Building credit as a student sets your finances up for success after graduation. A common way of building credit as a college student is through opening a credit card. But without the proper budgeting know-how, a credit card in the hands of a college kid could create mindless spending without a clear plan to pay it back. To provide more options, there’s the Fizz debit card, created to help you build credit. Fizz Debit Card Review
The Fizz debit card was created to help you avoid the trap of overspending and build credit at the same time while in school. Fizz helps you establish your credit score, and as you spend at your favorite stores, you can earn cash back rewards.
What Is Fizz? Fizz Debit Card Review
While studying at Harvard, Fizz co-founder Carlo Kobe was denied a phone plan due to not having a credit score (Carlo is originally from Germany). Meanwhile, co-founder Scott Smith was studying at Cornell, where he noticed a large number of fellow students struggling with credit card debt. The two eventually dropped out of school to find solutions to these problems.
Before long, they created Fizz to offer a credit-building opportunity to college students. The company’s mission is simple: to help young adults achieve their dreams. Specifically, Fizz is working to empower college students to achieve financial freedom and the credit score they need post-graduation.
What Does It Offer? Fizz Debit Card Review
Fizz is focused on helping college students build credit. Here are the features that make the goal a reality.
Build Credit on Fizz Debit Card Review: Build Credit In College
Fizz is a debit card, not a credit card. But unlike a regular debit card, it can still help you build your credit profile and credit score.
The process starts when you link your bank account. Fizz will grant you a line of credit based on your bank account balance. You can start using the virtual version of the debit card immediately or wait for the physical option to arrive in the mail.
Instead of waiting until the end of the month to pay your bill, Fizz has an optional daily Autopay feature that pays off your balance on a daily basis. But if you aren’t comfortable with automatic payments, you can pay off your monthly statement instead.
Fizz reports your transactions as credit payments each month to the credit bureaus. If it doesn’t receive funds for a bill within 45 days, Fizz reports a missed payment.
No Credit Check on Fizz Debit Card Review
There’s no need to pass a credit check to work with Fizz. After all, the company recognizes you’re in the early stages of credit building and wants to help you.
No Temptation To Overspend
The temptation to spend without a clear plan to pay the debt back is a slippery slope for college students and credit cards. The credit card limit will likely be higher than your checking account balance, which makes it feel like it’s a lot of money you can freely spend. A little bit of spending here and there can add up and get expensive, especially with credit card APRs hovering at around 18% these days.
Since Fizz is connected to your checking account, its debit card won’t let you spend more money than you have in your bank account. So, it’s not possible to overspend. Fizz Debit Card Review
Rewards For College Spending on Fizz Debit Card Review: Build Credit In College
When you use the Fizz debit card, you’ll earn rewards at your regular haunts. A few partners that offer cash back rewards include Insomnia Cookies, Chipotle, and Starbucks. Fizz also allows you to select a monthly 3X category, such as gas, dining out, entertainment, etc. Plus, there are campus-specific rewards for your college town favorites.
No Security Deposit Required on Fizz Debit Card Review: Build Credit In College
Fizz is not a secured credit card, which requires users to fork https: up a security deposit in order to spend. With Fizz, you won’t have to fund any money upfront to open this credit-building account. Instead, the debit card will provide a link between your checking account and a line of credit to regularly build credit.
Are There Any Fees? Fizz Debit Card Review
Fizz offers a limited free plan that allows you to check your credit and access some financial literacy and spending and budgeting tools. For access to the debit card, you must pay for a membership at the following annual rates:
- Student Plan: $4.99/month ($59.99 billed annually)*
- Regular (non-student plan): $10.83/month ($129.99 billed annually) *
Having the debit card can help you build credit and earn cash back on your spending. There is no minimum account balance; the company recommends that you keep $150 in your checking account if you are using the autopay feature.
How Do I Contact Fizz? Fizz Debit Card Review
You can connect with Fizz at hello@joinfizz.com or reach out through the chat feature on the app. If you want to connect over social media, contact @joinfizz on TikTok, YouTube, and Instagram.