About Company
Kikoff is a personal finance platform that offers credit-building products to help individuals establish or improve their credit history. One of their key offerings is the Kikoff Credit Builder, which is a credit builder line of credit designed to assist those who may be credit invisible or have a limited credit history. Through this product, users can build credit by making monthly payments, and Kikoff reports their payment history to the three major credit bureaus.
Key Features
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Credit Building through a Kikoff Line of Credit. Kikoff provides users with a unique opportunity to build credit through a line of credit. This revolving credit line allows individuals to make purchases on Kikoff's online store and, by consistently making on-time payments, contribute positively to their credit history.
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Secured Credit Cards. In addition to the credit builder products, Kikoff offers secured credit cards. Secured cards are a valuable tool for individuals with no credit or low credit scores, allowing them to use a secured deposit to establish or rebuild their credit.
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Inclusive for No Credit or Low Credit Individuals. Kikoff caters to individuals who may have no credit history or low credit scores. This inclusivity makes it a viable option for those looking to enter the world of credit or improve their creditworthiness.
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Geographical Availability. While Kikoff is accessible to many users, it's essential to note that the service is not available in Delaware or Indiana. Prospective users outside of these states should explore alternative options for credit-building products.
Pros and Cons
Pros
Cons
Reliability
On Trustpilot, Kikoff has received an excellent 4.1 out of 5 stars based on approximately 880 reviews. Trustpilot is a platform where users can provide feedback on their experiences with companies. A high rating on Trustpilot indicates positive customer experiences and satisfaction with Kikoff's services.
Products
Kikoff Credit Account
The Kikoff Credit Account offers an instant approval process, allowing you to start using it on the same day without the need for a credit check. Importantly, Kikoff ensures there is no hard pull on your account, eliminating the potential negative impact on your credit score.
Upon approval, you are granted a $750 line of credit specifically for Kikoff purchases. This credit line does not have an expiration date, providing flexibility for you to build your credit at your own pace.
Within the Kikoff store, you can choose from a variety of items, starting at just $10, and make your purchase using the Kikoff Credit Account. Each on-time payment you make contributes to building your credit history, and the platform simplifies the process with reminders to ensure timely payments.
The first payment is due approximately three weeks after your initial purchase, followed by subsequent payments on the same day each month. This regularity simplifies the payment schedule and helps users plan their finances accordingly.
Monitoring your remaining balance and credit score is made easy through your Kikoff account, providing transparency and empowering you to track your financial progress.
Designed for extremely low utilization rates, the Kikoff Credit Account boasts items in the store starting at only $10. This affordability allows for responsible credit utilization, potentially resulting in a low rate of only 2%, enhancing the overall financial management experience.
It's noteworthy that the Kikoff Credit Account comes with no fees and no APR, offering a straightforward and transparent credit-building option for individuals looking to establish or improve their credit history.
Kikoff Secured Credit Card
The Kikoff Secured Credit Card, offered by Kikoff Inc., a financial technology company (Fin-Tech), provides a unique financial solution without the need for a credit check. It's important to note that Kikoff Inc. is not a bank, but the Kikoff Secured Credit Card is provided by Coastal Community Bank, Member FDIC.
Functioning like a combination of a traditional credit card, debit card, and checking account, the Kikoff Secured Credit Card offers a range of features to enhance financial management. Users can earn cash back immediately on various expenses, including groceries, shopping, or dining.
One notable feature is fee-free overdraft protection, allowing users to overdraw up to $20 per month without incurring other fees. The overdraft credit limit increases with qualifying direct deposits, providing flexibility and convenience in managing finances, with the potential to reach up to $200 per month over time.
Additionally, the card enables users to access their pay early by setting up direct deposit, allowing for the use of earned income up to two days before the regular payday. This feature aims to provide users with quicker access to their funds.
Building credit is a key focus of the Kikoff Secured Credit Card. Users can establish a credit history with the three major credit bureaus by making a minimum deposit of $50. This initiative contributes to overall credit building and financial progress.
The card also offers the convenience of fee-free cash withdrawals at any of the 55,000 Allpoint ATMs worldwide, providing accessibility for users wherever they may be.
Importantly, the Kikoff Secured Credit Card stands out with its customer-friendly terms, including no annual fee, 0% interest, and no hard credit check requirements. This makes it an attractive option for individuals looking to build or rebuild their credit without the typical constraints associated with traditional credit cards.
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Other Services Kikoff Offers
Kikoff offers a variety of services beyond the Kikoff Credit Account and Secured Credit Card. One notable offering is the Credit Builder Loan. This is a 1-year credit-building plan that not only contributes to building your credit history but also incorporates a savings component. Throughout the year, $10 per month is allocated to savings. At the end of the 12-month period, users not only have a solid payment history but also receive their accumulated savings back, totaling $120. This dual-purpose approach aims to enhance both creditworthiness and financial savings for individuals utilizing Kikoff's services.
