Sesame Cash Review
It’s true that most people want to improve their credit scores and make wise credit decisions.
But improving your credit score can be a catch 22. Having a low credit score can result in additional costs like higher insurance bills and deposits for utilities.
Furthermore, it can also limit access to loans and even job opportunities.
Fortunately, the development of digital-only credit reporting platforms such as Sesame Cash has helped many people make wise credit decisions based on their credit reports and consequently improve their credit scores.
That’s the reason for this thorough review of Sesame Cash. I have thoroughly examined the key features and analyzed real user reviews, including the unfavorable ones, to assist you in making a well-informed decision before joining the platform.
So let’s dive right in!
Full Disclosure: While we aim to show you the good and the bad in every review so you can make the best choice, there may be links contained in this page that are affiliate links (and while not costing you anything) do earn us a commission if you click on them and decide to use the service. In many cases, we also get the opportunity to provide you with discounts and offers as part of using the link. Cheers, and Thank You!
Quick Takes
Sesame Cash (Credit Sesame) has a 1.9/5-star rating on Trustpilot from over 2,000 user reviews which is “Poor”. That said, 63% of the reviewers gave the platform a solid 5-star rating indicating how helpful the platform is with regard to improving their credit score. They also indicated that the platform has good interest rates and allows them to borrow money for paying off credit cards.
| ? Established | 2010 |
| ???? Number of clients | 15 million active accounts |
| ? Currencies Supported | USD |
| ? APY | The platform does not offer any APYs |
| ? Physical offices | N/A – Fully online |
| ?? Availability | The cloud/web, iOS, and Android |
| ? Security | Enterprise-grade security |
| ⭐️ Reviews | 1.9/5 on Trustpilot from over 2,000 reviews 4.8/5 on the App store from over 348,000 reviews 4.7/5 on Google Play Store from over 120,000 reviews |
| ? Official website | Visit Sesame Cash |
1. What can you do with Sesame Cash?
Building your credit is not the only purpose of your Sesame Cash account. There is a whole list of features for you to avail of to maximize the effectiveness of your account.
- An Early paycheck – Get your paycheck up to 2 days earlier without any extra fee.
- Daily credit score update – Meeting the 30-day minimum deposit requirement enables you to get free daily credit score updates.
- Rewards for credit score improvements – You can earn $10 for a 10+ points increase in the credit score or $100 for 100+ points credit score increase in 30 days.
- No minimum balance – Sesame Cash account has no minimum balance or deposit requirement.
- Protection against identity theft – Credit reports enable you to monitor the activity of your account for fraudulent transactions. Having a Sesame Cash premium account enables your credit report to be monitored by three bureaus and receive a credit report from three bureaus.
- Earn rewards by shopping at select stores – Cashback offers from different merchants and brands e.g. Uber & Uber Eats, Burger King, Macy’s, etc.
2. Is Sesame Cash Right for You? (And When It’s Not)
Here are the important points that you should be aware of to decide if this digital account is right for you or not.
When Sesame Cash IS right for you
- If you want an accurate credit score report for free from a trustworthy bureau (TransUnion).
- You’re looking for a free credit check platform.
- You don’t want to pay any monthly or international money transfer fees.
- You want to get your paycheck two days earlier.
- If you want to take a loan (Sesame Cash has 3 loan categories – personal, student, and automotive).
When Sesame Cash IS NOT right for you
- If you want overdraft protection.
- If you’re looking for a savings account.
- If you are looking for a credit reporting platform with physical offices for in-person visits.
2.1 Sesame Cash Best Alternative
| Platform | User’s needs | Why we think it’s better |
| Credit Karma | A savings account in a credit reporting platform | Credit Karma is another credit checking platform just like Sesame Cash. In fact, it also uses VantageScore 3.0 for checking credit scores. Credit Karma additionally uses TransUnion and Equifax as its main credit reporting bureaus. Despite the many similarities, we think that Credit Karma has an upper hand when it comes to the type of accounts you can have. The platform allows you to have a spending and savings account, unlike Sesame Cash’s spending account only. In addition, Credit Karma offers more financial services, e.g. tax prep, unclaimed money finder, etc. However like Sesame Cash, Credit Kama scores rather poorly on Trustpilot at 1.7/5. We will keep look for a better alternative, but it appears this may be a tough business model. |
3. How Much Does it Cost to Use Sesame Cash?
Sesame Cash has no monthly or yearly service fees. The in-network 55,000 ATMs also have no withdrawal charges. In addition, the platform does not charge you a dime for international transactions.
