The Fizz debit card is a card that’s geared towards college students. What exactly does that mean though? And is it right for you as a college student?
Today, we’ll be going over everything there is to know about this card, which is a bit tricky since the card isn’t out for us to review yet. But there is a lot of information out there by the company itself regarding their new product offering, so we’ll be able to come to a conclusion with regards to whether we think this Fizz debit card is a worthy card to consider.
When the card comes out, we plan to try it out and we’ll update our findings as they come.
Let’s get into it!
What is the Fizz debit card?
The Fizz debit card is a card that aims to benefit college students in particular.
Credit scores can often go underappreciated, and that is especially true for younger people. The problem is, your FICO score is based on credit usage. That can be a dangerous thing for people who are getting a card for the first time.
Fizz solves that by allowing students to build their credit score without the need for a credit card; that is, they allow you to build your score using a debit card. Debit cards are safer since you typically can’t spend beyond what’s in your account. And this is especially important since the majority of college students graduate with $3,000+ worth of credit card debt.
In addition, Fizz rewards purchases that are typically made by college students on a day-to-day basis. How do they do this? By targeting rewards to stores and restaurants that students go to and care about.
And where do students mainly go to eat and shop? If you really think about it, a student’s life is centered around their studies. Since studying is their priority, time is of the essence. They’d rather be shopping and eating at places that are physically around them, and for the majority of students, that would be the campus itself, shops that are nearby, and online retailers.
Fizz debit card partners
Fizz partners with shops that are near college campuses, and for each and every campus, that’s a different set of partners. Take Harvard University for example: three of the restaurants they partner with are Jefe’s Burritos, Tatte Café, and Pinocchio’s Pizza. Of course, there are more than that, but those three restaurants aren’t places you’d find anywhere else necessarily. They’re special and dear to college campus students who go to that particular college.
Fizz made the effort to reach out specifically to them and made themselves a valuable partner.
Of course, they don’t only reach out to local shops and restaurants. Chipotle and Peet’s Coffee are found on or around many college campuses, and you can get rewards from those restaurants too.
Why should a college student consider the Fizz debit card?
For one, they do give out rewards, so you’re making the best use of your money whenever you spend it in a qualified shop or restaurant.
Secondly, it’s a debit card. And with that are some big deal features (or lack thereof) that help protect young college students from making some bad financial mistakes. Let’s take a look at some of the benefits of a debit card and/or downsides of a credit card below:
- With a credit card, you have to get approved which can be hard for a first card
- Credit card payment isn’t on Autopay by default, so you might forget to pay
- Credit card interest fees for not paying the full balance owed are high (>20%)
- You can’t overspend on a debit account
- There’s no getting into debt on a debit card
- You’ll be less tempted to buy something you can’t afford
- One account to monitor (just a checking account) instead of two (checking + credit card)
And lastly, the Fizz debit card allows you to build your credit score the same way you would build it with a credit card. Now that is one cool feature. And it makes total sense. After all, why would you give the most vulnerable population financially all of that power and risk that comes with credit cards. Plus, you can get multiple credit cards if find yourself unable to pay off any previous ones. That is insane.
How much are the Fizz rewards?
Fizz debit card rewards can potentially be up to 15% cash back at select merchants, which is ridiculously high. Yes, please.
Do I have to be a college student to qualify for the Fizz debit card?
The card is aimed at college students, and yes, you do have to be a college student to receive one. It requires a .edu email address, so technically, if you are a college graduate but still have access to your .edu email, you may be able to still participate in joining the waitlist.
How do I sign up for the Fizz debit card?
Since the Fizz debit card isn’t officially out yet, you’d have to reserve a spot on the waitlist. There is a limited number of cards being released initially, so if you want to join, it’s best to reserve your spot as soon as you can. Simply go to joinfizz.com and you’ll see a big yellow button that says “Reserve your spot.” Simply click on it, enter your university email address, and you’ll be on the email list for further instructions.
You’ll be asked to connect your checking account, and you’ll get a credit limit based on your checking balance. The entire process can take as little as 3 minutes total to complete.
What card network does the Fizz debit card use?
The Fizz debit card is a Mastercard. It is not accepted at places that only accept Visa, American Express, or Discover.
Is the Fizz debit card a secured card?
No, the Fizz debit card is not a secured card, so you don’t have to pay an upfront fee or deposit to get started.
How much does the Fizz debit card cost?
The Fizz debit card is absolutely free for all students, whether you go to a community college or public university. Fizz does not charge any interest or fees the way the majority of banks do.
Instead, they make their money from interchange fees that the store must pay. For example, if your Fizz card gets charged, the store gets to keep the majority of the payment but must pay a small percentage of it to Mastercard (about 2%, for example) in exchange for being able to use their transaction service. Fizz then takes a cut of that from Mastercard to keep for themselves.
When is the Fizz debit card available?
The Fizz debit card becomes available on September 1st, 2022.
The Fizz debit card makes total sense for college students. I fail to see a downside to it so far. And no, I generally don’t consider the ability to spend beyond what you have to be a benefit to anyone, especially college students.
You get the perks of building up your credit score with a debit account, you’ve got great perks and cashback offers for shops around your campus and online, and it doesn’t cost you a single cent.
What do you think? Would you get this card? Let us know, we’d love to hear from you!
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