How the Mine Card works

Let’s start with the basics. The Mine Card is a debit card, designed for young adults, that can help you build your credit profile and your credit score. To make matters even better, you’ll be able to earn cash rewards when you use your Mine Card at establishments you already know and love around campus and online. You can also use the Mine app to budget your spending, monitor your credit, and learn about finance alongside your Mine Card. But before we get too far, let’s take a step back and really explain how the Mine Card works.

Getting signed up

One of the things that makes Mine great is the fact that you can sign up for a card no matter who you are. We don’t do credit checks, we don’t have any interest rates to keep track of, and there are no hidden fees to worry about (just a simple membership fee). Signing up and getting your Mine Card is easy. You just input some personal information, link your bank account, pay your membership fee, and you’ll be ready to go. You can even use your card by adding it to your Apple Wallet before your Mine Card comes in the mail.

I’ll say it again just for good measure: Mine has no hidden fees, no interest rates, and no credit check. We make money from the interchange fees collected by our card network, Mastercard, and membership fees collected from our users. That way more money stays in your pocket - which is where it should be - especially when you're on a budget.

Helping you stay on top of things

Mine isn’t like normal credit cards that encourage overspending and debt. While we still give you a monthly, unsecured line of credit, we know that can be scary for lots of people. Because of that, we’ve designed a number of tools to help you get ahead and stay ahead - all while building credit and earning rewards. While both features are optional, we recommend using them to stay on top of things

Daily Autopay

Normal credit cards suggest that you pay your bill off every month. This makes it easy to overspend, as you can make purchases all month long and end up spending more than you can afford to pay.

Mine operates differently. We encourage everyone to pay off their card on a regular basis so that you don’t build up big balances. With Daily Autopay, Mine will pay off your purchases on a daily basis from your connected bank account so that you’re starting each day from scratch. This means smaller balances on your Mine Card, an updated bank account balance, and more control over your spending habits.

SafeFreeze

With a normal credit card, there’s nothing to keep you from overspending. Mine’s solution is SafeFreeze. With SafeFreeze on, your Mine Card will lock if you forget to make a daily payment, or if Daily Autopay fails. We’ll also lock your card if your connected bank account balance gets too low. That way, you won’t be able to keep building up a big balance that you might have trouble paying off later

Financial resources

Most credit cards and banks look to bring you on a customer and then leave it to you to figure everything out for yourself. But that’s not our approach. Mine has tons of free financial resources designed just for you, and they’re accessible on the Mine app and on our website.

We also have a number of other great features to help you stay on top of your finances. From budgeting tools to credit monitoring and financial literacy courses, you'll be well on your way to becoming a financial whiz.

While you don’t have to take advantage of all the features Mine has to offer, we’re excited to offer them. We’re here for you if you need help, because credit shouldn’t have to be scary.

Using your Mine Card

Things are pretty simple when it comes to using your Mine Card. Since we connect to your checking account, we know how much money you have in it on a daily basis - and we won’t let you to spend more than you have.

You can use your Mine Card just like you’d use your current debit card. We spot you for the purchases you make, and these purchases are paid off from your linked checking account. If you enable Daily Autopay (which is encouraged), we’ll take care of these payments for you on a daily basis. Of course, if you don’t have any completed purchases on a given day, you won’t owe anything. As is the case with a normal debit card or even cash, you only end up paying for what you spend. It’s as simple as that.

With Mine, building credit has never been easier. Since it’s easy to pay your card off on a daily basis, your credit utilization can stay low and you won’t have to worry about only using it a few times a month like you would with a normal credit card. Plus, we report your data to the credit bureaus at the end of the month and send you an email when it’s done so that you don’t have to worry about it.

The cherry on top? With Mine, you can earn some pretty awesome rewards when you use your card. You can check out offers in the Mine app and then get rewarded when you spend at any of those partners.

Behind the scenes

Normal credit cards and banks don’t make things easy for you. Which is why at Mine, we’re determined to help you out. It’s why we made it so that Mine is accessible to anyone - whether you’re a college student or a recent graduate, someone with no credit history at all, or just not a credit card person.

Mine is still a monthly, revolving, unsecured line of credit - just like what you’d get from a normal bank. But what makes Mine so great is that we’ve made it easy for you to become financially responsible without having to worry about interest rates, fees, debt, and other confusing terms. By taking advantage of Daily Autopay and SafeFreeze, you can use your Mine Card just like you would your normal debit card - only now you’ll be earning rewards and building credit.

The Mine Card is a safe and secure way to spend money and build your credit along the way. We run on the Mastercard network and work with other banking and lending partners to enable our product and make sure that things move efficiently and securely. We don’t want to bore you with too many details, but we’ve done our homework. We’re excited to help an entire generation take back control of their finances. Don’t be afraid to click the link below to get your very own Mine Card!

*This communication is for informational purposes only and should not be considered financial advice.*