Conditions and Requirements
Conditions
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Bank Fees Disclaimer. Kikoff services may lead to bank fees when customer accounts are debited. These fees can include nonsufficient fund fees, overdraft fees, or other charges imposed by banks. Additionally, credit cards may incur interest charges. It's important to note that Kikoff is not responsible for any bank fees incurred by users.
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Credit Card Fees. Kikoff's Secured Credit Card stands out with its fee structure, which includes no administrative, annual, or late fees. Furthermore, there is no APR (Annual Percentage Rate) or annual finance charge associated with the use of the card.
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Fee-Free Overdraft Protection. With qualifying direct deposits, users can overdraw up to $20 per month on their Kikoff Secured Card without incurring fees. The overdraft limit has the potential to increase the longer users maintain their banking service with Kikoff, potentially reaching up to $200 per month.
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Credit Building with Minimum Deposit. Kikoff facilitates the building of credit history at the three major credit bureaus with a minimum deposit of $50. This allows individuals to establish or improve their creditworthiness through responsible financial management.
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Fee-Free Cash Withdrawals at Allpoint ATMs. Users can utilize their physical card to withdraw cash without fees at any of the 55,000 Allpoint ATMs worldwide. This provides convenient access to funds without incurring additional charges.
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ATM Fee Structure Outside the Allpoint Network. While Kikoff's network includes over 55,000 ATMs, withdrawals from ATMs outside the Allpoints network may be subject to a $2.50 Kikoff fee, in addition to any ATM fees imposed by the respective ATM operator.
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Line of Credit and Add-On Products. Kikoff offers a $750 line of credit, along with other credit building products, to assist users in building credit. These products are designed to provide individuals with options to enhance their credit profiles.
Requirements
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Citizenship and Age Requirements. Applicants need to be U.S. citizens and at least 18 years old to qualify for a Kikoff credit account. It's important to note that Kikoff is available in all states except for Delaware and Indiana.
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Social Security Number. A valid Social Security number is a prerequisite for opening a Kikoff credit account. This is a standard requirement for identity verification.
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Credit Builder Loan Option. After successfully opening a credit account and making the initial payment, individuals have the option to add a credit-builder loan to their financial portfolio.
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Credit Score Evaluation. Kikoff adopts an inclusive approach by not conducting a credit pull when individuals apply for an account. Moreover, there are no specified minimum credit score requirements, making it accessible to a broader range of individuals, including those with limited or no credit history.
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Income Considerations. Kikoff does not impose specific income requirements for account applications. This lack of income prerequisites facilitates accessibility for individuals with varying income levels, including low-income or no-income borrowers.
Network of ATMs
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Allpoint ATM Network. Users can use their physical card to withdraw cash without incurring fees at any of the 55,000 Allpoint ATMs worldwide. This vast network provides a global reach, allowing individuals to access their funds conveniently and cost-effectively.
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Kikoff Network ATMs. With the Secured Credit Card, users can access their funds without facing additional fees at over 55,000 ATMs within the Kikoff network. These ATMs are strategically located in popular retail locations such as Walgreens, Target, CVS, and more. This placement enhances the accessibility of cash withdrawals, making it convenient for users to manage their finances.
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Fees Outside the Allpoints Network. While the Kikoff network includes a substantial number of ATMs, withdrawals from ATMs outside the Allpoints network may be subject to a $2.50 Kikoff fee. In addition to this fee, users may also incur standard ATM fees imposed by the respective ATM operator.
Alternatives
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Self Financial offers a credit-building platform that includes credit builder loans. Users make small monthly payments, and at the end of the term, they receive the funds back. Self Financial also provides credit reports and scores to help users monitor their progress.
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Kovo is another platform that focuses on credit-building. It offers a credit builder card, allowing users to make small, manageable payments to help establish or improve their credit history. Kovo aims to make credit-building accessible to a wide range of individuals.
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Grow Credit provides a unique approach to building credit by allowing users to link their existing subscriptions, such as Netflix and Spotify, to their platform. Users pay for these subscriptions through Grow Credit, contributing to their credit history.
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Credit Sesame is a comprehensive financial platform that offers various tools, including credit monitoring, credit report, and personalized financial recommendations. It helps users track their credit health and provides insights to improve their financial well-being.
Editorial Opinion
Important
Methodology
At Finanso, we've carried out a comprehensive analysis of over 50 neo banks, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a neo bank. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
Additional Resources
- Full Kikoff Account Review
- Kikoff Mobile App
- Kikoff Reviews
