Fintech
This unique fintech could help working families improve their personal finances
Getting access to good bank accounts and building credit is often more difficult for people who earn lower incomes or who work multiple part-time jobs with inconsistent work hours. As a result, some of the people who can least afford to pay extra fees for banking services end up being overcharged with predatory payday loans, expensive check cashing services, and other non-bank financial services that cost more than at a bank or a credit institution. Union.
A fintech company called Reset (getreset.co) is trying to help low-income people improve theirs personal finances with better access to wages earned, without having to wait for payday. The Reset card is a unique type of pay-on-demand or “access to earned wages” card that works like a debit card, but without having a checking account.
Let’s see how the Reset card can help workers achieve better financial well-being, with the support of a bank, but without bank fees.
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What is the recovery “smart card”?
The Reset card is a unique way to manage your spending – it’s not a credit card (no credit check or line of credit required) and is not a debit card (not linked to a checking account). But it works the same way as a debit card: it has the Visa logo on the front and can be used anywhere Visa debit cards are accepted.
Reset is an income-linked “smart card” that connects to payroll platforms where its customers get paid. Wherever you get paid, whether you work multiple gigs or work part-time, Reset can connect to those systems and track your income as you earn it. If you wish, you can access your salary every day. The card allows you to get paid sooner, without interest or fees.
How the Reset tab works
The Reset Card connects with major employers, payroll providers, gig platforms and government benefits systems. If you have at least $500 in monthly income from one of these Reset-friendly sources and agree to make at least $500 in direct deposits through Reset, you can use the Reset card. Visit the Reset website to see if you are eligible to participate. The Reset tab is not available in Missouri, Nevada, or Wisconsin.
Unlike a credit card, where the amount you can spend is based on an approved credit limit, or a debit card, where the amount you can spend is based on the amount of money in your checking account, the Reset card allows you to spend based on your earned salary. It tracks how much money you’ve earned from your job or other commitments and lets you spend money at any time, even if it’s not “payday” yet. The Reset card allows you to control your spending. Every day can be payday if you want.
Reset does not charge its customers monthly fees, interest or late fees. Reset only makes money from the swipe fees that merchants pay when you use your card to spend money.
What other support does Reset offer?
Along with the Reset card, Reset customers can register for the Reset Financial Companion app. This gives people an overview of their income, spending and personal finances, all in one place. View your recurring expenses, pay attention to your spending limit (which changes from day to day based on your income and expenses), and link Reset to your other bank or credit union accounts. It’s like an integrated budget management app that works with your Reset card.
Although Reset is not a bank, it partners with Stearns Bank, N.A. (FDIC insured) to issue the Reset card and provide banking services. Even if you are unbanked or underbanked, the Reset card can help you get the protections and benefits of the banking system, without commissions.
Who should use the Reset card?
The Reset card might be a good choice for some types of people and situations:
- You currently don’t have a bank account (you don’t have a bank account at all)
- You are underbanked (you don’t have a bank or card that is your “home base” for your money
- You work multiple gigs and get paid inconsistently
- You’re living paycheck to paycheck
- Have you recently used payday loan services or check cashing services
- You want an easier way to get paid sooner and manage your personal finances
Keep in mind that the Reset card is not a “credit card” and does not help you build credit. There is no credit check or security deposit. If you want a way to build credit, consider applying for a secured credit card. Or you may want to look into the Sesame Credit Builder Credit Sesame debit card.
Bottom line
People who live paycheck to paycheck and get paid from multiple gigs may want to consider the Reset card as a unique way to manage their daily expenses. The Reset card allows you to get paid sooner by accessing your earned wages through gig platforms and payroll providers, without interest or fees.
There are some limitations to this card; Reset is not a bank and the Reset card does not help you build credit. But this could be a good solution for people who are experiencing the risks of being affected without banks. People work hard for their money and deserve to receive it when they need it, without paying excessive fees.
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