legal & faq

the agreements

Your cred.ai deposit account is issued and held by Wilmington Savings Fund Society (WSFS Bank), and as a result your deposits are FDIC insured up to $250,000. This agreement governs the basic terms of that deposit account.

You can read the agreement by clicking here.

In this agreement you give permission for cred.ai technology to interact with your deposit account and perform the magic cred.ai services. This agreement makes your cred.ai experience possible.

You can read the terms of the agreement by clicking here.

This agreement governs the terms of your unicorn credit card, so it has all the fees, interest, and rules that any credit card has. This agreement covers those terms. As you read that agreement, remember that cred.ai is designed to automatically manage those rules on your behalf in the background, and with the cred.ai guaranty you will never pay fees or interest!

You can read the terms of the agreement by clicking here.

This agreement is what allows cred.ai technology to interact with your unicorn card and supercharge it with cred.ai goodness. This agreement makes the cred.ai guaranty possible, so you never need to worry about fees, interest, or overspending!

You can read the terms of the agreement by clicking here.

This agreement is required by law to allow cred.ai to automate the transfers of funds and payments that make the cred.ai guaranty possible. It also makes features like automatic deposits possible, if you elect to use that feature.

You can read the terms of the agreement by clicking here.

You’ve seen agreements like this many times before! It allows you to give consent to agreements and terms electronically, and to receive information and important alerts electronically. Your consent is required to be a cred.ai user, but we don’t think you wanted to get letters in the mail anyway.

You can read the terms of the agreement by clicking here.

Same idea as the cred.ai e-sign agreement above, but specifically in regards to your unicorn credit card account.

You can read the terms of the agreement by clicking here.

This agreement governs the terms of your use of any apps or websites provided by cred.ai.

You can read the terms of the agreement by clicking here.

Your privacy is very important to us. Given the importance and significance of the services we provide, we at times need to use your information. This is one of the documents that describe when and how we might share your information, and your rights in that regard.

You can read the document by clicking here.

Your privacy is very important to us. Given the importance and significance of the services we provide, we at times need to use your information. This is one of the documents that describe when and how we might share your information, and your rights in that regard.

You can read the document in full by clicking here.

the companies

Wilmington Savings Fund Society, FSB (“WSFS” or the “Bank”) is the issuer of the Unicorn Card credit card (the “Credit Card”) and provides the cred.ai deposit account (the “Deposit Account”).

cred.ai acts as agent and servicer for the Bank and as a provider of certain technology services to you (the “Services”). To provide the Services, cred.ai provides a mobile app (the “App”) and a website at www.cred.ai (the “Website” and, together with the App, the “Platform”), and it uses texts, emails and data interfaces with the Bank and Plaid Technologies, Inc. (“Plaid”).

Plaid is a data company that is unaffiliated with cred.ai and the Bank. cred.ai has an arrangement with Plaid to obtain bank account balance and transaction information when authorized by the depositor.

the agreement defined services & cred.ai guaranty

To fully utilize the Services, you must have or get the Deposit Account and the Credit Card, and you must authorize cred.ai to link to the Deposit Account one or more bank accounts (the “Linked Deposit Account(s)”) and a debit card (the “Linked Debit Card”) that cred.ai can confirm are under your ownership and control. You may obtain and use the Credit Card Account without obtaining or using the Deposit Account and you may obtain and use the Deposit Account without obtaining or using the Credit Card Account. If you obtain the Credit Card Account without obtaining a Deposit Account, the Credit Card Account will function strictly according to the terms of the Cardholder Agreement.

There are five separate Services. (1) mandatory Balance and Transaction Information Services;
(2) mandatory Safe Spending Services; (3) elective Automatic Payment Services; (4) elective Convenience Transfer Services also known as “Auto Reload”; and (5) elective Merchant Approval and Disapproval Services also known as “Friend and Foe”. Each of these Services is described below, immediately after the following question.

cred.ai stands behind the Services and its technology. Accordingly, if you keep Automatic Payment Services in force and do not engage in any conduct we reasonably suspect may be fraudulent or an attempt to “game” the Services and/or the Credi.ai Guaranty, cred.ai provides you with the cred.ai Guaranty. Under the Credi.ai Guaranty:

    1. cred.ai will pay all interest charges and fees you are charged on the Credit Card.
    2. If you are unable to repay your Credit Card balance, whether from funds in the Deposit Account or other resources, upon your request cred.ai will pay the Bank from its own funds the amount you are unable to pay.

In real time, cred.ai will determine and provide to you on the Platform information about credit card and Deposit Account balances and completed and pending transactions on the credit card. It will also provide you information received from Plaid from time to time about your Linked Deposit Account transactions and balances (“Linked Information”).

Based on a proprietary process, outstanding balances on the Unicorn Card credit card, the Deposit Account and the Linked Deposit Account(s) and additional factors, cred.ai will determine and provide on the Platform the dollar amount of new credit card transactions it believes you can safely afford at any given time (the “Safe Spend Amount”). cred.ai will prevent authorization of credit card transactions that would exceed the Safe Spend Amount.

The Bank will set aside Deposit Account funds in the amount of each authorized credit card transaction (“Frozen Funds”). Subject to applicable law, you may not withdraw Frozen Funds, pledge Frozen Funds or use Frozen Funds for any purpose other than repayment of credit card balances. Remaining funds in the Deposit Account (“Unfrozen Funds”) will be available for all other purposes.

cred.ai will limit the dollar amount of new checks and other withdrawals from the Deposit Account, and new credit card Cash Advances, to the amount of Unfrozen Funds in the Deposit Account.

Unless and until you opt out of receiving Automatic Payment Services, cred.ai will initiate transfers of funds from the Deposit Account to the credit card account (1) sufficient for you to avoid all interest charges and late fees on your credit card and (2) designed to help optimize your credit score. If you opt out of Automatic Payment Services, the cred.ai Guaranty will no longer apply.

If you wish, you may adjust the settings on the Platform to provide for an automatic transfer of funds from the Linked Deposit Account(s) to the Deposit Account (a “Convenience Transfer”) whenever the Safe Spend Amount drops below a level you select and the transfer would increase your Safe Spend Amount.

You may designate on the Platform one or more “Approved Merchants” or “Disapproved Merchants.” cred.ai will attempt to override any erroneous or unnecessary denial of a Unicorn Card credit card

Purchase at an Approved Merchant and to block any credit card Purchase with a Disapproved Merchant.

Not yet!  We plan to release that feature in the near future. Stay tuned…

Are you kidding? They are free!

enrollment and elections

To apply for early access, click here.

To apply for early access, click here.

To apply for early access, click here.

No. We must be able to confirm your identity, and your financial profile must also be able to satisfy regulatory requirements defined by the Card Act of 2009 and other underwriting criteria. Your application may require manual review, in which case we may reach out to you for more information. If your application is denied, we will inform you in writing as to why the decision was made. If you are unsatisfied with the results of your application, you may reach out to our customer service team for more information.

Click {LINK} for information on rates, fees and charges. Remember, though, you pay nothing if you obtain and keep in place the Automatic Payment Services. We guarantee it!

The Deposit Account does not earn interest. The Annual Percentage Yield (“APY”) on the Deposit Account is 0.00%.

further information

These FAQs provide summary information only. For further information, you should review the agreements linked at the top of this page.

You can call the number on the back of your Unicorn Card, or email support@cred.ai

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