Even if you live entirely off the grid, there is a good chance you are still using Amazon and Facebook on a daily basis – so it isn’t all that surprising (in fact, it’s about time) that these companies are making significant investments in closing the gap between the finance and digital worlds. From Amazon’s newest credit card to Facebook’s announcement that it is investing in the cryptocurrency world, the fintech landscape appears to be building some much-needed momentum.
But Amazon’s new “Prime Store Card Credit Builder” credit card has its fair share of shortcomings. The card was designed to enable its credit-challenged customers to build credit worthiness, and once a new cardholder makes a deposit to secure the card, they can use that existing credit to make purchases through Amazon.com. While the card has no annual fee and offers card members with Amazon Prime 5% cashback, like other store cards, its usage is limited only to the products available through Amazon directly. While this card may help existing Amazon customers improve their credit standing long term, it won’t be there when you need it for non-digital purchases on gas, travel, trips to the grocery store or other common expenses.
Competitors in the space, like Brim Financial, were designed for much broader use. Brim is available anywhere in the world that Mastercard is accepted, but it isn’t restricted by the same limitations as retail cards (like the Amazon Store Card). Brim’s cardholders receive points for every purchase they make, and unlike cash back, those points can be used on any future or existing purchase. Real-time spending and budgeting tools make this card a great tool for anyone hoping to easily view and manage their budget and finances. With the user experience brought to the customer through a native app, Brim’s technology innovation is put directly into the hands of its cardholders.
As the fintech segment continues to evolve and innovate around rapidly changing consumer needs, companies that are able to build dynamic products and services around those needs can provide value to these customers in ways that are relevant and fit in with their lifestyles. Brim Financial is on a mission to do just that.