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http://onemileatatime.boardingarea.com/2016/10/01/what-is-zero-card/
Just learned of this very interesting new card launching next year. Essentially it works as a prepaid debit card but operates on the Visa network. Your debit balance pays interest (rumored to be 1.25%) while it sits there and purchases get cash back from 1% to 3%. The "tier" and cash back % are based on yearly spend levels but prior to their launch date, as part of marketing, you can reach the top tier by just referring people and getting them to SIGN UP for the early access waitlist. Even if those people do not actually apply for the card, you still qualify for the higher tier. The tier will then be valid for 2 years if you get it so it's essentially a 3% card for at least 2 years if you can get all the referrals now prior to the launch date in 2017. A total of 5 referrals are required to get Carbon 3% status but only 4 referrals necessary if you start off with someone else's. The card will be full metal (sneaky marketing bastards) and they promise top of the line mobile apps as well.
I'm all for supporting these sort of novel initiatives bc the credit world could really experiment with some new models that are good for consumers. I'll be applying on the first day of release so they can get some good business going and hopefully in the future decrease the minimum spending thresholds to make this card a long-term keeper. (As of now, $50k yearly spend for 2% back is not appealing.)
This must be something people are interested in, to get 3% flat for at least 2 years is a pretty good deal. No word on how approvals will be done but they sound lax and it doesn't look like it'll be a hidden tradeline since the FAQ mentions helping out your credit score.
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@morgacj2004 wrote:
I don't understand your comment 🍀 unless I missed something OPwas simply informing the community of a new product. I was going to mention this as well but OPvest me to the punch.
You missed something. His post was edited by a mod