Zilch, a virtual Mastercard, is a people-first company showing much growth in the UK and US in helping people to obtain financial wellness. The company innovatively helps its consumers to spend their own money in a responsible way. Similar to a bank card, yet with some perks, their app allows consumers to Buy Now Pay Later.
Zilch helps to provide an easy-to-use platform for consumers to reach their financial goals. When a consumer makes a purchase using the virtual Mastercard, they pay 25% of the total right away. The remainder is then split into three payments occurring every other week, over the course of six weeks. This helps consumers to manage predictable cash flow with future personal incoming paychecks. This promotes efficient budgeting. With affiliated stores, there are no fees and 0% APR. With Zilch Anywhere there is a small processing fee upfront and an APR applied
Registered consumers of the app receive periodic soft credit checks so they know what they can personally afford. With good financial and payment behavior the app may reward the user increased spending totals over time. This encourages responsible spending behavior.
The Mastercard ensures to notify its users of every step along the way to encourage financial mindfulness and responsible consumption. Transactions are available for viewing under the “Purchases and Payments” tab in the app or on the website as well as payment due dates. The Snooze option gives users the ability to gain an extra four days to make a payment. However, this feature does not become available until the user has a history of four previous on-time transactions. The company does not charge late fees for missed payments, and customer representatives can work with consumers to settle payments due.
Zilch offers more than just Buy Now Pay Later services. Users can pay everything up front and earn Zilch Rewards for discounts or other fun opportunities. The company’s blog offers fun ideas on how their customers can have unique experiences while spending responsibly. The company’s innovative ways in helping people maintain or obtain financial wellness is giving them more opportunities for responsible spending, budgeting, and possibilities for new experiences.