But is a colourful card and novel ‘Safety Net’ feature enough?
Zopa’s colourful card boasts a handful of novel features, including a ‘Safety Net’ option that ringfences part of a customer’s available credit for emergencies, and real-time credit balance updates.
The card also includes all the fintech-y features one would expect from a new card+app product in 2020, including instant notifications on purchases, spending categorisation, the ability to freeze the card, and block certain types of purchases like gambling.
“The credit card market hasn’t caught up with the standard of other digital products and customers have been waiting too long for a better experience,” said CEO Jaidev Janardana announcing the launch today.
“At Zopa, we believe that credit cards need to be revolutionised so we have built a card designed around putting the customer in control. Industry firsts such as our Safety Net feature and handy tools like real time credit balance updates help customers manage their money effectively, enabling them to build a good credit profile.”
Zopa said that the features available today are just the start, and that its credit card would be developed “in line with customer feedback and offer even more innovative, beneficial features in the future.”
Pricing appears to be in-line with the majority of cards, with a representative rate of 34.9% APR variable based on an assumed credit limit of £1,200.
That means Zopa certainly won’t be topping any credit card league tables any time soon as many cards boast 0 per cent borrowing for a year or more, and similarly Zopa doesn’t appear to be including any cashback or points on spending with its card.
The lender will surely be hoping that its unique features and clear messaging will be enough to win over a new generation of borrowers.