Credit Line

Summary

• Your One account provides you access to low-cost flexible credit through Credit Line. 
• Credit Line connects to your Spend pocket to cover purchases that take your balance below $0, and is automatically repaid with deposits into Spend.
• While there are no fees, if you need to carry a balance into the next month, we charge you 1% interest a month, 12% APR.
• You can enable Credit Line directly from your Spend pocket.
• Once you direct deposit your income into your One account for a little while, you may be eligible for an increased credit limit with Credit Line. 
• This increased limit comes with a separate Credit Line pocket that you can access directly with your One card. 
• The Credit Line pocket is created and added to your dashboard after accepting the terms. 
• The Credit Line pocket displays any credit you have used as a positive balance. 
• Your available credit can be used by pointing your One card at the Credit Line pocket. After pointing your card, subsequent card transactions are posted to this pocket until you switch it to another pocket.
• The Credit Line pocket is also where you will repay any credit that you use.
• In the Credit Line pocket you can see your total balance, your minimum payment due, your next due-date and the ability to repay any balance. 
• Credit Line has a monthly grace period before interest is owed, meaning you have up to the bill due date of the month in which you owe credit to repay before owing interest at 1% per month, or 12% APR. 
• On the bill due date, your payment is due and includes interest accrued during the month.
• To repay funds you can:
• Select the Pay button in the Credit Line pocket and transfer funds into Credit Line using any of your One pockets with a positive balance. 

How it works:

Credit Line through Spend

• Credit Line connects to your Spend pocket to cover purchases or transactions that take your balance below $0.
• Deposits into Spend automatically repay the Credit Line.
• While there are no fees, if you need to carry a balance into the next month, we charge you 1% interest per month, 12% APR.

Credit Line Pocket

• If you deposit your income into One you are eligible for an increased Credit Line limit and an additional Credit Line pocket that allows you to access your credit directly, like a credit card, by assigning your One card to the Credit Line pocket. 
• After assigning your card to the Credit Line pocket you can make purchases with your credit limit with your One card. 
• You can repay any used credit directly within your One app by transferring funds into the Credit Line pocket or by following the prompts with the Credit Line pocket.
• Repay within the month used or before the billing due date to avoid interest. Repayments after the billing due-date include 12% APR interest.  

FAQs

Question: What is Credit Line and how do I use it?

Answer

Credit Line is a line of credit available on your Spend pocket that you won’t have to pay interest on if repaid before the end of the calendar month. There are no fees.

Credit Line helps cover any gaps between your income and expenses, protects against fees, and ensures you’re covered when money-in and money-out don’t line up at the same time. 

If you’ve enabled your Credit Line, you'll automatically draw against your available limit when you make a transaction from your Spend pocket that drops funds below $0.00.

Any negative balance, including billed interest, will be automatically repaid with your next deposit into Spend.

If you deposit your paycheck into One you are eligible for an increased Credit Line limit and an additional Credit Line pocket that allows you to access your credit directly, like a credit card, by assigning your One card to the Credit Line pocket. 

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Question: Does it cost me anything to use Credit Line?

Answer

Credit Line kicks in as an overdraft line of credit when your Spend pocket drops below $0.00. Credit Line begins accruing interest at 1% per month, or 12% Annual Percentage Rate (“APR”)*, at the time of a Credit Line transaction. You will not be charged interest on Credit Line if you repay  it in full by the end of the same calendar month in which you initiate the transaction(s). Any negative balance, including billed interest, will be automatically paid down with the next deposit into Spend.

For Credit Line used directly through the Credit Line pocket, you won’t owe interest if your full balance is repaid before the 1st billing date of the calendar month after you use Credit Line.

If you choose to pay the minimum you will owe interest at 12% APR on the remaining balance.  

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Question: How much available Credit Line do I have?

Answer

Your available Credit Line is visible from the dashboard and in the Spend pocket. 

You may be eligible to increase your available Credit Line by direct-depositing your income into your One account. 

If you have direct-deposited your income, and have activated the Credit Line pocket, your available credit limit can be used through spending past $0.00 in your Spend pocket, directly with the Credit Line pocket, or a combination of both.  As you use credit from one pocket, the available credit will proportionally decrease in the other.

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Question: How can I increase the amount of credit I have access to with Credit Line?

Answer

You may be eligible for an increase in your credit limit after you have direct deposited your income into your One account for over a month. Eligible month income must be a qualifying direct deposit of >$500 - more details can be found here. 

Once you are eligible, you will see a message after logging into your One app allowing you to increase your limit. You will be able to access this new limit directly by assigning your One card to the separate Credit Line pocket or through your Spend pocket by spending past 0.00. This new limit is available at the same rate and terms. 

You can also check to see if you are eligible for an increase in your Spend pocket settings. Tap the 3 dots in the top right of your Spend pocket and then click the ‘Check eligibility’ button next to Credit limit increase.

We do not manually review Credit Line increase requests. Instead, our system is constantly looking at the amount and consistency of these direct deposits and other factors, such as credit history, to make updates to the available Credit Line

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Question: What is the difference between using Credit Line through Spend and using the Credit Line pocket directly?

Answer

Credit Line can only be used through Spend by spending below $0.00, whereas the Credit Line pocket works like a credit card and can be accessed directly without taking your Spend pocket below $0.00 to make purchases with your One card. Simply assign your One card to the Credit Line pocket to begin using Credit Line funds. 

Credit Line kicks in as soon as you drop below $0.00 in your Spend account. You won’t owe interest on Credit Line if the credit you use is repaid in full by the end of the calendar month from when the first transaction on Credit Line is made. When unpaid, Credit Line charges interest at 1% per month, or 12% APR*, which begins accruing at the time of a Credit Line transaction. 

Customers can also access the separate Credit Line by setting up a direct-deposit of their income. This Credit Line pocket begins accruing interest at 1%, or 12% APR, at the time of a Credit Line transaction and can be repaid directly within the Credit Line Pocket. Customers can assign their One card to the Credit Line Pocket to access Credit Line funds directly at any time. 

Customers can assign their One card to the Credit Line pocket to access funds directly (not just through Spend) at any time. Customers who have direct deposited at least one recurring income source into their One app can also transfer funds from the Credit Line pocket to their Spend pocket. 

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Question: What happened to my Borrow pocket?

Answer

The Borrow name and program has been converted into the improved and simplified Credit Line offering. 

Your available amount of credit has not changed with this change from Bridge to Credit Line. 

* Rates subject to change