the Ingo Money app to submit their funds.
There are also a few transaction limits to be aware of:
What To Expect on the Site
New Sesame Cash customers can sign up online or through the Credit Sesame app. The process only takes a few minutes. To start, create a new Credit Sesame account by providing an email address and creating a password.
From there, submit the standard documentation needed to open a bank account:
- A copy of your government-issued photo ID
- Personal info including your date of birth and social security number
- Your residential or business address
Notably, you don’t need to make an initial deposit to open an account. Sesame Cash also doesn’t require customers to maintain a minimum monthly balance.
The Sesame Cash account doesn’t have upfront charges. Customers don’t pay any monthly service fees or overdraft charges. Account holders also enjoy free withdrawals from in-network ATMs. That said, there are a few situations where minor fees apply:
- $2.50 for using an out-of-network ATM
- $2.50 for using an international ATM
- $2 for a check refund after closing an account
We should also note that out-of-network and international ATMs also may have other fees charged by the ATM’s owner.
What People Are Saying About Credit Sesame
Credit Sesame has a great Trustpilot score as of August 2021. The company has a score of 4.1 out of 5 stars based on customer reviews from more than 2,000 users:
- 64% of reviewers give Credit Sesame 5 out of 5 stars
- 83% of reviewers give Credit Sesame at least 4 out of 5 stars
- 90% of reviewers give Credit Sesame a positive score
Credit Sesame is also accredited by the Better Business Bureau, and the company has an A+ BBB rating. Additionally, customers on the BBB website give Credit Sesame 3.78 out of 5 stars as of August 2021.
The Bottom Line
The Sesame Cash account has a great deal to offer those who want to save money or improve their financial profile. Not only does its combination of no fees and unique rewards make it stand out, but so does its emphasis on boosting and rebuilding credit scores. As a result, Credit Sesame is a worthy choice to consider as you compare top online banking providers.