You have to be between 13 to 17 years old.
At Modak, keeping you safe is our top priority. If you want us to help you build your credit, we'll need to collect your Social Security Number for identification purposes.
This is because the bank needs to make sure it's really you who's opening the account. If anything looks fishy with your account, they can use your phone number to reach you and check that everything is okay. They may also send you a code to confirm it's you when you log in or make a transaction. All of this helps keep your money safe and secure.
Right now, your US-based secured credit card can be used anywhere in the world where Visa cards are accepted. For example, if you are an American traveling internationally, you can use your Modak card anywhere!
Modak is a US-based fintech company that offers a Visa secured credit card and a checking account for teens through its relationship with Solid Financial Technologies, and its partner banks, Members FDIC. Through Modak, Teens can start building credit scores, gain financial literacy, and earn cashback at 100,000+ merchant locations across the US. Modak is supported by GGV Capital, Nazca, and 35+ leading investors and entrepreneurs.
There are no hidden fees associated with Modak. We don't charge for opening a card and most of our services. However, if you need expedited or premium services, our app will show you and ask for your permission before charging the fees. If not, you can use our regular services - which is most of our services -for free!
We have implemented several ways to protect your personal information:
A MoCard is a secured credit card through which you can spend your money, build a credit history, and earn/spend rewards points (Mobucks) for healthy behaviors.
Modak's secured credit card is supported by renowned partners in the financial industry. By partnering with these established institutions, Modak is committed to adhering to all state and federal finance and banking regulations. Refer to “How does Modak keep sensitive personal info safe and secure?” for specific details.
By following these revised steps, you'll have a clearer and more concise process for deleting your account on the Modak app.
Modak makes revenues from the interchange fees that Visa charges merchants for processing the transaction. Modak uses that revenue to offer MoCard and other services to our customers. Moreover, Modak generate revenue from our partnerships with brands on merchant offers.
There are no fees associated with opening the account.
Use your card to spend money, whether it's in a store or online!
We will need to submit your parents information to the bank partner to open an account on your behalf This includes:
If you are a teen please follow these instructions
To complete the registration process, you will need to gather the following information about the parent or guardian: their full name, email address, phone number, date of birth, and physical address for shipping the card. Please ensure that you have all of this information readily available before proceeding with the registration process.
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If you are a parent or guardian please follow this instruction:
At Modak, we take identity verification very seriously. That's why we partner with a trusted third-party provider called Persona to ensure that all user identities are verified securely. However, if you have trouble verifying your identity, please don't hesitate to contact our customer support team for assistance. We're here to help you every step of the way.
Follow these instructions to activate the physical card:
Parent Portal
Teens app
Yes, closing your account with Modak has a negative impact on your credit history. This is primarily because roughly 10% of the score is influenced by the number of accounts you have. As a teenager, your other factors such as payment history, credit utilization, etc., aren't fully formed. Hence, small changes in the number of accounts often lead to a negative but temporary impact on the credit score, especially for younger and new to credit users
Absolutely! Anywhere Visa cards are accepted.
You can use your MoCard anywhere that accepts Visa as a form of payment. This includes stores, online retailers, and businesses that accept card payments.
There are several reasons why you did not receive it:
It's important to regularly check the status of your card on the app. If you need further assistance please contact Customer Service.
Please follow these instructions:
a. Shipping address
b. Estimated Time of Arrival (ETA)
c. Delivery status
d. Delivery partner
e. Tracking number
f. Link to track your shipping
If you have any questions or concerns about your order, you can contact Modak customer support for assistance.
The Visa MoCard is a secured credit card which is a type of credit card backed by a cash deposit, which sets your credit limit. This means you can not spend money you don’t have, and therefore it will only have a positive impact on your credit score. Build a credit history without the risks.
Yes! Not only can you order a physical card, you can also add your card virtually to Apple Pay or Google Pay!
When the card is used internationally, the Visa exchange rate is used to convert the transaction amount into USD. This exchange rate from Visa will be marked up by Visa. Other than this, there won’t be any fees charged to the cardholder at the time of the transaction.
A regular credit card allows you to spend money up to a pre-set limit. You'll get a bill for what you've spent each month. Meanwhile, a secured credit card is a type of credit card that requires a cash deposit (from your parents, a job, your birthday, etc) into an associated checking account. A secured credit card will only allow you to spend the cash deposit by maintaining a dynamic limit. This prevents users from borrowing money or going into debt.
We create 3 accounts to support the Mocard:
1. Parent personal checking account - where the parent balance will be stored
2. Family checking account (for the teen) - where the teen balance will be stored
3. Teen card account - That allows the teen to have virtual and physical cards and takes funds from the family account
No, The MoCard doesn't have a payment deadline. The amount you deposit is the amount you can use and is debited to the card limit immediately.
As the MoCard uses only the funds deposited, if you try to spend more than you have deposited, the payment will not go through.
The MoCard is currently designed for making purchases at physical stores and online for virtual transactions. However, we're excited to let you know that we have plans to introduce an ATM feature in the near future! Stay tuned for updates.
You will be able to fund it in multiple ways such as by ACH, debit pull, through direct deposit, and even with your MBX ™
Anytime you want to check the movements on your teen's account, you can click on top of any transaction to see more details.
Follow these instructions to activate the physical card:
If you've attempted the task more than three times without success, we encourage you to reach out to our customer support team for assistance.
Parent Portal
We recommend you to act quickly in case your secured credit card is lost or stolen to minimize the potential for fraudulent activity on your account.
Please follow these instructions:
Parent Portal
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Teens app
We recommend you to act quickly in case your secured credit card is lost or stolen to minimize the potential for fraudulent activity on your account.
