Cheese is a fintech company that offers services through its loan partner. Before switching to credit-building loans with durations of 12 or 24 months and a location-based fixed annual percentage rate (APR), it offered bank accounts. With every timely loan payment, you are establishing a good credit history because Cheese reports to all three credit bureaus. You receive your money back at the end of the period, less the annual percentage rate.
How Cheese operates
Synapse Credit LLC, Cheese’s lending partner, offers services to Cheese, a neobank. Cheese used to provide a bank account with several benefits, such as interest, cashback rewards, no fees, and donation services. Cheese changed its strategy and began providing credit-building loans, which are low-interest loans intended to increase savings and establish a good credit history. Cheese provides loans for either 12 or 24 months. Depending on your interest rate, loan length, and loan amount, loan amounts can range from $500 to $2,000, with monthly payments ranging from roughly $23 to $177. The precise rate varies depending on where you live, but Cheese charges APR between 5% and 16%. You must link a bank account for payments, and autopay is an option. Your payments are kept in a bank account until the end of the term. Your money is returned to you after the credit-building loan is over, less the interest that Cheese was charged as a service charge. Cheese notifies the three main credit bureaus of every payment.
What are the Cheese banking account’s advantages
Cheese banking receives payments up to two days ahead of typical banks and is FDIC-insured up to $250,000 through Coastal Community Bank. It offers several advantages as well.
Giveback Fund for Cheese
Cheese has promised to give $100,000 to nonprofits and charities throughout Asia.
cashback incentives. Get up to 10% cash back at more than 10,000 stores, such as DoorDash, Chewy, Nike, and more, in addition to a flat 0.25% cash back on all purchases and up to $10 in rewards per day. Use the app to view the full list of offers.
interest in competition. When you recommend someone to Cheese and they open an account and deposit $50, you will receive a base rate of 0.0% APY on your whole balance in addition to a boosted rate of 0% APY for 30 days.
No costs
There are no monthly fees or minimum balance requirements associated with this Cheese Rewards Checking account.
Bilingual assistance
The customer service representatives at Cheese are fluent in Chinese and English, and additional languages will be added soon.
What are you supposed to watch out for
Cheese Banking does not allow cash deposits or the ability to write checks, like the majority of digital accounts. It has these possible disadvantages as well.
Android users cannot access it
Access to cheese banking is limited to iOS and iPhone users. However, by May 2021, Android users will be able to access it.
No shared accounts
Opening a Cheese Rewards checking account with a spouse or relative is not permitted. No deposits from outside. You can make and receive international wire transfers, but Cheese does not accept cheques from banks outside of the US or deposits in foreign currencies.
restricted alternatives for support. You can only contact customer service by sending an email to support@earncheese.com. Look into different rewards checking accounts to locate the best one for you if you do not have an iPhone.
Cheese’s network of ATMs and charges
At more than 33,000 MoneyPass ATMs across the country, you can use your Cheese Mastercard debit card for free. To locate the closest ATM, use the mobile app. While the operator may impose fees for out-of-network ATMs, Cheese does not.
Benefits
- All three bureaus are notified.
- Adjustable repayment terms.
- Refund money after the term.
- Absence of a hard credit check.
Cons
- Location affects APR.
- Bank accounts are no longer available.
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