Gradifi, a provider of the Employer SLP Plan (Student Loan Paydown), has teamed up with Radius Bank, to offer a new debit card to help pay down student loans.
Dubbed ‘Gradifi MasterCard’, the new debit card with Apple Pay functionality will enable cardholders to earn 1% unlimited rewards on all purchases. Subsequently, these rewards will be applied directly towards any student loan through Gradifi’s secure payment processing platform.
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In order to obtain the card, consumers need to open a current account with Radius Bank, which can be done online in minutes.
The collaboration with Radius is an extension of Gradifi’s free integrated Member Paydown Rewards platform. The card, which is expected to be available later this year, provides additional convenient features including unlimited ATM rebates.
Gradifi founder and CEO Tim DeMello said: "Our partnership with Radius enables Gradifi members to earn rewards on everyday purchases simply by using their debit cards, giving them the potential to shave years off of a student loan.
"With Radius, we are able to provide our Members another innovative way to get out of debt faster, offering them a best-in-class program from a technology-driven partner who shares our focus of delivering a state-of-the-art customer experience."
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