For now, you can keep using your MoCard normally. In the future, we will enable a feature that allows you to ‘graduate’ your account from teen to adult!
Not yet! We currently only have it enabled for teens under 18. However, this is in our plans for the future
If teens provide their SSN, then all purchases they do with the MoCard will build a credit history. This allows them to have a credit score by the time you are 18, and help you access all of its advantages! If you choose not to add it, you can still use the MoCard, however, it will not build a credit history for you.
Anytime you want to check the movements on your teen's account, you can click on top of any transaction to see more details.
To ensure compliance with banking regulations in the United States, individuals under the age of 18 are required to obtain parental permission in order to acquire the MoCard. Consequently, if you have a teenager seeking to obtain a MoCard, it is necessary for you as parent or legal guardian to create an account on your behalf.
The requirement of providing a Social Security Number (SSN) when opening a bank account in the US is necessary to verify that person’s identity and ensure that they are the person they claim to be. It is a crucial step to prevent fraudulent activities and protect both the customer and the bank from potential risks. At Modak, the only required SSN is from the parent as they are they adult owner of the account.
Yes, you can use a browser on any device to log into the Parent Portal. You can click on this link, or type in the URL, and open it on any device https://app.modakmakers.com/parents
Web:
App:
Email:
If you prefer to contact customer support via email, you can send an email to hi@modakmakers.com
Our customer support team will respond to your email as soon as possible.
Dosh already powers our rewards program, so you can not link the card again in the Dosh app. Don’t worry. You can see all the same great offers from the Dosh app directly in the Modak app.
If you think you are missing cashback, contact us, and we can help.
Keep in mind, if your transaction is still pending, you’ll need to wait until the merchant completes it before you can receive your cashback.
If you do not automatically receive rewards for purchasing qualifying goods or services with your Mocard or for performing other qualifying actions as identified by us, you have thirty (30) days from the date of the transaction if made in-store or ninety (90) days from the date of transaction if made online to contact us. Provide evidence of the purchase and request cash back earned.
A pending purchase will show you the estimated cashback earned in your account summary. Still, the amount is not final until the merchant completes the charge. Once the transaction is completed, any earned cashback will be automatically applied to your account. Transactions typically complete within 4-7 days but can take up to 90 days depending on the merchant.
Reach out to us! If you do not automatically receive rewards for purchasing qualifying goods or services with your Mocard or for performing other qualifying actions as identified by us, you have thirty (30) days from the date of the transaction if made in-store or ninety (90) days from the date of transaction if made online to contact us. Provide evidence of the purchase and request cash back earned.
Merchants can target their offers to our user base - this means that the offers you see may come or go depending on the offer the merchant wants to promote.
To see what offers are currently available to you, always make sure to check the Modak app. Offers change regularly depending on the needs and wishes of our merchants.
Each store is different, and the cashback percentage you earn will be shown next to the offer and in the offer details. Make sure to check the offer details for any limits, exclusions, or caps that the merchant may have as part of their offer. This way, you can make sure you're receiving all of the cash back you can get!
Dosh offers are found in the Modak app and will earn you cashback when you pay with your Mocard. You get paid to eat at your favorite local restaurant or shop online from the comfort of your home. Imagine what you can do with all that extra cash!
Online Offers must be completed through the Modak app. To earn cashback, open the offer, and tap the "Shop" button. You'll be redirected to the merchant's app or website, where you can complete the purchase with your Mocard in order to be eligible.
Every offer is different, and if you want to earn cashback for an online purchase, you’ll want to double-check the offer details to be sure it includes cashback. Clicking on the offers will give you more information, and by scrolling down to the More Info & Fine Print section, you'll see any limits, exclusions, or caps that the merchant may have as part of their offer.
You can also earn cashback at local businesses in your area. They will appear in your app when that particular business location is participating in a cashback offer. Simply visit the local merchant you found listed in the app at the specific street address, pay for your purchase with your Mocard, and you will receive cash back after you have made your purchase.
Earning cash back is easy and automatic. Just make eligible purchases at participating merchants.
You can see all the current offers curated for you at any time in the rewards section of the Modak app. Look for Rewards in the spend section.
You will be able to see a dashboard where you can look for cashback offers depending on location and or brand. You will be able to check your rewards activity, feature offers, and collections, also a map to locate special offers near you and online offers. Once you make a purchase a pending purchase will show as estimated cashback in your rewards dashboard. Once the merchant completes the charge, you will be eligible to receive cash back and be credited to your account.
Modak takes privacy and data security seriously. We take precautions to ensure the security of your data. We do not share personal information like your name, address, etc. We only securely share checking transaction information. They do not sell any of your data. They only use the data to improve the user experience, provide cash back, and serve up offers just for you.
For more information on the Dosh privacy policy, view the terms of service here.
“Dosh” has a mission to move billions of dollars to millions of people and has been providing cash back to consumers since 2016. We’ve partnered with Dosh to bring you cashback offers from brands you love. When you make a transaction with your Mocard, Dosh checks to see if it is eligible for a cash-back reward. If the transaction is eligible for cash back, Dosh will send us a message to credit your checking account after the transaction has been completed and posted.
“Dosh” means cash, and we give our customers cash back for doing the things they already love doing, like shopping and dining out when they use the Mocard. We will help you save some “Dosh” on your purchases when you redeem a Dosh offer. Dosh gives cash back savings from hundreds of thousands of brands, including local businesses and online stores participating in the Dosh Offers Program. The brands provide a Dosh cash-back offer for each purchase. Virtually no work is required. No coupons to clip, no code to show the cashier, no promo codes to keep track of, no loyalty cards that you have to remember to bring, and no scanning receipts. You don’t have to do a thing. Just receive constant cash surprises when you use the Mocard.
