Woven Money: Member FAQs

A collection of FAQs we think our members will ask or will help them better understand our services.

General

genral2

 

What does Woven Money do?

Woven Money evaluates your credit cards and recommends money-saving moves to help you get out of debt sooner.

What is the purpose of the Woven Money App?

The Woven Money app is a member-only money management platform that lets you see your credit cards in one place to uncover money-saving moves and debt paydown strategies that work for the cards already in your wallet.

How can I contact Woven to get help?

Email us at hello@wovenmoney.com and one of the Woven Money team members will respond to your inquiry.

Does Woven do the money moves for me, or does it only recommend?

For some services, like the phone call balance transfer, Woven provides the recommendation and you must take the action of contacting your bank and initiating the balance transfer. For other services, like the automated balance transfer, Woven provides the recommendation and initiates the balance transfer.

Balance Transfer

balance

 

What is balance transfer?

When you transfer a balance, you simply move the money you owe on one or more credit cards to a different credit card that has a lower interest rate, also known as an annual interest rate (APR).

Is balance transfer the same as balance shift?

Yes, balance shift and balance transfer are the same.

Do I have to open a new credit card to do a balance transfer?

In general, most credit card companies allow you to transfer funds to the credit cards you already have in your wallet, as long as you have enough available credit. This means that you do not have to open a new credit card to perform a balance transfer. You may be aware that some credit card companies will offer enticing introductory rates for balance transfers if you open a new credit card. This is not what Woven Money does. We simply help you shift balances across cards you already have.

How does balance transfer save me money?

When you transfer your balance from a credit card with a higher interest rate to one with a lower interest rate, you reduce the amount of interest you pay to the credit card company. Paying less interest means that more of your payment goes towards the balance and you can get out of debt sooner. Paying less interest and getting out of debt sooner saves you money.

How does a balance transfer affect my credit score?

The credit bureaus are quite protective of how they calculate your credit score. However, we know there are five high-level categories that influence the calculation of your credit score.

      1. The five categories are 
        1. payment history 
        2. amounts owed 
        3. length of credit history 
        4. new credit 
        5. credit mix.
      2. In terms of a balance transfer, the category it might have an influence on is amounts owed.
      3. The amounts owed category has subcategories to further evaluate your credit usage 
        1. the total amount you owe on all your debt
        2. the amount of debt you owe by type (for example credit card debt versus installment loans, like a car payment)
        3. how many accounts you have
        4. how much you owe on each individual credit card in comparison to the credit limit on each individual credit card
        5. how much remains on each installment loan in comparison to its original amount

As you can tell from this explanation, it can be a little confusing. The important thing for you to know is that when you perform a balance transfer the total amount of your debt does not change, the total amount of debt by type does not change, as long as you do not close any account the number of accounts does not change, and a credit card balance transfer does not have an impact on any of your installment loans. This means that of the five subcategories that impact amounts owed, a balance transfer does not have any impact on four of them. The fifth category, amounts owed on each individual credit card in comparison to credit limit, may be influenced by a balance transfer, but the magnitude of that impact will vary for each person.

We say it varies because when you perform a balance transfer the balance of one credit card goes down by an amount and the balance of another credit card goes up by the same amount plus any balance transfer fee. A decrease in the balance of one credit card may increase your score and the increase of the balance of another card may decrease your score, but it depends on the relationship between the balance on your card after the transfer in comparison to your card’s credit limit. It’s possible the increases and decreases offset each other and your credit score may not be impacted. It is also possible the decrease is greater than the increase and your score declines slightly. However, if you do not plan on opening any new credit accounts in the near future then the benefit of saving on interest and getting out of debt sooner probably outweighs the slight and temporary decline you might see in your credit score.


 

Does Woven Money take my credit limit into consideration?

We consider your available credit, which is typically your credit limit subtracted by your current balance. If you've connected your credit cards then any pending charges are subtracted from your credit limit as well. If you have chosen to manually enter your credit card details or your bank does not support connecting your account to Woven then your available credit is your credit limit you provided subtracted by the current balance you entered. 

Why do I have to make a phone call to my bank?

You will need to call your bank to provide them the details needed to process your balance transfer request. We give you the details in the app to make sure your phone call goes smoothly.

How much time does it take for a balance transfer to complete?

The time to complete your balance transfer will vary depending on which of your credit cards are processing the balance transfer. Some banks take 2-3 business days. Others can take up to 15 days.

Balance transfer fee

Balance-fee

 

What is balance transfer fee?

Your bank may charge you a fee for transferring a balance to your credit card. This is generally somewhere between 0% and 3% of the balance that is transferred. When we do our calculations, we incorporate a 3% fee into your estimated savings to ensure this is covered.

Does Woven charge me for balance transfers?

No, we don’t charge you for balance transfers. Woven charges a monthly membership fee of $5. We are constantly on the lookout for smart money moves (balance transfers being one) which are included as part of your monthly membership. No hidden fees here!

Which bank charges the balance transfer fee?

The transfer fee will be charged by the bank receiving the balance transfer. For example, if you are transferring $2,500 from your Chase card to your Bank of America card, the transfer fee would be charged by Bank of America.

How is the balance transfer fee paid?

The balance transfer fee is applied to your credit card balance. You will generally see two transactions in your transaction history once the balance transfer is completed. The first is the amount that was transferred between your accounts. The second will be the balance transfer fee. Both of these increase the balance, but now it’s on a lower APR card that will cost you less.

Does the estimated savings calculated by Woven Money include the balance transfer fee?

