NerdWallet, Inc. has introduced an innovative solution designed to to empower users to build and enhance their credit responsibly.
Known as NerdUp, the secured credit card has been launched quell the challenges faced by Americans when trying to build and improve their credit due to issues such as annual fees, high minimum deposits, and hard credit checks associated with typical secured cards. According to a recent survey taken by the firm, about 43% of respondents in another felt that their credit scores had negatively impacted their financial journeys, hence the growing need for NerdUp.
The solution has been developed in collaboration with Bond, a firm that is aiming to empower all companies to become FinTechs. The organisation also has a focus on high-value-add products such as consumer and commercial charge cards, and was recently acquired by FIS.
This new product is set to give users a plethora of features designed to remove the barriers that they may traditionally face when using secured cards. These perks include:
- No hard credit check, significantly expanding the pool of potential cardholders.
- No annual or monthly fees, a unique benefit in the secured credit card market.
- A low, flexible minimum deposit of $100, making credit more accessible.
- Users earn 1% cash back on purchases, which is automatically added to their deposit account.
- A 0% interest rate for those who pay off their balance each month.
- Access to the user’s free credit score, tips, and insights via the NerdWallet dashboard.
NerdWallet plays a pivotal role in providing financial guidance and solutions for both consumers and small and mid-sized businesses. The platform empowers users to make informed financial decisions, offering them expert content, comparison shopping marketplaces, and a data-driven app to manage their finances effectively.
The firm currently operates in three main markets, USA, UK, and Canada, offering its vast array of financial solutions.
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