As anyone who’s searched for a credit card over the last few years will know, there’s no shortage of credit cards out there offering some very attractive perks. From car rental insurance to VIP airport lounge access, from purchase protection to extended warranty, the reward packages on offer seem to get more comprehensive by the day. Unfortunately, most of these cards come with a caveat: to enjoy the perks, you’ll have to use your card… a lot. These days, we’re all too aware of the repercussions of overspending, and the problems it can lead to down the line. Until now, the options for credit shy consumers who want the rewards of a credit card without the associated risks have been few and far between. Enter Zerocard - a debit/credit card hybrid that works like a debit card but comes with all the perks of a credit card. Curious? Then read on to discover the top 10 benefits of the new Zero card.
1. Bad credit isn’t a barrier to acceptance
If you’re like one of the many Americans who suffer from poor or limited credit history, you’ll know the struggle it can be to get accepted for a credit card. With the Zerocard, you’ll have less worries. While bad credit isn’t a barrier to using Zero, Zerocard is a credit card and requires credit approval. If you don’t want to apply for Zerocard or don't get credit approval, you can still apply for a Zero Checking account only.
2. Cashback on your purchases
Depending on how much you spend, you could get anything between 1-3% cashback on all purchases made with your Zerocard. Granted, there are credit cards out there that offer cash back without a minimum spend criteria, but for big spenders, the potential to get up to and over $3000 back on your yearly spending is a significant draw.
3. Refer a friend bonus
Tied into the Zerocard’s cashback incentive is another very handy little perk that can essentially get you earning the maximum amount of cashback possible, without having to spend $100,000 to get it. All Quartz members (the base membership) get 1% cashback, and can level up to Graphite (1.5%) for referring one friend OR spending $25,000, Magnesium (2%) for referring 2 friends OR spending $50,000, and Carbon (3%) for referring 4 friends or spending $100,000.
4. Easy financial tracking
Linking your Zerocard into your Zero checking account via their app is as easy as 1,2,3, and will give you immediate access to your transaction history. You even have the option of authorizing automatic payments- as soon as you make a purchase on your Zerocard, the app will deduct the amount of the purchase from your available balance, letting you keep on top of your finances and avoid the risk of overspending.
5. You can build your credit history
While the Zerocard functions much like a debit card, it’s still essentially a credit card. While you have the option to link your card into your account and make automatic payments, you can also choose to pay off your balance with regular payments instead. Go that route, and the issuers will report how well you keep on top of your finances to the major credit bureaus, giving you the chance to build your credit rating and improve your chances of being accepted for credit with other lenders in the future.
6. Small Fees
When it comes to fees, Zerocard does come with some fees, but they’re limited. You can view full terms at zero.app/zca.
7. No hidden costs
Credit card issuers love to draw you in with offers of big cash rewards, generous consumer protection plans, and excellent travel benefits. What they sometimes fail to make clear is the little hidden nasties that await you once you start spending. Cash withdrawal fees, inactivity fees, overdraft fees, wire transfers… all these little costs can soon start to add up, and many can come as something of a nasty surprise. The Zerocard, on the other hand, is upfront about its fees… largely because there are none.
8. You can pay your wages into it
As mentioned previously, while technically a credit card, the Zerocard acts much like a debit card. If you want to make a money transfer, pay your bills, or even have your paycheck paid directly into your Zero account, you can do so with no extra hassle or fees to worry about.
9. No foreign transaction fees
As we all know to our cost, most banks love to charge for the privilege of using their service wherever and whenever they can. If you’ve ever used a credit card abroad, you’ll probably be aware of the extortionate amount of fees many providers charge for the service. Not so the Zerocard, which has chosen to scarp any hidden fees, included the dreaded foreign transaction fee, entirely.
10. It’s safe
The fact that the Zerocard has only just been released might be a cause of alarm for some people. Without a well-known reputation to refer to, some potential customers might question just how legitimate this new form of account is. But have no worries- not only is the app safe, your money is too - deposits are insured up to $250,000 by Zero’s bank partner, Evolve Bank & Trust, while the card also comes with the security of Mastercard’s Zero Liability Protection.
Written by Bill Vix
Read more posts by Bill Vix