Best Egg introduces a Visa® credit card product in direct response to consumers’ needs
Marlette Funding, LLC, developer and operator of the Best Egg consumer-lending platform, is excited to announce the official launch of the Best Egg Credit Card program. The Best Egg Credit Card is designed to promote habits in cardholders that can help them build back their access to credit. The Best Egg Visa® Card is the first in a series of new product capabilities that the company is poised to launch in 2021.
Best Egg has historically served a financially responsible customer who generally has little savings and relies on credit to pay for expenses beyond their everyday needs. As witnessed during the pandemic, this group struggles when unforeseen events hit them as they have little-to-no cushion to absorb unplanned expenses.
The company believes there’s an opportunity to grow the business by expanding its reach to serve these customers who are sometimes penalized by the unfortunate nature of their circumstances. The Best Egg Visa® Card, issued in partnership with First Bank & Trust, is specially designed to help these consumers.
“The new Card program is a nod to the customer-centric innovations our team at Best Egg is making,” says Jeffery Meiler, CEO of Marlette Funding. “We are directly responding to the needs of our customers while creating a financial engagement platform that will not only build their credit back at a healthy rate; but also provide resources and education for developing long-term financial wellness.”
Our unique card is designed to grow with the customer, offering reduced rates for on-time payments and an intuitive, easy-to-use mobile app. Other key features that will be available at the launch of the card include:
- A dynamic mobile app that will allow control and tracking of spending
- No annual or membership fees
- No over-limit fees
- No impact to credit score if declined
Features planned to roll out in the future include:
- Instant credit access through a virtual card
- Auto-pay discounts
- Customer rewards program
“The key differentiator in Best Egg’s Card product is that our customers will have the opportunity to develop healthy financial behaviors while building their credit back,” says Trevor Carone, General Manager of Card. “We have created a unique card program that can, in time, enhance customers’ financial literacy and help them stabilize their finances. This is the new age of the credit card industry, and we are adapting the product to meet the needs of our customer base in ways that the incumbents aren’t.”
The company’s growth is fueled by innovative technologies that allow Best Egg to engage with customers directly to capture data and insights, which has, in turn, led them to develop products that are tailored to their current and future customer needs. Marlette Funding believes that the more individualized data they obtain, unify, and operationalize through their proprietary, real-time data streaming platform, the better positioned they are to address gaps in the current financial system. This data can ultimately help customers manage their cash flow and improve their financial wellness.
Best Egg will be expanding its financial wellness proposition by providing more practical insights and launching new lending products to help customers get access to money.
Read More: EY Announces Industry Cloud Innovations to Help Organizations Accelerate Business Transformation
