Posted by William Charles on May 24, 2019
Recaps

Published on May 24th, 2019 | by William Charles

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

 

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doc
doc

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

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

qmc
qmc

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

Is there a DoC referral thread for Zero?

Matt
Matt

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

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

Frank
Frank

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

Debit
Debit
Debit
Debit
Peter
Peter

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!

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