Instead of traditional cashback or reward points, the Save Debit Invest Card matches signature spend with investments, and the customer gets to keep the return on those investments. Based on its customers' preliminary signup data, Save is expecting customer spending to be around $20,000 a year on their card.
Fremont, CA: Save, a technology company that helps people earn higher yields on their savings, announced that they have partnered with Mastercard to launch the new Save Debit Invest Card, a one-of-a-kind debit card that matches spending with investments.
"We are not only helping people save, but we are transforming the industry by turning every debit card holder into an investor through everyday spending without any separate effort from our customers or risk to their capital," said Michael Nelskyla, CEO of Save. "Further, we look forward to working closely with Mastercard to deliver leading financial services in a smarter, more empowering way."
The Save Debit Invest Mastercard will provide consumers with benefits such as contactless payments and advanced security features, including Identity Theft Protection, Price Protection, and much more. Customers will get notifications of matching investments and will be able to access their card account through a dedicated iOS and Android app.
"Today's consumers expect banking services that meaningfully meet their individual needs and preferences," said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. "This new offering from Save is representative of the evolution of financial services, and we're pleased to be partnering with them to bring these solutions to market."
Save charges no annual account fee, but portfolio returns are subject to Save annual wealth management fees. However, to align itself with positive customer outcomes, Save doesn't charge an annual wealth management fee for matching investments that don't generate a return of at least 0.59 percent. "We created the Debit Invest card to help customers invest and optimize their return," said Adam Watts, COO of Save. "In an environment where most banks are providing very limited upside for customers, we are offering a platform that is both engaging and potentially very profitable against bank product yields."