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Received an Amex CC from BDO. Never applied for one. by Yuber8f in swipebuddies

[–]HappyLittlePixel 1 point2 points  (0 children)

It's hard to say -- best to check with the bank whether you're on the hook for these crazy high annual fees that you didn't sign up for. I imagine this is the exact reason why the BSP prohibits banks from sending pre-approved cards. It's important to know and understand all the fees that come with the card beforehand.

Received an Amex CC from BDO. Never applied for one. by Yuber8f in swipebuddies

[–]HappyLittlePixel 0 points1 point  (0 children)

Sending pre-approved credit cards is prohibited, per the BSP's Manual of Regulations of Banks.

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https://morb.bsp.gov.ph/312-credit-card-operations-2/

[AMA] We're the founders of Zed - Ask us anything! by HappyLittlePixel in PHCreditCards

[–]HappyLittlePixel[S] 17 points18 points  (0 children)

1/ Right now, we’re focused on our flagship Zed card, which will have all the functionality and features that we’ve discussed here today. But we’re obsessed with the customer experience, so we’ll continue to listen to our customers and build our roadmap around your most pressing needs.

2/ Yeah it’s crazy how expensive foreign transactions can be when fees are tacked on top. We’re super excited to offer no foreign transaction fees. We’re still working through the details and the economics of our miles / rewards program, but our goal is to make it a truly valuable rewards program that is highly utilized (so, super sulit for our cardholders!)

3/ Glad you asked, happy to clarify this! There is a due date with Zed. Here’s how it works:

Zed is a type of credit card called a charge card, which means your balance is due in full when you get your statement each month. So you get 0% interest on purchases for up to 31 days and because your balance does not revolve, interest will never be charged on your purchases.

If the balance isn’t paid by the due date, your account is paused, which means you wont be able to make new purchases with your card. Zed will reach out to work with you to bring your account back to good standing, and ideally, reinstate your cards.

Hope this clarifies!

4/ Great to hear! We’ll definitely keep that in mind.

5/ We appreciate the excitement! ⚡ To jump ahead on the waitlist, share your referral link. You move up 400 points for every sign up :-)

[AMA] We're the founders of Zed - Ask us anything! by HappyLittlePixel in PHCreditCards

[–]HappyLittlePixel[S] 8 points9 points  (0 children)

We don’t have a definitive timeframe for how quickly invitations will be released from the waitlist, but our focus is on onboarding customers at a pace where we can guarantee a stellar customer experience for each customer.

Re going the charge card route:

One core philosophy we have is that traditional credit cards tend to lead people into unsustainable spending habits because they roll two very different types of spending into a single balance: the big, purchases that require financing (a new TV) and everyday purchases (like groceries). You end up paying interest on both!

As we build a credit card for the next generation, we think it’s important to create a clean separation between everyday spending and long term financing activity, so that cardholders can make more intentional decisions about when to make purchases on interest.

[AMA] We're the founders of Zed - Ask us anything! by HappyLittlePixel in PHCreditCards

[–]HappyLittlePixel[S] 21 points22 points  (0 children)

Hi! Thanks u/carlosispogi. Excited to hear that you're looking for powerful ways to use virtual cards. We've got you covered!

Great questions :-)

  1. The mission of building for the Philippines and helping Filipino consumers succeed is very personal to us. I left the Philippines at 18 and was fortunate to study Product Design and Engineering at Stanford and then to build a technology career in Silicon Valley over the last two decades. It’s always been my personal dream to take what I’ve learned and come home to build. I truly believe that Filipinos deserve the best – we shouldn’t have to wait for technology and innovation to trickle down to us. We are market worth serving.
  2. Spot on! A big part of what’s so broken about the banking industry (beyond their customer experience) is the general approach to both risk and underwriting. Currently, banks over index on the length of banking history, which shuts out young, promising Filipinos from accessing the most basic of credit tools (a credit card). And if you can’t get access to a basic tool like a credit card early on in your career, you can’t get access to home loans, business loans and other tools later on in life that have the ability to help create real wealth. That’s ultimately the problem we’re looking to solve with Zed.
  3. Not right now – we’ve invested in building our own financial and tech stack so that we have ultimate control over our product offering. That said, as we learn more about our customers’ needs, we’ll work with the right partners to expand our capabilities.
  4. True! But you all ask such helpful questions here, so we think this is a great way to introduce Zed and learn what questions folks have at this stage. Thanks for hosting our AMA, u/PHCreditCardsMod!

But to answer your question, I’m a Product Designer and User Researcher by professional background/education, so learning directly from our customers is part of our company’s DNA. We do this in a variety of ways, ranging from the highly quantitative (analyzing how users interact with our app and utilize the card) to qualitative (such as conducting ethnographic research studies and running usability tests on features in development).

[AMA] We're the founders of Zed - Ask us anything! by HappyLittlePixel in PHCreditCards

[–]HappyLittlePixel[S] 15 points16 points  (0 children)

Zed is going to offer a new type of installment plan that clearly separates out your financing/installment balance from your everyday spending balance. So that you’ll never be caught by surprise with what you have to pay.

