Recap: Zero Raises $20M, Qantas Discount & More

 

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10 Comments
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Peter
Peter (@guest_765124)
May 30, 2019 15:29

Finally got my Zero account! Been waiting since fall 2016. Carbon status baby! Let’s see how well it works…

Note: I don’t like the iPhone exclusivity, but the application experience is more smooth than all the banks and credit unions that I have experience with. Good first impression so far!

Debit
Debit (@guest_763338)
May 26, 2019 12:17
Debit
Debit (@guest_762822)
May 24, 2019 20:47
doc
doc (@guest_762609)
May 24, 2019 08:24

So Zero starts an online bank that will offer a free checking account with a debit card… with rewards; and, Zero thinks that the offer will be unique?

doc
doc (@guest_762611)
May 24, 2019 08:34

Also, this seems like it will get abused and either close up shop, or downgrade the rewards, in less than a year.

qmc
qmc (@guest_762627)
May 24, 2019 10:17

Abused is the answer. It’d be a popular “referral thread” for sure — 4 referrals gets you metal card and 3% CB tier.

tuphat
tuphat (@guest_762637)
May 24, 2019 10:47

Is there a DoC referral thread for Zero?

Matt
Matt (@guest_762639)
May 24, 2019 10:52

The concept of having a credit card with a linked checking account that automatically “debits” the amounts spent is novel enough that I think the credit-averse would be willing to try it out, the Dave Ramsey crowd, essentially. As for abusing the rewards, it depends on if referrals get you 3% status for life or only for the year, the other tiers really aren’t all that great.

Hari
Hari (@guest_762657)
May 24, 2019 11:49

The Target Red Debt card is in a way very similar.

Frank
Frank (@guest_762661)
May 24, 2019 12:03

3% for a year. Need $100k spend on the card to keep it.

I don’t understand the hate — basically a CC that doesn’t take credit risk. Not sure how much CC revenue comes from late fees + interest vs interchange fees but to me it seems fairly viable. Obviously first year offer is aggressive but year one is about scaling, not profits