What's Happening?
The Fizz Card is a new debit card designed to help consumers build credit without the need for a credit check. Unlike traditional credit cards, the Fizz Card links directly to a user's bank account, using existing funds to set a spending limit. Purchases
made with the card are reported to credit bureaus, aiding in the establishment of a positive payment history. The card offers 3% cash back in a spending category of the user's choice and includes features like 'SafeFreeze,' which locks the account if payments are missed or if the bank balance is too low. The card charges an annual fee of $59.99 for students and $129.99 for non-students.
Why It's Important?
The introduction of the Fizz Card is significant as it provides an alternative for individuals looking to build credit without undergoing a credit check. This can be particularly beneficial for students or those with limited credit history who may find it challenging to qualify for traditional credit cards. By reporting payments to credit bureaus, the Fizz Card helps users establish a credit history, which is crucial for future financial opportunities such as loans or mortgages. The card's cash back rewards and safety features also offer added value to consumers.
