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.
close

Email a Friend

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 “Big banks are also built on highly outdated technology.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.

0 comments on “Zero launches a debit card with credit card rewards”

New banks

Challenger bank Current rolls out brick and mortar cash deposits

  • Current serves people who live paycheck to paycheck.
  • Based on user feedback, it's making it easier for its clients to deposit money.
Zoe Murphy | September 03, 2020
New banks

Revolut hits 500,000 business customers

  • Revolut hits key milestone in its growth servicing small businesses.
  • The challenger bank has also rolled out a number of enhancements and features.
Michael Deleon | September 03, 2020
New banks

Wealthfront launches Autopilot, automating savings and money management

  • After launching checking accounts, Wealthfront continues to push ahead with its vision of self-driving money.
  • Autopilot helps clients manage their bank accounts through automation.
Zoe Murphy | September 02, 2020
New banks

Varo’s No Fee Overdraft saved Americans more than $100 million over the past year

  • Banks charge billions of dollars of overdraft fees each year.
  • Overdraft fees cover the costs of "free checking" as those who pay them subsidize banking for everyone else.
Zoe Murphy | September 02, 2020
New banks, Podcasts

BMO Harris’ Niamh Kristufek on empowering women in fintech

  • Fintech firms with women at the helm don't receive the same attention and investment dollars.
  • BMO Harris partnered with 1871 on a cohort of women-led fintech firms with the bank's mentorship and programming.
Zachary Miller | September 01, 2020
More Articles