Secured bank cards are an alternate for folks and not using a credit score historical past as a result of they go away an quantity as collateral with the financial institution.
With Now, the assure that clients should go away is lower than the quantity they’ll borrow. For instance, for a card with a credit score line of 20,000 pesos, the shopper should go away 6,000 pesos as collateral.
Invex CEO Jean Marc Mercier informed a information convention that the financial institution’s plan is to compete available in the market by product kind relatively than by shoppers.
Now’s plan with this card is to arrange clients in order that after six months of utilizing this secured bank card, they’ll entry a financial institution card with a broader line.
The secured bank card will are available each bodily and digital variations (the latter for on-line purchases) and supply advantages resembling film promotions and cashback at espresso retailers.
