Pulp clients rely on credit cards much more than the general population, so we want to make sure they’re utilizing the right cards for their situation
Credit card rewards today provide exceptional possibilities for qualified people to earn rewards, so all people should take advantage responsibly
Many young persons aren’t but using credit cards, so we want to help educate them on the way to use credit cards responsibly
Unveiling the 1st phase of our new credit card marketplace
When we started Pulp almost 5 years ago, our goal was simple: to bring transparency to the perplexing world of student loans. We built our marketplace so persons might understand the coed loan innovations available to them, and with a bit of luck opt for the right loan for them.
That precept – transparently and clearly proposing people with information necessary to make considerate possibilities about their financial products – serves as the foundation for our latest undertaking: credit cards.
Today we’re overjoyed to unveil the 1st phase of our new credit card marketplace, here. A lot more is coming within the months ahead, but for now, you can compare cards, learn the perks each card gives and apply for whatever suits you best. Soon, you’ll also be able to examine the dollar value of rewards and optimize your wallet based in your spending activities.
Why credit cards?
It’s notably straightforward. Connecting our users to the right scholar loans, whether they’re refinancing or getting one for the 1st time, sets them on a greater financial path.
But student loans are just one part of our users’ financial picture. As our loan marketplace took off, we started asking ourselves, what other financial products play a massive role in our users’ lives, and how can we help them make better possibilities with those, too?
So we became to our users. We regarded at how they earn, spend and save money. And one thing struck us notably quickly. At a rate greater than the general population, our users rely on credit cards.
Our clients have 3.4 cards on average, and once they carry a balance, they carry about $6,600. A research from the credit reporting company Experian discovered that the general adult population averages 2.35 cards with about $5,500 in balances.
But something else stood out, too
Our users have credit rankings bigger than average, which means they’re making payments on time, spending below their credit limits, and acting responsibly in other ways with their credit cards, even whilst maintaining those greater balances. That positions them well to take advantage of many of the best cards available.
Credit cards are now presenting extraordinary rewards to qualified consumers. Banks spent twice as much on credit card rewards in 2016 than they did in 2010. Creating numbers of cards now provide 2 or even 2.5% flat-rate cash back on purchases, once they used to accurate out at one percent. Register bonuses are significant. The New York Instances describes the contest to entice clients with increasingly lavish rewards as an €œarms race.€
If you’re credit worthy, it’s a buyer’s market to take advantage of these gives and correctly earn money, within the style of cash back, points for travel, or different perks, that credit cards offer. We want Pulp clients to get back every penny possible on their spending.
But it’s not just about our current users. Despite the fact growing numbers of persons possess and use credit cards, after we looked simply at young people, persons in all likelihood now not but familiar with Pulp, we found quite a few them – as many of two-thirds, experiences exhibit – have no credit card at all.
There’s a large opportunity, we believe, to educate youthful people especially, about some great benefits of credit cards and attach them with the right cards for his or her situation, perhaps for the 1st time. They can start constructing their credit histories and maybe earn anything extra when they spend responsibly. A good place to start that spending is through charging many of the $10,000 they spend annually on eating out, groceries, outfits and entertainment, charges many younger persons pay for in cash already.
Now, we all know quite a few our clients and others aren’t but financially healthy enough to qualify for the foremost generous cards. No matter your creditworthiness, when you use a credit card it should be the absolute best card available to you.
Building a better way for persons to locate the right credit cards
So that’s the pondering that went into deciding to offer what we think will ultimately be a bigger way for people to locate and select the correct credit cards. Navigating the thousands of cards out there’s no small feat. We are hoping that what works in our loan marketplace – creating a straight forward one-stop-shop that educates people on loans and facilitates them decide upon the correct ones – also makes our credit card marketplace an efficient and relied on resource.
Take a appear and tell us what you consider it so far. We’re simply getting started.
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