Here’s the deal:
There are no hidden fees for you to worry about. No minimum account opening fees and maintaining balance are required. However, there are some fees that you’ll definitely need to know about when signing up for an account. Check them out:
3.1 What are the Fees?
While researching for this review we found Sesame Cash to be very transparent about its fees and guarantees on its website. Check out their fees:
| Service | Costs including Fixed Fees |
|---|---|
| Advanced Credit | $9.95/month |
| Pro Credit | $15.95/month |
| Platinum Protection | $19.95/month |
| Account closure with a refund | $2.00 |
| ATM withdrawal (International) | $2.50 |
| Out-of-network ATM | $2.50 |
| Foreign transactions | $0.00 |
4. How to Sign Up and Tips to Use Sesame Cash
Signing up for Sesame Cash would automatically make you join Credit Sesame. Both of these services are free, and if you are not signing up for a paid plan, you won’t have to provide your credit card number either. However, you have to be a US citizen and at least 18 years old to signup for Sesame Cash.
The rest of the steps are pretty standard:
- Click Get Started on the website or the mobile app.
- Provide email, password, name, address, date of birth, and social security number.
- Verify your identity.
- Transfer funds to your new account to get your Sesame Cash debit card.
- Your new debit card arrives after 7-10 business of making a deposit to your account.
Sadly, you can only link to one other bank account while using the mobile app. If you want to link more than one account, you’ll have to use the website. To do this, click on “Move Money” on the website and select “Transfer from other banks.”
Unlike some other similar platforms, you can have complete control of your account, money, and cards from the website of Credit Sesame.
To receive early pay, go to settings and click on the direct deposits section. Copy the given account number (your Sesame Cash routing number) and provide it to your employer’s salary department.
5. What do Sesame Cash Customers Say (including Negative Reviews)?
Credit Sesame provides other services along with Sesame Cash. Our analysis found that almost all of the services have excellent ratings. Their app store rating is 4.8 stars with 348,000+ reviews. Google Play store rating is 4.7 stars (120,000+ reviews). They have 4.4 stars out of 5 on the Consumer Affairs website. Trust Pilot rating is 1.9/5 stars with 63% of the reviews being excellent.
The Good
Sesame Cash customers like
- Credit monitoring and monthly credit analysis
- Free credit score report
- Data organization and presentation
Here’s what a satisfied customer called David said:
“Credit sesame is a decent option for getting a good idea of your Transunion credit health. This service offers a vantage score 3 not used by nearly as many lenders as a FICO score but have had more than a hundred scoring models so it’s hard to know which one a lender. Will use anyway.”
The Bad
Most complaints were about:
- Users being turned down for cards
- Intrusive marketing
Here’s what a frustrated customer called Nicole said:
“A little irritated due to the fact I transferred money onto a card and their system couldn’t verify me so it has been frozen and customer service doesn’t exist. I have tried several times. I guess they don’t want my business at this point. Just give me my money back.”
6. Is Sesame Cash Safe?
As far as we can tell, Sesame Cash is safe. Here’s why:
Credit Sesame has partnered with Community Federal Savings Bank (CFSB) to issue debit cards. CFSB is insured by Federal Deposit Insurance Corporation (FDIC). So just like with a traditional bank, Sesame cash also offers you FDIC insurance of up to $250,000.
In addition, Sesame Cash revolves around your credit score monitoring and reporting. This helps your account from credit thieves and credit reporting mistakes. You also get identity theft insurance coverage of $1 million without any extra fee.
Moreover, the app and website also have enterprise-grade security features.
7. Wrap-Up on Sesame Cash Review
On the surface, Sesame Cash looks just like any other digital-only financial technology (fintech) service. But upon closer look, it does become clear that it offers unique features and clearly satisfies the needs of its customers. It does not offer a savings account, though.
To be sure, the Credit Builder service shows that Sesame Cash can be perfect for those who want to improve their credit score (they also get rewarded for it). Plus, you can also get paid up to 2 days earlier with Sesame Cash.
Does Sesame Cash Charge Monthly Fees?
Sesame Cash charges a fee of $15.99 per month for premium membership. This membership also provides additional credit support, identity theft insurance, credit report monitoring and alerts from three bureaus, and a three-bureau credit report. However, the platform also offers a free account that is monitored by a single credit bureau (TransUnion). It is completely free – you will not require a credit card.
What is the Minimum Deposit on Sesame Cash for Opening an Account?
Unlike other platforms that require a minimum deposit for opening an account, Sesame cash does not have a minimum account. You can open your Sesame Cash account using any amount. You’ll also be able to receive your Sesame Cash debit card in your mail after 7 – 10 business days after you’ve funded your account. Beyond having a debit card, Sesame Cash provides you with a virtual card that is usable for online purchases.
Sesame Cash Review → 6 Must Knows (Before Signing Up)
Sesame Cash (Credit Sesame) has a 1.9/5-star rating on Trustpilot from over 2,000 reviews. In this Sesame Cash review article, we've covered the most important things that you need to know before signing up.
Application Category: Finance Application
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