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 “Big banks are also built on highly outdated technology.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

‘We were laughed out of a lot of rooms’: How Daylight and First Boulevard offer personalized banking experiences for underserved communities

  • A number of challenger banks have recently emerged to serve the needs of historically marginalized groups.
  • Daylight provides individualized banking services to the LGBTQ+ community, while First Boulevard caters to the financial needs of African Americans.
Ismail Umar | November 22, 2021
New banks

GoHenry zeroes in on finding the fun in finance

  • GoHenry is a banking app for kids that focuses on financial literacy.
  • With cash less of a staple payment form, GoHenry could be a solution to parents who want to track their kids’ allowances.
Rivka Abramson | November 16, 2021
New banks

‘Like navigating a dark forest with a dying mini-flashlight’: How Lance uses automation to simplify money management for freelancers

  • Lance provides automated banking solutions for freelancers.
  • The challenger bank recently launched a new feature that allows freelancers to receive direct credit card payments from their clients.
Ismail Umar | November 09, 2021
New banks

Radhika Duggal, CMO of community and business development at Chase, talks financial literacy for families

  • Financial literacy is becoming a crucial checkbox to mark for all players in the financial ecosystem.
  • Chase’s CMO of community and business development, Radhika Duggal, recently sat down with Tearsheet to give her thoughts on the topic.
Rivka Abramson | October 22, 2021
New banks

Behind Upgrade’s move to add BNPL capabilities

  • Upgrade is adding BNPL to its personal loans and payment cards, but with a twist.
  • The company also intends to make a push to bring BNPL payments offline and into shops.
Subboh Jaffery | October 08, 2021
More Articles