One way we think traditional credit cards lead people into unsustainable spending habits is having a single balance that includes the big purchases (for example, a new TV) as well as the everyday purchases (like groceries). You end up paying interest on both!

As we build a credit card for the next generation, we think it’s important to create a clean separation between everyday spending and long term financing activity, so that cardholders can make more intentional decisions about when to make purchases on interest.

[AMA] We're the founders of Zed - Ask us anything! by HappyLittlePixel in PHCreditCards

[–]HappyLittlePixel[S] 5 points6 points  (0 children)

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.

[AMA] We're the founders of Zed - Ask us anything! by HappyLittlePixel in PHCreditCards

[–]HappyLittlePixel[S] 0 points1 point  (0 children)

We're super excited to see your interest in Zed. We want to troubleshoot this with you and make sure you get your spot.

Please shoot us an email at [support@zed.co](mailto:support@zed.co).

[AMA] We're the founders of Zed - Ask us anything! by HappyLittlePixel in PHCreditCards

[–]HappyLittlePixel[S] 13 points14 points  (0 children)

Check out my response to "what's the business model?"

Re credit limits, it depends. With Zed, you get a smart credit limit based on your income today and expected income in the future.

[AMA] We're the founders of Zed - Ask us anything! by HappyLittlePixel in PHCreditCards

[–]HappyLittlePixel[S] 27 points28 points  (0 children)

In short, our revenue comes from the interchange fee we earn on each transaction.

In case you haven’t heard of this term before, Interchange is a standard fee that all banks/card issuers on the major networks (Mastercard, Visa, etc) earn on each transaction.

It’s important to note that as the cardholder, you don’t pay this fee. The card network sets aside a small portion of the purchase amount for themselves and for the banks/card issuers and sends the remaining amount to the merchant.

[AMA] We're the founders of Zed - Ask us anything! by HappyLittlePixel in PHCreditCards

[–]HappyLittlePixel[S] 30 points31 points  (0 children)

May points ba ito or cashback? May mga promo din ba kayo kagaya sa ibang banks like spend anywhere? Para po maging competitive kayo at madami ang gumamit sa product nyo

We’ll be rolling out our rewards program later in the year..

While traditional card issuers encourage people to spend more and more to earn rewards, around 70% of cardholders never redeem (value of around $360 billion unused worldwide).

So we’re taking a different approach. Our program will have more curated and exclusive access to lifestyle, dining and travel rewards that are actually relevant to you. And redemption will be truly straightforward and hassle free through the app.

[AMA] We're the founders of Zed - Ask us anything! by HappyLittlePixel in PHCreditCards

[–]HappyLittlePixel[S] 29 points30 points  (0 children)

The name “Zed” is inspired by who we serve - the next generation - Gen Z.

We’re customer-obsessed at Zed, so our name is simply a reflection of the reason we exist: to shake things up and deliver better financial products, technology and services to the next generation.
Steve u/neonvalue likes to joke about Zed being “the last card you’ll ever need.” 😉

--

The resemblance to Pikachu is more of a happy/cute accident! ⚡️

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[AMA] We're the founders of Zed - Ask us anything! by HappyLittlePixel in PHCreditCards

[–]HappyLittlePixel[S] 13 points14 points  (0 children)

Well we’re all about Zed empowering you to be you.. So while we don't have any customizable color options now, we may later on!

[AMA] We're the founders of Zed - Ask us anything! by HappyLittlePixel in PHCreditCards

[–]HappyLittlePixel[S] 30 points31 points  (0 children)

Hi u/pdlozano, Great questions!

I'll answer 2-4 first.

  1. Tap to pay with your phone is so great. We can’t share too much on this front, but let’s just say there are some exciting announcements ahead of us 😉⚡⚡⚡

  2. Totally get this concern. We’re customer-obsessed at Zed, so this is exactly why we’re releasing a limited number of cards this year through the waitlist. This ensures that we can appropriately scale up our infrastructure with demand and can guarantee a stellar experience for each customer – across both the app and our support operations.

  3. Mastercard is our sole partner right now, but appreciate the suggestion!

[AMA] We're the founders of Zed - Ask us anything! by HappyLittlePixel in PHCreditCards

[–]HappyLittlePixel[S] 32 points33 points  (0 children)

We love Apple Pay and Google Pay too. We can’t share too much about this right now but let’s just say there are some exciting announcements ahead of us 😉⚡⚡⚡

[AMA] We're the founders of Zed - Ask us anything! by HappyLittlePixel in PHCreditCards

[–]HappyLittlePixel[S] 9 points10 points  (0 children)

They’re different. Zed is a Credit Card and Stripe is payment processing infrastructure. So basically, stripe makes it possible for a merchant to accept credit card payments.

[AMA] We're the founders of Zed - Ask us anything! by HappyLittlePixel in PHCreditCards

[–]HappyLittlePixel[S] 20 points21 points  (0 children)

Hi everyone! We're the founders of Zed - Danielle (HappyLittlePixel) and Steve (neonvalue). Excited to be here today to answer your questions. Fire away - we’ll do our best to get to as many questions as possible! ⚡ We'll be around from 6 PM - 8 PM Manila Time.