NerdWallet Offers Its First Credit Card
NerdWallet, Inc. (Nasdaq: NRDS), a platform that provides financial guidance to consumers and small and mid-sized businesses (SMBs), worked with Bond to launch its first financial product for consumers—NerdUp by NerdWallet—a secured credit card designed to help users build and improve their credit responsibly.
Challenge: Delivering A Financial Product Americans Need
NerdWallet identified a major gap in the market that needed to be addressed: Too many Americans are denied access to build and improve their credit, often because of typical secured card terms, such as annual fees, high minimum deposits, and hard credit checks. According to a NerdWallet survey conducted by The Harris Poll, nearly one-fourth of Americans (23%) say a lack of credit or bad credit prevents them from reaching their financial goals and approximately 43% say their credit score has negatively impacted them in the past. Lack of access to credit prevents many Americans from buying and renting a home, buying or leasing a vehicle, saving for retirement, and furthering their education.
Solution: Building Credit the Smart Way
NerdWallet noticed that a significant portion of their customers weren’t finding the right match for a financial product or NerdWallet wasn’t able to offer them a card they could qualify for. They saw a great opportunity to design a product that would be a perfect match. The NerdUp secured credit card, offered in partnership with Bond, is a free card that is uniquely designed to expand access for consumers who want to build their credit history—combining key features to remove the barriers typically found with traditional secured credit cards.
Result: A Trusted and Valuable Ecosystem
By providing this product, NerdWallet aims to unlock opportunities for both consumers and partners. Leveraging its massive organic reach, NerdWallet intends to guide consumers on good credit practices through NerdUp’s educational journey, with the goal of helping them to improve their credit scores. As users improve their credit, they may qualify for more products and services. When they do, NerdWallet will aim to connect them with offerings from their partners, who will in turn have greater access to an expanded base of eligible consumers. Pairing products like NerdUp with expert content and comprehensive marketplaces enables NerdWallet to fulfill even more financial needs for consumers and small businesses, moving one step closer to building a trusted financial ecosystem.