The latest of this new breed of credit card startups is Jaja, which is preparing to launch its first mobile-controlled credit cards on the back of £7 million in funding.
Jaja CEO Neil Radley, previously CEO of Barclaycard Western Europe, believes the credit card industry needs to change. “The strategy of acquiring customers using balance transfer offers with hidden fees has been a race to the bottom.
The industry now needs a major upgrade – it’s time to need to put the customer first, provide greater transparency and help consumers take control of their finances,” said Radley. Jaja’s credit card is “far more simple, fair and transparent to use for busy people living modern lifestyles.”
As well as removing FX charges and providing a real-time view of transactions to prevent any end of the month bill shocks, Jaja wants to help its customers save money by giving them the option to move their balance to lower rate products such as instalment loans.
“The credit card industry should be helping their customers pay off their loans rather than enticing them into racking up debts. Ultimately consumers will gravitate towards services that help them manage their money more effectively,” added Radley.
Read the full story on Forbes.
Author: Madhvi Mavadiya