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We are initially focusing on life style oriented rewards similar to the Chase Sapphire Reserve credit card.
by patrickmro 8y ago
We are initially focusing on life style oriented rewards similar to the Chase Sapphire Reserve credit card.
- fredophile 8y agoI don't see this as being competitive with the Chase Sapphire Reserve via points. The best use of points with this card is for travel. This can be done either using the points to book travel through their website for $0.015 per point or through transferring to their hotel and airline partners. Assuming someone also has a Chase Freedom United card they can get at least 1.5 points per dollar spent which is equivalent to at least $0.0225 in savings on travel. Combining this with a credit cards purchase protection and other benefits, why would someone choose your debit card over this? Do you plan to add hotel and airline transfer partners to make your points more appealing? Credit cards often have high sign up bonuses. The Sapphire Reserve launched at 100 000 points and later dropped to 50 000. If someone doesn't have one yet, why should they sign up for your debit card instead of the Chase card and putting all of their spending on it to earn the bonus?
- patrickmro 8y agoWe are not trying to compete with an elite credit card. Instead we are offering a product designed to combine some of the perks of a Chase Sapphire into a debit card which prevents you from overspending/going into debt. Many people (especially younger millennials/gen-z) have thin credit files and a strong disdain for credit. We want to prevent folks from getting them selves into financial trouble without missing out on the good parts of having an elite rewards card.