LendingTree launches new credit card product
US-based loan comparison site LendingTree has launched a new credit card product which allows users to make payments with a fixed interest rate.
The LendingTree ‘win card’ will also offer two per cent cashback on all purchase categories.
LendingTree said that the win card aims to encourage responsible credit behaviour through the redemption of cash rewards and a clear payment schedule with predictable payments, more akin to a personal loan repayment plan.
The amount of available credit will increase when consumers are able to improve their credit score or meet other credit criteria.
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“There are credit cards, and then there’s the win card,” said Doug Lebda, founder and chief executive of LendingTree.
“The win card takes the guesswork out of rewards, without any annual fees, while encouraging financial progress. What makes the win card especially unique is that it offers two per cent cashback on everything, even to cardholders who have yet to earn excellent credit.
“And the features of the LendingTree win card are structured in a way to help you avoid the credit card trap, giving you the power to win.”
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The win card is available now to existing LendingTree account holders. It initially offers one per cent cashback with zero annual fees. Cashback is doubled to two per cent when cardholders set up automated payments and log into their account at least once a month.
LendingTree partnered with fintech company Upgrade to launch the new credit card product. Upgrade’s chief executive Renaud Laplanche was the former chief executive of US peer-to-peer lending giant Lending Club.
“We’re thrilled to partner with LendingTree to help more consumers avoid the pitfalls of revolving credit card balances,” said Laplanche.
“The LendingTree win card is a great example of how a credit card can actually better your financial health and create healthier financial habits.”
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