Payments

Zero launches debit payment with credit card rewards

  • Zero provides the spending control of a debit card with a credit card rewards program.
  • The company is publicly launching today and inviting people off its waitlist.
close

Email a Friend

Zero launches debit payment with credit card rewards

Zero announced the public launch today of its banking app. Zero gives users the control of a debit card to prevent overspending and combines it with a reward program common to credit cards. All members of the waitlist have been invited to apply for Zero.

How it works: To provide debit card spending with credit card rewards, Zero actually combines two accounts:

  • a checking account: Zero Checking functions as a current account that holds users' money. Users can manage their account balances and spending through an app. A customer's available checking account balance effectively becomes his self-imposed spending limit, avoiding unintentional overspending.
  • a credit card: Customers use Zerocard to make purchases and spend through Zero. The card currently earns 3% cash back on spending. Zerocard is available in four account levels: Quartz, Graphite, Magnesium and Carbon, each with a corresponding increase in percentage of cash back earned.
  • Zerocard is issued by WebBank and is a World Mastercard that provides unlimited cash back with no category restrictions.

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

Zero launches publicly with four types of cards and accounts
4 types of Zerocards

Innovation in spending: Zero's launch follows on innovations being made to the traditional debit and credit card experience.

  • Millennials are said to prefer debit cards to credit cards. But debit cards lack the rewards programs that credit cards offer. Zero provides an innovative approach so that users get the best of both types of payments.
  • New payment providers love to launch cool looking cards in multiple colors made out of innovative materials. European challenger bank Revolut recently launched four new metal cards.
  • Other new spending products recently launched include Binji, which provides an innovative hardware and software solution for card consolidation. Curve, which does something similar, recently raised $55 million at a $250 million valuation.

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

Partner, Payments

Retailers: We have a holiday gift for you. Unwrap the new loyalty and digital engagement tool

  • Consumers spent $38 billion online during Thanksgiving weekend, an almost 8% jump year-over-year, far outstripping expectations.
  • Now, by offering personalized rewards and flexible payment options, brands can reap the benefits of greater customer loyalty without impacting their bottom line.
Simon Khalaf, Marqeta | December 07, 2023
Banking, Payments

Why Citi CEO Jane Fraser calls the firm’s Treasury and Trade Solutions a ‘thing of beauty’

  • As Citi embarks on its turnaround, some of the firm's assets stand out.
  • CEO Jane Fraser believes the bank's TTS division will be able to serve multinational clients' multi-year move towards resiliency.
Zachary Miller | December 07, 2023
Payments

Spend management platforms are Wising up

  • Last week Wise announced a partnership with Webexpenses, a cloud-based provider of financial management software.
  • As spend management grows, Wise is planning to ride the wave and grow its platform business.
Rabab Ahsan | December 06, 2023
Payments

5 trends that left an imprint on the payments landscape this year

  • With the conclusion of the year on the horizon, we reflect on the key trends that have left an impact on the payments landscape throughout 2023.
  • Tearsheet engaged with a broad spectrum of experts in the payments industry, who shared their insights on the overarching themes that have defined this year.
Sara Khairi | December 01, 2023
Payments

How Government-to-Person payments can address the 5.9 million big unbanked problem in America

  • As of 2021, around 6 million Americans were unbanked and this problem disproportionately affects Black and Hispanic households, of which 10% have no checking or savings account.
  • Government-to-Person (G2P) payments may be a way to bring unbanked communities into the fold in a way that counters lack of trust and incentivizes participation.
Rabab Ahsan | November 30, 2023
More Articles