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”

Payments

Venmo launches business profiles, takes another step toward monetization

  • The popular P2P app continues to look for opportunities to monetize its popularity.
  • It's launching basic store fronts for small sellers on the app.
Zoe Murphy | July 03, 2020
Payments

With its Shop Small campaign, American Express incentivizes its cardholders to support small businesses

  • Small businesses are suffering in this economic environment.
  • Amex is running a rewards campaign with cash back to support local businesses.
Zoe Murphy | June 30, 2020
Payments, Podcasts

Qolo’s Patricia Montesi on launching a payments company during the pandemic

  • The pandemic has challenged institutions in so many ways.
  • Qolo has publicly launched its all in one solution for B2B payments.
Michael Deleon | June 26, 2020
Payments, Podcasts

Fattmerchant wants to turn software firms into payments companies

  • Software companies have all the SMB eyeballs these days.
  • FIrms like Fattmerchant are helping them turn into payment companies cheaper and more easily.
Zachary Miller | June 24, 2020
Payments

WhatsApp launches payments in Brazil

  • After months of testing, Facebook's WhatsApp launches payments in Brazil.
  • The country's 120 million users will be able to pay merchants and send money to one another without leaving a chat.
Michael Deleon | June 15, 2020
More Articles