Recap: Zero Raises $20M, Qantas Discount & More

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• Finally got my Zero account! Been waiting since fall 2016. Carbon status baby! Let's see how well it works...

  Note: I don't like the iPhone exclusivity, but the application experience is more smooth than all the banks and credit unions that I have experience with. Good first impression so far!

• Guess who hates strong regulations

  https://www.theguardian.com/us-news/2019/may/22/chemicals-in-cosmetics-us-restricted-eu

• Another one:

  https://www.nytimes.com/2019/05/24/technology/data-leak-first-american.html

• So Zero starts an online bank that will offer a free checking account with a debit card... with rewards; and, Zero thinks that the offer will be unique?

  • The concept of having a credit card with a linked checking account that automatically "debits" the amounts spent is novel enough that I think the credit-averse would be willing to try it out, the Dave Ramsey crowd, essentially. As for abusing the rewards, it depends on if referrals get you 3% status for life or only for the year, the other tiers really aren't all that great.

    • 3% for a year. Need $100k spend on the card to keep it.

      I don’t understand the hate — basically a CC that doesn’t take credit risk. Not sure how much CC revenue comes from late fees + interest vs interchange fees but to me it seems fairly viable. Obviously first year offer is aggressive but year one is about scaling, not profits

    • The Target Red Debt card is in a way very similar.

  • Also, this seems like it will get abused and either close up shop, or downgrade the rewards, in less than a year.

    • Abused is the answer. It'd be a popular "referral thread" for sure -- 4 referrals gets you metal card and 3% CB tier.

      • Is there a DoC referral thread for Zero?