Zopa Bank has unveiled details of its first-ever credit card.
The digital bank, which was launched by the UK’s oldest peer-to-peer lender, said its aim was to design a product that would help customers stay in control of their money and their debt.
It includes a “safety net” feature that allows customers to lock away part of their available credit balance for small unexpected expenses.
Customers set their own personal financial buffer when they initially set up their card and receive an instant notification to let them know they’re getting close to their safety net limit.
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Users will not be charged any fees should they need to use their safety net funds.
Zopa’s credit card also includes real time balance updates and spending alerts.
Card information can be accessed through Zopa’s app where users can also freeze their card if it is lost or stolen.
It has a representative variable annual percentage rate of 34.9 per cent based on an assumed credit limit of £1,200.
“The credit card market hasn’t caught up with the standard of other digital products and customers have been waiting too long for a better experience,” Jaidev Janardana (pictured), chief executive of Zopa, said.
“At Zopa, we believe that credit cards need to be revolutionised so we have built a card designed around putting the customer in control. Industry firsts such as our safety net feature and handy tools like real time credit balance updates help customers manage their money effectively, enabling them to build a good credit profile.”
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