Credit Sesame Launches Digital Banking Account ‘Sesame Cash’

Credit Sesame has launched a digital bank account called ‘Sesame Cash‘, the account offers a Sesame Cash debit card that runs on the Mastercard network. The account has no minimum balance requirement, no overdraft fees and no monthly service fees. Competitor Credit Karma recently launched a savings account as well.

Credit Improvement Cash Rewards

They are also offering some called ‘Credit Improvement Cash Rewards’ where account holders can earn up to $100 per month when they improve their credit score. To be eligible customers need:

• Have an open and active Sesame Cash account;
• Have a minimum FICO® credit score of 300 at the end of each 30-day reward cycle; and
•  Make a deposit into their Sesame Cash account of at least $25 during each 30-day reward cycle, OR make a one-time deposit of $100 or more into their Sesame Cash account. Eligibility based on a $100 one-time deposit only applies to the 30-day reward cycle in which the deposit is made and future reward cycles

The amount you receive is:

• Customers whose credit scores increase by at least 10 points and up to 99 points from the beginning to the end of the 30 day rewards cycle receive a $5 cash reward.
• Customers whose credit scores increase by at least 100 points or more  from the beginning to the end of the 30 day rewards cycle receive a $100 cash reward.

It’s going to be extremely difficult if not impossible for most people to get a score improvement of 100+. I guess if you’re able to get a massive negative item removed from your credit report you might stand a chance.

Our Verdict

The main selling point seems to be the no fees and the credit score improvement program. To be honest no fees is just standard when it comes to digital banking and the credit score improvement program doesn’t look very profitable (and also ends July 1st 2020 currently). I personally don’t see much point in signing up for this account currently.