This will be an interesting experiment; personally I don't see the benefit versus simply getting a secured credit card.
Please keep us posted on your experience.
@Anonymous wrote:Cred.ai works way better than secured cards, why?
You can put amounts you want on the card with the limitation fund to add but, it works. it even help builit credit score, which it helped me at least, 20 points in 55 days.
I've been using this card for while and it's really cool card and it has great features. What I like about it that it gives you two cards, one real physical visa number and 2nd sleath visa number ready to use (ideal for online shopping) to prevent fraud. and once the card is used, it'll generate a new one. amazing.
what i love about this card, the card itself is metal, crazy right? also i like they connect to your bank account in real time to do bank transfers. also if you have direct deposit like job or govt benefits, it allows predict paychecks and you can access to that funding, I assume credi.ai gives you their money and when the check comes in, they keep it. it's nice to have if you need money, fast.
I can see cred.ai could be the next generation or possible new technology how you can improve your credit in a better way. this will help people who have bad credit that needs to improve in a simple way, this is the way to go.
Sorry, none of those things sound like reasons for the card; further more, I would argue other financial institutions seeing a high limit secured card will be way more likely to grant you credit than using a Credit.AI card.
While I've never come up against anything like this myself, from reading these boards over the past year I've found that it's not unheard of. Keeping in mind that I know nothing about the bank you're dealing with, since you're the one who initiated this process, it sounds legitimate to me. Cumbersome and annoying, but legitimate!
FWIW, I don't think *I* would follow through on an app like that. I just feel like it's asking too much. I'm fully aware of how much fraud happens these days and how important security is, but I just draw the line when I think something is too intrusive or asking for more than I'm comfortable providing.
If you're interested in a card with them, it doesn't sound unreasonable to me. Back-in-the-day, applying for a credit card often meant walking into a local bank and filling out a paper application. As a part of that process, they probably asked for a form of identification or they already knew me personally as an account holder. Today, with so many online applications, verifying identity can be more difficult but especially if there are differences in the data they access for processing versus what you may have provided. In my case, I'm glad some lenders are doing this to help circumvent fraud and identity theft since it's so pervasive. IMO, it's a minor inconvenience to pay for some added security. Still, it's sad that lenders have to be so skeptical these days.
The USA Patriot Act of 2001 added additional requirement for financial institutions to verify customer identity after investigations from the 9/11 terrorist attacks found that US Banking accounts had been used by Al-Qaeda to channel funds to embedded terror cells within the US. So another reason lenders have become more cautious is their responsibilities under federal law.
When I applied for the AOD FCU Visa, I had to provide the popular "selfie" document, but I understood that I was applying for a credit card with a small credit union hundreds of miles away that didn't know me from Adam. I did find it odd that when I applied for new card after new card with Chase in 2018 to 2020, they often held up most of my applications for processing to verify my identity even though I had been a customer for 20 years and they already had all my documentation! Once I spoke with the fraud prevention department each time, they released the application. (At least Chase never asked for the selfie, but I've heard of some lenders asking an applicant to come into a physical branch to verify identity.)
