Philippine neobank Zed offers credit card with no interest and no annual fees

It has reportedly received 25,000 sign-ups within three weeks.

Philippine-based neobank Zed is offering a Mastercard credit card with no interest, no foreign transaction fees, and no annual fees.

Regulated by the Bangko Sentral ng Pilipinas (BSP), and headquartered in San Francisco, USA and Manila, Philippines, Zed aims to tap into the credit interests of young Filipino professionals whilst making the application process for getting their first credit cards easier.

The waitlist has since received almost 25,000 sign-ups within three weeks.

“Complicated application processes, tedious documentation, and arbitrary underwriting methods are among the challenges that disproportionately impact young people when applying for their first credit card accounts. Those lucky to get approved face astronomical APRs, punitive fees, and a broken customer experience,” the neobank noted in a press release.

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“We founded Zed on the belief that young people in the Philippines and Southeast Asia deserve better financial products, better technology, and ultimately better service tailored to their lifestyles and exceeding their expectations,” said Danielle Cojuangco Abraham, Zed co-founder. 

In addition to the lack of no interest and other fees, upcoming Zed customers are promised an effortless payment experience facilitated through the app, where they can generate an InstaPay QR code for payments.

The streamlined application process also promises that customers can complete their application within minutes.