American fintech company Self has rolled out a new Visa-branded credit card for people with poor or no credit history.
Dubbed Self Visa Credit Card, the new offering leverages a unique funding model to offer users with a line of credit without requiring making a direct investment or providing a credit check.
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To check the customers’ eligibility, Self uses its instalment loan programme, known as Credit Builder Account, that allows users to build a positive payment history.
Interested customers must have a minimum of $100 in savings progress in the Self Credit Builder Account to apply for the card.
Self CEO James Garvey said: “The traditional secured card model, while well-intentioned, relies on the consumer having equity to put down before they can secure a card, sometimes starting at $500.
“For a consumer who wants to build credit and might not have that capital on hand, such requirements can be prohibitive.
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By GlobalData“With the Self Visa Credit Card, we’ve rethought the whole secured card model and come up with a novel approach that allows people to build credit without a lot of money up front or the need for a hard credit pull.
“Our model resembles a savings payment plan, with cumulative credit-building benefits because account holders are also building credit while obtaining access to a secured card.”
Issued by Lead Bank, the Self Visa credit card is accepted across the US at locations where Visa credit cards are accepted.
