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Zed sees strong demand for 'no-fee' credit card

Business | Banking & Finance

Zed sees strong demand for 'no-fee' credit card

By Manila Bulletin

Credit-led neobank Zed said there is an "overwhelming demand" for its credit card after securing certificate of authority from the Bangko Sentral ng Pilipinas (BSP).

After a six-month BSP-sanctioned pilot program, Zed, the first neobank to offer credit cards independently, said it is introducing its Zed Card to the public on an invite-only basis.

Zed said its Mastercard Titanium Credit Card has already generated substantial interest, with almost 40,000 people signing up for the waitlist since its launch in March.

Danielle Cojuangco Abraham, Zed co-founder and chief executive, however, assured waitlisted clients that application invitations would be sent out gradually to ensure a smooth customer experience.

Zed said its credit card does not charge any annual fees, foreign transaction fees, or hidden charges. Cardholders also enjoy up to 31 days of interest-free credit, avoiding interest charges.

“We’ve seen really strong engagement among our early cardholders, with transaction volume growing 100 percent month over month and 48 percent of cardholders transacting daily,” said Zed co-founder Steve Abraham.

With $6 million in seed funding from investors like Peter Thiel’s Valar Ventures and industry leaders from companies including Paypal and Nubank, Zed said it is well-positioned for further growth and success in the fintech industry.

Related Tags

Bangko Sentral ng Pilipinas (BSP) neobank

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