NEW YORK—Consumer fintech OnePay has launched a new credit-building product designed to give consumers a simpler entry point into establishing credit, with the company unveiling a Builder Card tied directly to its app and linked to a customer’s Cash account, according to PYMNTS.
The Builder Card allows users to make purchases based on their available Spend balance, while the app automatically sets aside funds to cover those transactions and helps facilitate payments. OnePay said it then reports positive payment activity to the three major credit bureaus as part of the credit-building process.
PYMNTS reported the product does not require a credit check or upfront security deposit, and OnePay said the card also carries no interest charges, late fees, or monthly or annual fees—features the company said are intended to lower barriers for consumers trying to establish or improve credit.
According to PYMNTS, OnePay said the Builder Card is part of its broader push to combine banking, credit and everyday money tools into a single user experience, as fintechs continue looking for ways to deepen customer relationships by embedding more financial functions inside their apps.