Philadelphia-based fintech cred.ai has launched an AI-powered credit card, designed for Gen Z and Millennial customers.

The Unicorn Card, issued by Wilmington Savings Fund Society (WSFS) and licenced by Visa, runs on a proprietary platform. Its features include no fees, no interest, credit optimisation, self-destructing account numbers, spending on future paychecks, customisable settings, and a solid metal card.

Ry Brown, cred.ai CEO and co-founder, said: “Banking is so regulated, so antiquated, so daunting, it’s understandable why consumer card products have barely changed over the past decade. Thankfully, we’re a crew of hackers, artists, and scientists, with just a couple recovering bankers in the mix.

“Our outsider perspective has been one of our greatest assets. We’re not imprinted with traditional concepts of what’s possible or expected, so we get to believe we can tackle any idea we dream up, as long as we have enough coffee.”

Exclusive features 

cred.ai has promised to introduce exclusive features regularly, with its current portfolio including:

  • Stealth cards designed for risk transactions;
  • Flux Capacitor allowing users to see future transactions and automatically spend or budget accordingly;
  • Check Please eliminating the embarrassment of card declines;
  • CreditOptimizer is able to affect credit utilisation, which is known to be one of the most significant factors contributing to credit profiles. CreditOptimizer was built to be card agnostic and is capable of managing and optimising most third-party major credit cards, beyond just the Unicorn Card;
  • the Friend Foe systems allowing users to directly manage the trust and permissions of individual merchants in real-time;
  • and High Security Mode generating secure finite authorisation windows.

All users will also receive a full face true metal card.

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Designed for Millennials 

The announcement comes at a time when only one-third of Millennials own a credit card.

Tim Armstrong, cred.ai investor and founder of the DTX Company, said: “Millennials swipe a lot on social media, but this is a major swipe at disrupting banking. cred.ai is this generation’s version of an Amex Black Card.

“Millennials don’t care about meaningless points and lounge access hiding amongst hundreds in fees, they care about becoming financially stronger, technology and features on the cutting edge, and companies with values they align with.”

While cred.ai has plans to offer ongoing cashback and rewards opportunities, it is not designed for points aficionados.

Dylan Brown, cred-ai President and Co-founder, said: “Our users know that traditional cashback is a karma trap. For an average user, the actual cash back earned winds up being very small, and gets outweighed by fees and interest. But the real issue is that those flashy rewards are supported and subsidised via the suffering of that bank’s lower income customers.  It’s wealth redistribution in the wrong direction.”