Zerocard Offers A New Banking Experience With Rewards

Wednesday, October 12th, 2016

A startup launching in 2017 is planning to give debit cardholders the same type of rewards that credit cardholders enjoy now. The Zerocard would be a Visa card attached to the Zero app, giving users a debt card experience linked to a mobile banking account, with the cash rewards offered by credit cards.

The idea behind the Zerocard is to capture all the benefits of debit cards, credit cards, and mobile banking, while leaving behind the fees associated with traditional banking and the interest charged by credit cards. Customers would get the best of all worlds, without any of the drawbacks.

The difference between debt and credit

With a credit card, of course, people are accessing a line of credit, essentially taking out a loan for the purchases they put on the card. They must then pay the money back each month when their bill comes. If they don’t pay the full amount off each month, they are charged interest on the remaining balance.

Debit cards are linked to bank accounts, and the money taken off the card is actually taken directly from a bank account, rather than having to be paid later. They process on different networks than credit cards do, typically. Anyone with a debit card has probably had the experience of being asked whether they’d like to process the card as debit or credit. Debit cards can actually be processed as credit, although then the amount paid is not reflected as soon on your account.

How Zerocard will work

The Zerocard aims to process all its payments on credit card networks, so that users can earn cash back on all their spending, in any category. Cash rewards will not be limited, and will be deposited into customer account each month.

Rewards will range from 1% cash back on all purchases to 3% cash back on all purchases, depending on the card. Higher reward cards will require users to spend more – from $25,000 to $100,000 a year, but minimum spending requirements will be waived for early adopters and referrals, for a limited time only.

The founder and CEO of Zero, Bryce Galen, says the card is designed for people who don’t want to take on debt or worry about having balances due, but who still want to earn rewards for their transactions. “Zero is the first modern banking experience to solve this,” says Galen.

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