Good Finance has announced this week that it will issue its own credit card. The card is available from this summer. For now only for American consumers, but they can use the credit card worldwide.
As you would expect from the company
The Good Finance Card, as the card is going to be, is slightly different than other credit cards. This way you don’t have to pay an annual subscription or other costs for the card. This is the case with almost all other normal credit cards.
You also receive 2% cash back on your purchases via Good Finance Pay, and 3% on purchases in the Good Finance Store. Furthermore, no surcharges are charged for international use. The only thing that costs money is the loan interest on your balance that has not yet been repaid. That interest will be very low, the computer company promises.
Digital credit card or titanium card
You must have an iPhone to apply for the card. You can then pay in web shops and in stores that accept Good Finance Pay.
The credit card is included in a digital version in the Good Finance Wallet on the iPhone, but it is also possible to receive a physical card for those who do not have an Good Finance Pay.
That card is made of titanium and contains no identification numbers like all other credit cards. If you use the physical pass, the cashback reimbursement drops to 1%. Strangely enough you cannot pay contactless with this titanium card.
Automatic overview of what you spend
In the accompanying app you get an overview of your expenses, classified by headings such as food and drink, shopping and entertainment. The latter is done automatically based on, among other things, your location and the store. You also receive a weekly and monthly summary of your spending behavior.
The virtual card on the phone is protected with fingerprint and face recognition technology, as well as a one-time code. In the event of problems, contact Good Finance via the Messaging app.
For the Good Finance Card, Good Finance works with Mastercard and the E-Money bank. It is not known whether the credit card will also be launched in Europe.