New banks

Zero launches a debit card with credit card rewards

  • Many consumers prefer to use a debit card to spend within their means.
  • Zero enables users to control spending and accrue cash back like a credit card.
Zero launches a debit card with credit card rewards

Zero has unveiled its debit card that earns cash back rewards. All members on its waiting list were invited to apply for Zero as part of a public launch.

The fintech has raised $35 million from investors including New Enterprise Associates (NEA), SignalFire, Eniac Ventures, and Nyca.

What is it: Zero combines the simplicity of a debit card with the rewards of a credit card, featuring unlimited 1.0% to 3.0% cash back on qualified spending.

  • Zero is available now in the Apple App Store and has opened pre-registration for Android in the Google Play store.

How it works: Zero account holders get access to two types of accounts. Zero Checking holds a user’s money and Zerocard acts a credit card.

  • When a user uses Zerocard to pay, she accrues rewards like many credit cards.
  • A customer’s available checking account balance effectively becomes his self-imposed Zerocard spending limit, helping to avoid unintentional overspending.

“Unlike big banks, Zero won’t tempt consumers to overspend their way into debt,” said Bryce Galen, Founder and CEO of Zero. “Big banks are also built on highly outdated technology. We built Zero from the ground up with the latest tech, so we could give customers a more delightful and rewarding experience.”

Four levels of Zerocards

4 flavors of cards: Zerocard is available in four levels – Quartz, Graphite, Magnesium and Carbon.

  • Each card comes with a corresponding increase in percentage of cash back earned and a unique industry award-winning card design.
  • Zerocard customers can level up in two ways – first, based on their annual spending, and second, by referring qualified friends to apply.

Zero’s credit card is issued by WebBank as a World Mastercard that provides unlimited cash back with no category restrictions at a higher rate than many other credit cards in the U.S. market.

New banks

New entrants spark interest in teen banking in the U.S.

  • Teen banking is seeing new tools and products.
  • While hard to monetize, new entrants are throwing their hats into the ring.
Zack Miller | December 02, 2019
New banks

Stash has issued more than 5 million Stock Back rewards since launching its program

  • Stash launched its new rewards program for its debit card holders earlier in 2019.
  • Customers get rewarding with fractional shares of companies they shop with.
Zack Miller | November 19, 2019
New banks

Digit launches student loan payments

  • Digit uses automation to help consumers save over $2.5 billion.
  • The company has just launched a tool to accelerate student loan repayment.
Zoe Murphy | October 31, 2019
New banks

Behind Credit Karma’s savings account launch with Jagjit Chawla

  • Credit Karma helps almost 100 million Americans manage different types of debt.
  • Beginning with a savings account, the company plans to increasingly help users build and manage assets.
Zack Miller | October 30, 2019
New banks

Soon after signing a global deal with Visa, Revolut to launch U.S. cards with Mastercard

  • Mastercard has signed a deal with challenger bank Revolut to issue debit cards in the U.S.
  • This announcement comes just weeks after Revolut signed a global deal with Visa.
Michael Deleon | October 22, 2019
More Articles