Zed: The New Credit Card With No Interest and No Annual Fees
Created with Southeast Asian users in mind.
(SPOT.ph) Filipino consumers now have a new option for finances with the Zed credit card getting authorization from the Bangko Sentral ng Pilipinas (BSP) on June 27.
Unlike traditional credit cards that come with a laundry list of fees, Zed is a Mastercard Titanium credit card that offers no annual fees, no interest rates, and no foreign transaction fees. This makes it a great choice for Filipinos looking to manage finances more efficiently without the burden of hidden costs.
Interested? Here's everything you need to know about the Zed credit card.
Also read:The Best Credit Cards With No Annual Fees in the Philippines
What to know about the Zed credit card
Zed is a tech-savvy neobank founded by Silicon Valley engineers, including co-founder Danielle Cojuangco Abraham, who grew up in the Philippines.
"Zed was founded on the belief that young people deserve so much more from their financial institutions. We built Zed from scratch, put powerful tech at its center, and designed it for Southeast Asians above all," it says on Zed's official website.
What makes Zed credit cards particularly appealing is its digital-first approach. The accompanying mobile app lets users to monitor transactions in real-time, set spending limits, and even lock or freeze the card if it gets lost.
Additionally, the app simplifies monthly bill payments with the InstaPay QR code system, which allows for instant settlements from any bank app or e-wallet.
Zed also works internationally with any merchant that accepts Mastercard.
According to Abraham, having no foreign transaction fees is a key feature for Zed, so this perk is "not going anywhere." She answered in Zed's Ask Me Anything session on Reddit: "Zed's all about empowering the next generation to experience the things they value most in life. Travel is a huge part of that!"
How to get a Zed credit card
To join the waitlist, visit Zed’s official website.
Zed is only releasing a limited number of credit cards throughout 2024 on an invite-only basis, with a rewards program to be rolled out later in the year according to Abraham. The company has already seen significant interest, with nearly 40,000 sign-ups on its waitlist since it launched in March.
As for when customers can receive the Zed credit card invitation, this is what Abraham had to say:
"We don’t have a definitive timeframe for how quickly invitations will be released, but our focus is on onboarding customers at a pace where we can guarantee a stellar customer experience for each customer. So if you're on the waitlist, stay tuned for your invitation."
Also read: 10 Beginner-Friendly Credit Cards You Can Apply for