Yes, the balance transfer fee is included when we calculate your estimated savings. The balance transfer fee does vary between credit card companies. It is generally somewhere between 0% and 3% of the balance that is transferred. When we do our calculations, we incorporate a 3% fee into your estimated savings to ensure this is covered.

Save on interest

Save-on

 

How do I ensure I realize the estimated savings calculator by Woven Money?

There are three main assumptions we make when we calculate your estimated savings. You will need to make sure you follow these steps to realize your estimated savings. First, we assume you are making your minimum monthly payment every month. So, if you missed a payment and were charged a late fee, this would affect the estimated savings. Remember to always make those minimum payments! Second, we assume you don’t increase the balance on your cards. So, if you do have any new purchases on your cards you need to pay them off ASAP in addition to avoid interest charges. Third, the APR on your card remains the same. Generally, your APR stays the same unless you miss a minimum payment.

Is it possible for me to save more than the estimated savings calculator by Woven Money

Of course! Balance transfers are only one of the many smart moves you can benefit from by being a Woven member. Our team consists of financial industry veterans who have your back and are always looking for smart money moves to help you save money and pay off your debt.  You can become a member for just $5 per month and cancel anytime.

Connecting Cards

Connecting-cards

 

Why do I have to connect my credit cards?

You don’t technically have to connect your cards to see what you can save. However, by connecting directly to your bank, we can get the most accurate up-to-date information possible to calculate and recommend smart money moves.

Why is my bank not available for connecting my account?

Your bank may not be available for 3 reasons. First, some banks don’t enable connections to process your data. Second, connections to your bank or your bank’s systems may simply be down. Third, some banks do not provide enough information through online integrations for Woven to calculate your savings. In this case, you can often find the information by logging in yourself and entering the data we need in the Woven app yourself.

What's in it for Woven Money

We want to be your trusted financial coach that’s always there to guide you to smart money moves to save and make you money and to make doing the right thing financially, automatic.

How does Woven Money get paid?

We simply ask for a monthly fee to provide automated, intelligent money coaching services. That’s it. No hidden revenues, no gotchas, no other fees.

My bank account has multiple instances (credit card, savings, etc.). How am I able to connect only my credit cards to Woven Money?

When you connect your accounts to Woven Money, we only request the data we need to estimate your savings by shifting balances between your credit cards and/or to suggest other smart money moves to help you get out of credit card debt sooner. Due to this, we don’t request any information about your checking or savings accounts.

Why do I have to enter the information for some of my cards or other accounts manually?

Some banks do not provide enough information through online integrations for Woven to calculate your savings. In this case, you can often find the information by logging in yourself and entering the data we need in the Woven app. We ask you to do this in the Woven app when necessary.

How do I remove a credit card from the Woven Money app?
    1. After connecting your credit cards or manually entering your credit card data you will see a “Details” button like the following example.
    2. When you tap on “Details” you see specific information about your credit card and you have an opportunity to delete that credit card. This will remove the card from the app and all subsequent analysis will not include any credit card that has been removed. However, analysis that was conducted when the card was connected will be saved. Here’s an example of what you’ll see when you tap on “Details.”
How does Woven keep my information up-to-date?

To provide our coaching services we connect to get the most up-to-date picture of your financial transactions and balances periodically. Depending on the feature, we may connect at the time you’re using the app. In other features, we may connect every few days, weekly, or monthly.

Membership

Membership

 

What happens when I become a member of Woven Money app?
Money can be complicated. We give you tools and guidance to help you make smart money moves, easily. 
Start free for 30 days with no payment information required. We’ll alert you before your free trial ends to remind you to upgrade to a paid membership.
How much does it cost to be a member?

After your free trial ends, Woven Membership costs just $5 per month. And, you’ll be able to cancel your membership at any time.

How does the free trial work?

At Woven we keep things simple. Simply register with the Woven Money App and go ahead and start using it at no cost for 30 days. We won’t ask you to enter a payment method just yet. We will alert you before your free trial ends to remind you to upgrade to a paid membership.

Money coaching & services

Money-coaching

 

What features/services does Woven Money provide?
Membership includes
  • Credit card management in one place. You no longer need to log in to different credit card accounts.
  • Money coaching, access to guidance, accountability, and insights from financial experts.
  • Tools to automate the actions you want to take that will help you save money or pay down your debt so that you don’t have to think about it.
  • Cash bonus referral program. Only our members get cashback for referring friends who register. That’s cashback for helping others.
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Security and Data Protection

Security

 

How does Woven Money ensure that my data stays safe?

Security is important to us. We use bank-level security to protect your data. We can’t tell you all the specifics as that would tip off the bad guys, but rest assured security and privacy are always a top priority. We only use your data to suggest smart money moves that help you. We don’t sell your data to any third parties.

What is Plaid?

Plaid is a third party service that enables consumers to get access to their financial data for use in financial applications like Woven Money. We use information such as your current balance, available credit, and APR.

How does Plaid work?

When using the Woven Money app, you can use Plaid to connect your credit card data to our app so we can find smart money moves that benefit you. When you connect an account with Plaid, you will need to provide your username and password to Plaid. If you have set up security with your bank such as a one-time PIN, you will need to request and provide that as well before your financial data is accessible in the Woven Money application.

Why does Woven Money use Plaid?

We use Plaid to get information about your credit cards so we can estimate your potential savings and suggest smart money moves. Plaid allows us to access your data securely and update it as needed to ensure we find smart money moves to help you get out of credit card debt.