The Benjamin Credit Card is tentatively scheduled to be released by Fall 2021. We have also updated our waitlist dashboard to show you more opportunities to advance your position on the waitlist.
The Benjamin Credit Card has the option of a personalized engraving. If you have accumulated 500 waitlist points, this fee is waived. The easiest way to reach that goal is to make at least three valid referrals and take the Benjamin Survey.
There is no specific minimum credit score cutoff in order to qualify. We do conduct a soft inquiry for initial prequalification, but we also examine other metrics such as cash management, and other items to determine creditworthiness. Benjamin has designed our credit approval process to specifically account for and expand eligibility to borrowers who may simply have thin credit profiles or a limited credit history. With the option to grow your credit through on-time payments, this might mean that you are approved for an initial limit, which grows based on on-time payments or increased income.
We do conduct a soft inquiry for initial prequalification, but we also examine other metrics such as cash management, and other items to determine creditworthiness. We conduct a hard credit inquiry if you choose to formally apply for the card.
Benjamin may provide tailored promotional offers for balance transfers from time to time. These promotional offers depend on a variety of factors, but they are not guaranteed as a built-in component of the card agreement. Once you formally apply for the card, you can always email the help desk, who can forward your request for a balance transfer to the appropriate credit team.
If you want to avoid paying any interest, you will need to pay off your Benjamin card in full by the end of every payment cycle. Based on your payment cycle selection, we will provide you with the due date, along with all of the necessary details to ensure that you are well equipped to minimize interest and build strong payment habits!
The Benjamin Credit Card will indeed be available to report to all three credit bureaus. Benjamin strives to help people to improve their finances and make better financial decisions, and building credit is an important component of that process.
Benjamin has specifically designed our credit approval process to help those with a thin credit profile or limited credit history. In the event that we are unable to determine initial prequalification from a soft credit inquiry, or a soft credit inquiry does not provide sufficient information, we have developed alternative measures which rely on cash management and other metrics to expand eligibility to borrowers who may simply have a limited credit history. In order to be eligible for the Benjamin Credit Card, you will still need to be a U.S. citizen or permanent resident and have an SSN due to federal regulations and GDPR requirements, regardless of credit status.
The amount initially extended depends on the individual's credit and financial characteristics. The credit line amount is tied to the amount of credit for which you are approved (for the Benjamin Credit Card), but in the event that someone has a thin credit profile, we will use alternative metrics, such as cash management, to extend credit to eligible borrowers. Benjamin provides initial credit limits on the Benjamin Credit Card of up to 25k.
You would incur a monthly interest rate cost as a borrower, if for some reason you do not payoff your balance in full before the end of your payment cycle. This is standard with all credit cards, but we charge a much lower average interest rate than the rest of the industry, which means you are not punished if you need to make ends meet in a given month.
Benjamin extends credit only to those with a reasonable ability to repay. This may take many forms, and someone might have sufficient assets on which to draw, but limited or no labor income, so there is no strict cutoff. With the option to grow your credit through on-time payments, this might mean that you are approved for an initial limit, which grows based on on-time payments or changes in income. Benjamin conducts a soft inquiry for initial prequalification, but we also examine other metrics such as cash management, and other items to determine creditworthiness. Benjamin has designed our credit approval process to specifically account for and expand eligibility to borrowers who may simply have thin credit profiles, limited credit history.