Online trading platform Super has launched the SuperCash Mastercard card, offering consumers across the credit spectrum the opportunity to build their balance while earning premium rewards. The card does not require a credit check and your spending limit is based on what you deposit into the account. Here’s how to find out if it’s right for you.
The central theses
- Super has launched a new debit-credit card hybrid that allows anyone to get approved and build their balance.
- Instead of checking your creditworthiness, the fintech company bases your spending limit on your account balance.
- Cardholders can earn up to 10% cashback on select purchases, but most will get an impressive 2% back.
How the SuperCash card works
The SuperCash card is not a traditional credit card, but it is not a traditional debit card either. When you set up an account, you can add funds via bank transfer or direct deposit. Your spending limit is based on how much you deposit into the account. However, no minimum balance is required to keep the account open or avoid fees.
Unfortunately, there is currently no option to deposit a check or cash, although the company plans to add this feature in the future.
You can use the card to make purchases as usual, and if you exceed your spending limit, new charges will be declined. Rather than charging your account like a bank account for each transaction, Super takes payment for your purchases at the end of each billing cycle, either automatically or manually. It also reports those monthly payments to the credit bureaus, which can help you build your credit over time.
However, consistently hitting your spending limit every month can result in a high loan utilization rate, which can hurt your credit score.
While good or excellent credit is not required, the SuperCash card offers impressive rewards:
- 10% cashback on trips booked through hotel bookings through the SuperTravel platform.
- 5% cashback on purchases made through the SuperShop portal.
- 2% cashback on all other purchases.
You can use the card anywhere Mastercard is accepted. Since you are technically using your own funds and not borrowing money from the card issuer MRV Banks, there is no interest charged on the SuperCash card. There is also no annual or monthly fee.
Since the funds are held in a bank account, they are FDIC insured. However, there are some restrictions on how much you can deposit and spend each month. You can deposit up to $5,000 per month into the account, and the maximum you can spend is $1,250 in a day or on a single point-of-sale transaction.
Is the SuperCard right for you?
The SuperCash “Crebit” card can provide a unique opportunity for consumers with no credit history, a thin credit file, or even a bad credit history by eliminating the catch-22 that requires a good history of credit to qualify for a loan.
It can also be a solution for people who have struggled with overspending in the past or who don’t like credit cards but still want the ability to build their credit history.
The fact that the card also offers a 2% base rate return is impressive in itself. Most credit cards designed for subprime consumers typically offer no rewards at all.
Since there’s no credit check or annual fee, there aren’t many downsides to opening an account to try it out and see if it works for you.
With no interest charges or annual fees, however, it’s unclear whether the card can maintain its rewards offerings over the long term. So keep that in mind if you plan to use them.