Experian has a new digital checking and debit card program for those looking to build credit. The new Experian Smart Money™ Digital Checking Account comes with Experian Boost built in, providing even more ways to give consumers credit for paying regular bills like utilities, rent, phone plans, and more.
Experian Launches New Debit Card and Checking Account
The Experian Smart Money™ debit card and checking account is designed by the credit experts at Experian, one of the leading consumer credit reporting agencies. Instead of operating like a charge card – where cardholders purchase with their debit card and then Experian automatically debits the purchase price and counts that as a card transaction – Experian Smart Money™ works by automatically linking with Experian Boost.
What is Experian Boost?
Experian Boost is a free tool designed to help consumers improve their FICO® Score with everyday expenses. The program lets customers link monthly utility bills and other recurring transactions and then reports positive credit actions, such as on-time payments, to the credit bureaus – thereby helping them build credit.
The program works for utility, telecom, rent, and certain streaming service payments. What’s more, Experian does not look for negative payment histories, and the boost benefits are immediate.
This regular reporting can help to quickly raise your credit score after a series of on-time payments. This benefit is often under-appreciated, as payment history is the biggest determining factor in calculating your credit score (35% of a FICO Score and 30% for VantageScore). According to Experian’s data, the average credit score increase from Experian Boost is around 19 points – with some users reporting more significant gains while others reporting little-to-no FICO Score movement.
Related Article: How Does Experian Boost Work?
Experian Smart Money™ Features
One of the great features of the new Experian Smart Money™ debit card is the addition of a welcome bonus – something normally not seen with non-credit card products. New accounts receive a $50 bonus after setting up a direct deposit – a very easy reward to attain.
No Hidden Fees
The card contains no hidden fees of any kind. This means there are no account minimums or monthly maintenance fees. Some credit builder debit cards charge a monthly maintenance fee or a surcharge for access to credit-building features or elite rewards. Not so with Experian Smart Money, however.
Reload at Thousands of Merchants
Equally enjoyable is loading funds via cash at select retailers nationwide. Cash reloads are accepted through specified third-party money transfer services that participate in the Mastercard rePower Load Network, including Green Dot, MoneyGram, and Vanilla. Those wishing to deposit funds the traditional way can also do so, with users able to add money by transferring from another bank account or setting up direct deposit.
Other Card features
There’s more, too. Cardholders enjoy access to over 55,000+ no-fee ATMs worldwide. That feature is exceptional – as anyone who has spent hours on vacation looking for an overseas ATM that won’t charge an astronomical surcharge can tell you. The card is also FDIC-insured for up to $250,000 thanks to a partnership with Community Federal Savings Bank – the card’s issuer.
The Experian Smart Money™ debit card is a Mastercard debit product, meaning cardholders can also expect the following protections and benefits:
|ID Theft Protection||Zero Fraud Liability||Mastercard Global Service customer support|
|Purchase Protection||Extended Warranty Protection||Mastercard Hotel Stay Guarantee|
“We’ve Made it More Seamless”
“With Experian Boost and Experian Go, we enabled millions of people who pay bills regularly to leverage their positive payment history to build their credit profiles. Now, we’ve made it more seamless to have those positive payments reflected with the Experian Smart Money™ Digital Checking Account so more consumers can reach their fullest financial potential,” said Jeff Softley, Group President of Experian Consumer Services at Experian, in a press release. “We have been revolutionizing the way credit and everyday finances mingle, and this offering is a natural next step in how we are using our technology to provide consumers greater credit-building power and financial control.”
Experian Taps Travis Kelce for Assistance
To highlight the launch of the new Experian Smart Money Card, the reporting agency has joined up with two-time professional football champion Travis Kelce of the Kansas City Chiefs. This campaign seeks to generate awareness about the new Experian Smart Money™ Digital Checking Account and debit card. “When it comes to finances, it’s better to work smarter rather than harder,” said Kelce. “This is a great opportunity for me to spread the word about the resources available, like Experian’s new digital checking account to help fans become the champion of their finances.”
“The passion that fans have for Travis and football is a great way to think about your finances – we want consumers to have that same passion for their financial health,” adds Dacy Yee, Chief Marketing Officer, Experian Consumer Services at Experian. “Experian is here to help every consumer take control of their finances, and the excitement around football reaches a diversity of people from college students to seasoned professionals. This new digital checking account can help everyone along their financial journey, including building their credit strength.”
Related Article: The Ultimate Guide to Debit Cards
Featured image by Experian
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