Zero announced moments ago on Facebook that they are shuttering their credit card which offered 1-3% cash back on all purchases. Instead they’ll focus on their new hybrid checking/high-yield savings product.
Hat tip to reader John
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Anyone find a way to remove money that is in this account? Tried ACH from Discover checking that failed with bank routing/account for Zero provided in the app.
The email notification told me I still had 30 days to transition. When I swiped it today it got declined. F-ing company giving inaccurate heads up less than 24 hours before shutting down a product.
We should probably expect the same trick from level bank then
This card had some juice for the first 4 months when you were able to get the 3% from Plastiq (plastiq saw it as a debit card). Unfortunately Zero caught on and stopped giving the 3% back from Plastiq.
Agreed. I only got like 1.5 month of it.
I think there’s a lot more opportunity with a 1% debit card than another ~2% credit card.
I’ve got the Discover Cash Back Debit… well worth the 1% back… especially since you get the cashback match, so can put it on the debit instead of the credit card
The card was too gimmicky to work anyways. It only earned 3% back if you spent $100,000 a year OR got 4 people to apply for the card through referrals. Otherwise, you’d probably be earning 1% to 1.5% back. Much better value elsewhere.
I feel bad for anyone who actually tried to attain Carbon status by spending massively on the card over the past year.
IMO the card was of great value for those of us who attained Carbon during the initial signup period. Agreed that it’s just a gimmick for everyone else.
The math never works and I don’t know how they fool investors into thinking it will
We failed offering you a credit card so now try our bank account lol
Sad was hoping for a great 3% card for general spending, could only find 2% cards
Ollo has a credit card with 2.5% but it’s invite only
Also read as bad credit only.
I had scores in the 740-750 range when I got an invite back in July. Admittedly, I had some moving costs on other cards (0% APR, of course, not that they probably knew that), so I think that may have played a role.
Now that I’m not worried about 5/24, I kind of wish they’d send me another invite.
Yep i tried the experian credit thing and it wouldnt show for me, damn me and my excellent scores
Am I the only one with decently good experience with Zero?
To be sure, they have a lot of problems. But there’s a lot of value in having a 3% cash back card. Perhaps it really isn’t a well thought out model, but I’m surprised that the card didn’t even last a full year… especially after spending 2+ years on its roll out.
My experience was mediocre at best. Yes, I loved the 3% cashback but you were required to pay the bill via their checking account to get rewards which meant no autopay from your HY checking account and you had to look at the physical statements to see how much was due and when.
That’s what annoys me — spent months waiting, blew a hard pull, and barely got to use it. Now they are pitching their “high yield” account which is probably .2%
Fair. I didn’t like that requirement either. But the app is easier to use than I anticipated and it’s not a huge deal to transfer money into the Zero checking and then use it to pay. I also didn’t mind having some cash sitting in that checking account since Carbon members earn 2% (still don’t know when I’ll get that interest payout… that’s problem for another day).
Not surprised.