NerdUp By NerdWallet Addresses Gap In The
Market; Combines Key Features To Expand Access And Remove Barriers
For Consumers Who Want To Build Credit
NerdWallet, Inc. (Nasdaq: NRDS), a platform that provides
financial guidance to consumers and small and mid-sized businesses
(SMBs), today announced the launch of its first financial product
for consumers—NerdUp by NerdWallet—a secured credit card designed
to help users build and improve their credit responsibly.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20231026591255/en/
NerdUp, a secured credit card by
NerdWallet. (Graphic Credit: NerdWallet)
NerdWallet identified a major gap in the market that needed to
be addressed: Too many Americans are denied access to build and
improve their credit, often because of typical secured card terms,
such as annual fees, high minimum deposits, and hard credit checks.
According to an October NerdWallet survey conducted by The Harris
Poll, nearly one-fourth of Americans (23%) say a lack of credit or
bad credit prevents them from reaching their financial goals.
Approximately 43% say their credit score has negatively impacted
them in the past, according to a September NerdWallet survey
conducted by The Harris Poll. Lack of access to credit prevents
many Americans from buying and renting a home, buying or leasing a
vehicle, saving for retirement, and furthering their education.
The NerdUp secured credit card, offered in partnership with
Bond, is a free card that is uniquely designed to expand access for
consumers who want to build their credit history—combining key
features to remove the barriers typically found with traditional
secured credit cards.
- With NerdUp, there is no hard credit check, meaning many
consumers can finally qualify for a card. In fact, the national
average approval rate for credit cards is approximately 78%—with
NerdUp nearly all U.S. adults can qualify.
- No annual or monthly fees—a rare feature for cards that
don’t require a hard credit check.
- With a low, flexible minimum deposit of $100 (compared
to the industry standard of $200-$300 minimums), NerdUp is
significantly lowering the barrier to entry.
- Users earn 1% cash back on purchases, which is
automatically added to their deposit account—an uncommon feature
that can boost users’ credit limits and enhance their buying
power.
- The average interest rate on credit cards is now well over 20%,
while NerdUp offers a 0% interest rate as users pay off
their balance each month.
- With NerdUp, a user’s free credit score is readily
available in their NerdWallet dashboard, along with access to tips
and insights through their NerdWallet account.
“We don’t strive to offer our own financial products, but in
this case we saw an opportunity to address a gap in the market,”
said Tim Chen, CEO and Co-Founder of NerdWallet. “With NerdUp, we
believe we can create a win-win-win for consumers, traditional card
issuers, and NerdWallet. By leveraging our existing distribution
channels to reduce costs, we are uniquely positioned to design and
offer a product that passes lower costs on to consumers, with a
secured card that requires a low minimum deposit, no annual fees,
and no credit check while also offering cash back rewards, helping
consumers build good credit behavior and unlock new credit
opportunities.”
By providing this product, NerdWallet aims to unlock
opportunities for both consumers and partners. Leveraging its
massive organic reach, NerdWallet intends to guide consumers on
good credit practices through NerdUp’s educational journey, with
the goal of helping them to improve their credit scores. As users
improve their credit, they may qualify for more products and
services. When they do, NerdWallet will aim to connect them with
offerings from their partners, who will in turn have greater access
to an expanded base of eligible consumers. Pairing products like
NerdUp with expert content and comprehensive marketplaces enables
NerdWallet to fulfill even more financial needs for consumers and
small businesses, moving one step closer to building a trusted
financial ecosystem.
“We’re excited to be working with NerdWallet to provide NerdUp,”
said Roy Ng, Co-Founder and CEO of Bond. “We founded Bond to
democratize access to financial services and now together with our
parent company FIS, we are excited to partner with NerdWallet as
they help consumers build their credit history and improve their
financial health.”
NerdWallet believes that everyone deserves the tools needed to
achieve financial health and well-being. Their goal is to continue
meeting consumer demand and, where there is a gap and a need, to
fulfill it in a unique way that delivers value only NerdWallet can
provide.
Consumers can apply for NerdUp today on our website or through
the NerdWallet mobile app.
About NerdWallet
NerdWallet (Nasdaq: NRDS) is on a mission to provide clarity for
all of life's financial decisions. As a personal finance website
and app, NerdWallet provides consumers with trustworthy and
knowledgeable financial information so they can make smart money
moves. From finding the best credit card to buying a house,
NerdWallet is there to help consumers make financial decisions with
confidence. Consumers have free access to our expert content and
comparison shopping marketplaces, plus a data-driven app, which
helps them stay on top of their finances and save time and money,
giving them the freedom to do more. NerdWallet is available for
consumers in the U.S., UK and Canada.
"NerdWallet" is a trademark of NerdWallet, Inc. All rights
reserved. Other names and trademarks used herein may be trademarks
of their respective owners.
About Bond
Bond enables any company to become a fintech. Through Bond’s
full-stack embedded finance platform, customers can offer
personalized and compliant financial products to their end users,
with a focus on high-value-add products such as consumer and
commercial charge cards. Bond was acquired by FIS (NYSE: FIS) in
2023. Visit http://www.bond.tech to learn more.
Survey Methodology: This release
cites two surveys conducted online within the United States by The
Harris Poll on behalf of NerdWallet. One from September 26 -28,
2023 among 2,092 U.S. adults ages 18 and older and one from October
3-5, 2023 among 2,083 U.S. adults ages 18 and older. The sampling
precision of Harris online polls is measured by using a Bayesian
credible interval. For both studies, the sample data is accurate to
within +/- 2.7 percentage points using a 95% confidence level. For
complete survey methodology, including weighting variables and
subgroup sample sizes, please contact press@nerdwallet.com.
Source: According to the SCE Credit
Access Survey, the national average approval rate for credit cards
is approximately 78%. Read more here.
NerdWallet is not a bank. Banking services provided by, and the
NerdUp MasterCard Charge Card is issued by Evolve Bank & Trust,
Member FDIC, pursuant to a license from MasterCard International
Incorporated.
Impact on your credit may vary, as credit scores are
independently determined by credit bureaus based on a number of
factors including the financial decisions you make with other
financial services organizations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231026591255/en/
Press Kate Bondurant press@nerdwallet.com
Investors Caitlin MacNamee ir@nerdwallet.com
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