Anyone hear of Benjamin Finance CC?

[kittycreditmeow]

https://www.benjamin.finance

This popped up on my Facebook feed. No hard pull on credit. You have to join the waitlist but I've never heard of it until today. Anyone else?

[1GaDawg85]

Never heard of them but sound interesting! 

[digitek]

So this actually looks pretty unique and novel in its own way.

It very much is a kind of "choose your card options" type thing. Instead of something like Chase offering 3 different cards, this one let's you build you card from a bunch of different options and pay for each thing almost individually.

Kind of cool for real, will keep an eye on this.

[FinStar]

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@kittycreditmeow wrote:

https://www.benjamin.finance

This popped up on my Facebook feed. No hard pull on credit. You have to join the waitlist but I've never heard of it until today. Anyone else?

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Interesting product, but it appears that for any higher level of rewards, there's a $249 AF, IIRC.

Actually, there's a HP involved if one decides to apply -- based on what's listed in the fine print:

No Hard Credit Pull for Eligibility: We conduct a soft credit inquiry to examine credit worthiness for determining eligibility for the Benjamin Credit Card. We conduct a hard credit inquiry if you elect to apply for the card. Benjamin uses credit history, as well as cash management, and other factors to determine credit worthiness.

[1GaDawg85]

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@FinStar wrote:

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@kittycreditmeow wrote:

https://www.benjamin.finance

This popped up on my Facebook feed. No hard pull on credit. You have to join the waitlist but I've never heard of it until today. Anyone else?

---

Interesting product, but it appears that for any higher level of rewards, there's a $249 AF, IIRC.

Actually, there's a HP involved if one decides to apply -- based on what's listed in the fine print:

No Hard Credit Pull for Eligibility: We conduct a soft credit inquiry to examine credit worthiness for determining eligibility for the Benjamin Credit Card. We conduct a hard credit inquiry if you elect to apply for the card. Benjamin uses credit history, as well as cash management, and other factors to determine credit worthiness.

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I saw the fine print about the HP if you actually do apply. 

I didn't see a mention of the annual fee but that is a big ouch but I guess if you get any type of metal, it won't be free

[1GaDawg85]

The maximum APR is 29.99%.

OUCH

[coldfusion]

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@1GaDawg85 wrote:

The maximum APR is 29.99%.

OUCH

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If you choose monthly billing it shows 17-24% APR. Is that 29.99% a penalty APR? 

From a fairly cursory look it appears that the value is in you getting to choose which flavor of Crystal Light you'll be drinking, but at the end of the day you're still drinking Crystal Light. 

You can get a relatively low APR, but you're going to get billed weekly.   I presume weekly billing also means a 1 week grace period.

The rewards structure is directly tied to the yearly AF you pay.  You can get a no-AF card, but you'd do better with rewards in year 1 with a Discover IT. 

Maybe I'm missing something but at first thought I'm not impressed with this card. 

[1GaDawg85]

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@coldfusion wrote:

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@1GaDawg85 wrote:

The maximum APR is 29.99%.

OUCH

---

If you choose monthly billing it shows 17-24% APR. Is that 29.99% a penalty APR? 

From a fairly cursory look it appears that the value is in you getting to choose which flavor of Crystal Light you'll be drinking, but at the end of the day you're still drinking Crystal Light. 

You can get a relatively low APR, but you're going to get billed weekly.   I presume weekly billing also means a 1 week grace period.

The rewards structure is directly tied to the yearly AF you pay.  You can get a no-AF card, but you'd do better with rewards in year 1 with a Discover IT. 

Maybe I'm missing something but at first thought I'm not impressed with this card. 

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I see that too. I would take a guess that the 29% APR would be a penalty APR. 

[Remedios]

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@coldfusion wrote:

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@1GaDawg85 wrote:

The maximum APR is 29.99%.

OUCH

---

If you choose monthly billing it shows 17-24% APR. Is that 29.99% a penalty APR? 

From a fairly cursory look it appears that the value is in you getting to choose which flavor of Crystal Light you'll be drinking, but at the end of the day you're still drinking Crystal Light. 

You can get a relatively low APR, but you're going to get billed weekly.   I presume weekly billing also means a 1 week grace period.

The rewards structure is directly tied to the yearly AF you pay.  You can get a no-AF card, but you'd do better with rewards in year 1 with a Discover IT. 

Maybe I'm missing something but at first thought I'm not impressed with this card. 

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You're not missing anything, but the reason you're seeing it right is because we're too old for (most) fintech gimmicky thingies.

That, in itself, is not a good thing. 

Now excuse me while I pop a few Motrins, apparently I blinked wrong 

[longtimelurker]

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@Remedios wrote:

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@coldfusion wrote:

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@1GaDawg85 wrote:

The maximum APR is 29.99%.

OUCH

---

If you choose monthly billing it shows 17-24% APR. Is that 29.99% a penalty APR? 

From a fairly cursory look it appears that the value is in you getting to choose which flavor of Crystal Light you'll be drinking, but at the end of the day you're still drinking Crystal Light. 

You can get a relatively low APR, but you're going to get billed weekly.   I presume weekly billing also means a 1 week grace period.

The rewards structure is directly tied to the yearly AF you pay.  You can get a no-AF card, but you'd do better with rewards in year 1 with a Discover IT. 

Maybe I'm missing something but at first thought I'm not impressed with this card. 

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You're not missing anything, but the reason you're seeing it right is because we're too old for (most) fintech gimmicky thingies.

That, in itself, is not a good thing. 

Now excuse me while I pop a few Motrins, apparently I blinked wrong 

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FinTech all the way.   But, being old-fashioned, I do like accuracy on a website.   If you go to the card comparison table and click on the "Details" link under the card name, it is messed up.  Column 1 link goes to the column 2 card, column 2 to column 3 and column 3 link to column 1 card.   As someone might say, a perfect storm.