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To live in the United States as an adult You need a credit score unless you want To be relying on other people for Everything back when I didn't have a Credit score I was charged six months Rent up front to rent an apartment 400 Deposit for a cell phone plan a 300 Deposit to set up an account with the Electricity company so I knew I had to Build my credit score now to build your Credit score the most common way is to Simply open a credit card but when you Don't have a credit score it's hard to Get approved for a credit card because You don't have any credit scores so it Leads to a sort of chicken in the egg Type situation but if you're a young Person particularly a student that could Feel like a lot of money so that brings Me to the topic of today's video what Could be the best credit building card Ever so let me introduce to you fizz Fizz is a credit building debit card yes You heard that right a debit card that Builds credit I'll tell you exactly how That works later in the video but first Anyone can apply to and build their Credit score with fizz how however the Card will be especially interesting to Students and I'll tell you why that is Later in the video too and for Disclosure we did partner with fears to Make this video but we're just going to Try and give you as much information as
Possible about the card and then you can Make up your own mind what you think of It so first of all this is how Fizz will Help you build your credit you sign up For the card and connect your bank Account through plaid which is an Industry standard way of linking to bank Accounts that uses Best in Class Encryption you're then given a spending Limit based on how much money you have In your account so you won't overspend You then make purchases with the card And Fizz will temporarily cover those Purchases your purchases are then Bundled together and you pay them off at The end of the day the card has an auto Pay feature so this can happen in the Background without you even doing Anything Fizz then reports your on-time Payments to all three major U.S credit Bureaus Experian Equifax and Transunion So that is how a debit card can help Help you build credit so how do you get It are you still faced with the Situation of needing a credit score in Order to get approved well no Fizz Doesn't carry out a credit check when You apply there's also no annual fee and Because Fizz has been designed so you Can't overspend you always pay your Balance at the end of the day there's Also no interest and no late payment Fees if you do miss a payment instead of Triggering a late payment fee the card
Locks itself up with their safe freeze Feature so you cannot get into more debt Thus it is a very safe way for young People to build credit with minimal risk And if you compare it to other options Out there there are some definite Advantages so regular debit cards don't Build credit and don't earn rewards this Does that but unlike other rewards Credit cards aimed at beginners like the Discover It Card there's no credit check No interest and no fees of any kind now I think you might have just heard me Mention rewards so let's talk about that Now like we said anyone can apply for The Fizz card and build their credit but Where it's going to particularly Interest students is the rewards program So if this takes a merchant to Merchant Approach for rewards it doesn't earn say Just one percent on everything like some Other cards do but instead higher rates At Merchants where students like to shop For example it earns two percent at Shake Shack and Pete's coffee then there Are also some restaurants on the Campuses of certain universities where You can earn extra cash back basically They offer tailored rewards at certain Universities that have a high Concentration of Fizz users and they Even say if you refer your friends and Get all your friends to sign up for Fizz They will come I.E they will start
Working to get perks and rewards for Fizz users at the stores and restaurants On your campus so while everyone can Benefit from Fizz rewards I mean Everyone can go to Shake Shack right but The people who benefit the most will be Students and especially students who go To some of their Target Universe cities Like UCLA or the University of Florida For example so to recap Fizz is a debit Card that builds your credit score it Doesn't perform a credit check when you Sign up but it still reports your On-time payments to all three U.S credit Bureaus it has a daily autopay feature And their safe freeze feature that locks The card up if you miss a payment so you Cannot overspend so what are the pros And cons of this card well I would say That the pros are that this card is very Easy to get since they don't perform a Credit check when you sign up and you Don't have to part with a couple of Hundred dollars as a security deposit Like you would do with a secured card It's also very safe in the fact that it Doesn't let you overspend the average U.S college student graduates with Around three thousand dollars in credit Card debt that's in addition to all Their student debt but with fizz there Is no way for you to rack up that kind Of balance on the card it's just Impossible because of the safe freeze
Feature then what are the cons well if I'm really critical I would say that the Cash Back Rewards are only strong if you Go to one of the universities that fizz Targets I think that's fair to say However Fizz is expanding so hopefully They'll be adding more and more Merchants regular Merchants like Shake Shack and more and more tailored rewards At more universities as they add Colleges to the Fizz ecosystem and Besides most other cards that you would Get at this level to build your credit Don't offer any rewards at all so Actually having rewards in the first Place is kind of a bonus since Fizz is a No risk application no credit check you Can apply and get a Fizz card to build Your credit score and earn two percent Back at Shake Shack then in the future You can get a shiny Amex gold card that Earns four points per dollar back at all Restaurants once Fizz has helped you Build up your credit score so it's not Really a case of either or this is a Credit building card that can pave the Way to greater things whilst helping you Spend responsible while you're in College or if you're not a student During a time where you really need to Keep a good handle on your finances so I Wasn't lying when I said this could be The best credit building card ever and No wonder it's backed by y combinator
The nation's most well-known startup Accelerator that has helped to launch Companies like Airbnb coinbase and Doordash so if you're interested in Fizz Do click the link below or scan the QR Code that's on screen now currently the Fizz app is only available on iPhone but The Android version is coming soon so if You're watching this in the future the Android version may be available already If you sign up through my link and use The code Ben you will get a 20 bonus You'll also get a virtual card Immediately that can be used while You're waiting for your physical card to Be shipped to your address so do check It out and remember it's a no risk Application there's no credit check so You basically have nothing to lose Thanks for watching guys I hope that's Been a helpful review of the Fizz card Do subscribe to my channel for more Personal finance and Credit Card review Videos coming soon we'll see you next Time bye
