The Zerocard, found online at ZeroFinancial.com, describes themselves as a new type of debit card and credit card hybrid which promises that “banking has never been so rewarding.”
How Does It Work?
According to their website, the goal of the Zerocard is to provide their users with “debit-style functionality with credit card rewards” so that their customers can have the best of both worlds when it comes to purchasing products with a banking card.
Zero Financial says that debit cards are great because people are able to track deposits and spending all in a single place. But debit cards are unable to provide their users with rewards because of “a complex set of regulations.” Credit cards, on the other, charge companies merchant processing costs which can be returned to card holders in the form of rewards.
In order to provide their customers with rewards, Zerocard is technically classified as a credit card and not a debit card, but they strive to provide their customers with the debit card functionality, meaning that purchases, deposits, and withdrawals are all available in a single statement with a real-time net balance.
In order to try and promote themselves as a debit card while actually being a credit card, Zerocard has come up with a somewhat complicated concept fee structure. For example, in order to maintain their card and have the opportunity to move up to another card that offers better rewards, customers have to meet certain spending requirements or will be required to refer a certain number of new customers to use their service.
In addition, customers will be sent a bill each month for their Zerocard service, just like a credit card, but they tell their customers that they “won’t have to worry about it” as long as you agree to the recommended terms of the Zero banking experience, which include automatic payments in full and paperless statements.
Since this is a financial company that operates debit and credit cards, they are not going to offer their customers a traditional or standard Refund Policy. Customers who believe that charges or fees were applied to their card inaccurately will have to call their Customer Service team and deal with each issue on an individual basis.
Customer Service Contact Info
Customers who would like to contact Customer Service with any questions, concerns, or complaints can do so by email at [email protected]
Unfortunately this product is not yet sold on the open market so there are no customer reviews available at this time. That being said, there are some clear concerns that customers will want to consider before signing up for this product when it is actually available.
The biggest, of course, is the fact that this card is absolutely a credit card and not a debit card. A debit card doesn’t require any special behavior from their customers – users will spend as they choose, as long as they have the appropriate amount of money in their account.
This company does require their customers to take various actions in order to “pay” for this card and the rewards they are offered, and though it isn’t clear at this time, the likelihood that customers will be charged significant fees for this card if they fail at referring new users to this card or at meeting their regular spending requirements.
The bottom line is that customers should understand that this is a credit card that will charge them fees for using their card, and they should not sign up for this card unless they feel they are able to manage their specific requirements. This is especially important because as a credit card, it will affect your credit score.
Competitors and Alternatives?
There are a variety of different kinds of credit and debit cards available online which provide their customers with a variety of different rewards, advantages, or benefits, so people looking for alternatives to Zerocard will have many other options available to them.
If you have any experience with this company or their products, please leave your Zerocard reviews below.