Credit Builder Secured Credit Card Common Questions

Almost everyone can benefit from an improved credit score, and our Credit Builder Secured Credit Card helps you improve your credit by doing what you already do every day – use a card to make purchases. What can better credit do for you?

• Lower rates for auto loans
• Better approval chances for apartment rentals
• Lower mortgage rates
• Better insurance rates
• Much, much more

Basically, the same way any credit card does. We report on-time payments to the 3 major credit bureaus. One way we are different though is that we DON’T report credit utilization. A high credit utilization can negatively affect your credit, but you don’t have to worry about that.

Please note we report ALL payments including late payments, to the 3 major credit bureaus, so you want to make sure you consistently make on-time payments. Luckily, we provide an optional “autopay” feature that ensures that you never make a late payment.

It’s simple. The Secured Credit Card has 3 parts:

1. A Spending Account which is just like a checking account. You can add or withdraw money from it whenever you want. You can also transfer money to your Secured Account in real-time as well as use the funds in your Spending Account to pay off your monthly bill.
2. A Secured Account is basically an account that holds your “deposit” to secure your monthly purchases. Your Available Balance is equal to the balance in your Secured Account less any purchases that you have made in a month.
3. Your Secured Credit Card which you use to make purchases. You can make purchases all the way up to your Available Balance during the month.

Let’s look at an example. You deposit $500 into your Secured Account from your Spending Account Now, you have an Available Balance of $500. You make a $100 purchase. Your Secured Account balance stays at $500, but your Available Balance decreases to $400 because a hold is placed on $100 to cover your purchase. At the end of the month, you owe $100, so you pay that amount out of your Spending Account. Your Secured Account balance never changed and now your Available Balance is back to $500.

With autopay enabled it works a little differently which we explain in the next question.

Autopay is an optional feature that you can enable which ensures on-time payments. With autopay enabled, each month, the day after you receive your statement, we’ll pay off your entire balance with funds from your Secured Account.

You just need to remember to add money to your Secured Account to increase your Available Balance.

Let’s look at an example. You deposit $500 into your Secured Account from your Spending Account. Now, you have an Available Balance of $500. You make a $100 purchase. Your Secured Account balance stays at $500, but your Available Balance decreases to $400 because a hold is placed on $100 to cover your purchase. You have enabled “autopay” so at the end of the month, you owe $100, but we take $100 from your Secured Account balance to pay your bill. Now your Secured Account balance is $400, and your Available Balance is now $400. To increase your Available Balance you need to add more money to your Secured Account.

Two main ways really. First, you must pay your entire balance (what you owe) every month. You can’t roll over balances from month to month. Second, you are securing your purchases with money you put into your Secured Account.

We report to the 3 major credit bureaus:

• Experian
• Transunion
• Equifax

In most cases, you are approved immediately! Even better, we give you a virtual card to use right away while you wait for your physical card in the mail. Your security is our number one priority, so in some cases we may reach out to you to confirm some information in your appli

MOCA is a financial technology company based right outside of Austin, Texas. MOCA is not a bank. Banking services are provided by Peoples State Banks, Shepherd, Texas, member FDIC, and your funds are insured up to $250,000.

cation. If you get a call or email from us shortly after you apply, please respond!

Our controls on our Secured Credit Card are extensive. In addition to real-time transaction alerts and an immediate “card off” option, you also get:

• Daily, weekly, or monthly spending limits for all purchases or limited by merchant category
• Day and time card curfews limiting the hours of the day or days of the week that the card can be used
• Transaction maximums for all transactions or limited by merchant category
• Block any particular merchant category where you don’t want the card used
• Geofence the card by zip code so you can decide in what areas the card can be used
• Enable international transactions globally or by country
• Block P2P payments, block a reload from an ATM or Visa® Readlylink, and block ATM withdrawals if you want

MOCA will never charge you a fee to apply for or use the Secured Credit Card, but third parties may. For instance, the owner of an ATM may charge a fee for using the ATM, or there may be fees for card-to-card transfers, or for adding money at a Visa® Readylink location, but all fees will be clearly and conspicuously disclosed so you can decide if you want to pay them or not.

Secured Credit Card cardholders never pay fees for:

• Overdrafts
• Cash back
• Applying
• Annual fees
• Purchases

Of course. We don’t check your credit when you apply for our Secured Credit Card, so your credit score isn’t really a factor.

Every time you use your Secured Credit Card to make a purchase, you earn cash-back rewards. If you do 10 purchases in a month, we will double your rewards. You can redeem your rewards for cash at any time in our web or mobile app.

Absolutely. You can load the card details into Apple Pay or Google Wallet and make mobile payments. The card is also chip enabled and contactless, so you can tap and pay. You can also self-issue virtual cards for free.

Qualifying for a Secured Credit Card is easy. You must be over 18, have a government issued ID, a valid social security number, a valid email address, and a physical address (No P.O. Boxes). That’s it!

Absolutely! Banking services are provided by Peoples State Banks, Shepherd, Texas, member FDIC, and your funds are insured up to $250,000.

You can definitely use your Secured Credit Card to withdraw money at an ATM, but when you do, you must treat it as a debit card. Specifically, when you choose which account from which to withdraw funds, always choose “Checking.” Selecting “Credit” equates to a cash advance which is not permitted with our Secured Credit Card and will result in a decline. Also, you must have set up PIN to withdraw cash at an ATM.

You can’t get cash back at a point-of-sale device. Since the Secured Credit Card is a credit card, you will not have the option to enter a PIN at a point-of-sale device, so the Secured Credit Card does not support getting cash back during a purchase.

None, unless you count your government issued ID. We don’t require you to submit any documentation.

Yes, but not to the card itself. Instead, use your Spending Account routing and account numbers to set up a direct deposit. You can access those numbers by going to “Details” > “Account Info”. Once your direct deposit is set up you can transfer funds from your Spending Account to your Secured Account or use that money to pay your balance, all in real time.

You can get real-time transaction alerts via email or text any time a transaction is made with your Secured Credit Card. If you see something you don’t like, you can immediately turn the card “off” in our web or mobile app.

Turn the card off in your app and contact MOCA. The MOCA email address is support@mocapay.com and our support phone number is (888) 504-0546.

We can be reached by email or telephone. Our email address is support@mocapay.com and our support phone number is (888) 504-0546.