Credit Scores

How does using the EarnedCard help the employee’s credit score?


The EarnedCard is a credit card, so we report credit activity to the credit bureaus. A history of on-time payments and low credit-utilization will help increase a cardholder’s credit score.




What if my employee has a low credit score, will they qualify for an EarnedCard?


Yes. EarnedCard does not pull credit reports for applicants. Since the credit available to employees is based on earned wages, credit scores are not used in our application approval process.




Does Earned do credit checks? Will this affect the employee’s credit scores?


Earned does not pull credit reports for applicants. Since the credit available to employees is based on earned wages, credit scores are not used in our application approval process.




Why is reporting credit so important?


Credit scores are used in many aspects of life: from getting phone service and being able to rent an apartment, to buying a car or house. It is important to achieve and maintain a good credit score to reduce the interest rate on loans, avoid costly security deposits, and to ensure approval of renting a house or apartment.




Does Earned report to all 3 major credit bureaus?


Yes we do. We report credit history to Equifax, Experian and TransUnion.




Does Earned provide free credit scores?


Yes, we provide a free monthly Vantage credit score to help employees see their credit score progress.





General

What does it cost to transfer funds to another account?


There is no cost to transfer funds to another account. The account that receives the funds must be able to accept ACH credits.




Can employees get their money for free without using the EarnedCard?


Yes. They can transfer funds to an account at another bank, or use their EarnedCard to withdraw cash for free at any of the 55,000 in-network ATM locations.




What happens if  an employee uses an out-of-network ATM?


There is no fee from EarnedCard, but the ATM provider may charge a fee. The amount of the fee will be stated by the ATM provider, prior to processing the ATM transaction.




What is the APR on the EarnedCard?


The APR is 0%. Remember, the EarnedCard is not like a traditional credit card - there are no annual fees, late fees, or interest fees.




Is Earned’s service a loan?


Yes and no. When you use Earned’s EWA via an ATM or bank transfer, you are assigning that amount of your paycheck to Earned. This transaction is not a loan. When you use your EarnedCard to make a purchase you agree to move money on your payday to your Earned Reserve account. This transaction is a loan, extended to you by our sponsoring bank.




Can the EarnedCard be used with Apple Pay or Android Pay?


Yes it can. Just go the Wallet app on your phone, tap the “+” sign, and follow the instructions.




What is early wage access?


Early wage access (EWA) allows employees to unlock earnings prior to payday. Earned offers a free alternative to other ways of accessing wages.




Why is Earned better than the competition?


Earned is better than the competition for several reasons. First, Earned provides its service at no cost to the employer and employee. Second, Earned is the only early wage access provider that helps employees improve their credit scores. Third, Earned offers a 1% cash back rebate on purchases made on the EarnedCard. Fourth, Earned provides an optional free Savings Account to encourage savings.





Cash back rebate

Do employees have to do anything to get their cash back rebate?


No. At the end of each statement cycle, the cash back rebate is automatically deposited into their EarnedSavings account.




Is there a limit on the cash back rebate?


Yes. The cash back rebate applies to the first $250 in purchases made each statement cycle.




Why is the cash back rebate deposited in the employees savings account?


One of our goals is to help employees obtain greater control over their financial well-being. One way to do this is to achieve $500 in savings. By depositing the cash back rebate directly into the Earned Savings account, we hope this will encourage savings





FAQs