Zopa credit card increased 45% from Black Friday

Zopa saw a 45% increase in spending on the Zopa credit card over the Black Friday weekend, as the fintech lender urges consumers to take a balanced approach to spending this holiday season.

Digital Banking has highlighted three key questions consumers should ask themselves ahead of the holiday season: do you understand your interest rate, can you improve your credit rating, and can you shop around for credit? best offer?

Zopa revealed that 45% of its customers were able to improve their credit score using Zopa’s Borrowing Power tool in 2021.

Read more: The Augmentum Fintech portfolio boosted by the increase in the valuation of Zopa

“After the restrictions of the past two years and the disappointment of a 2020 lockdown Christmas, UK consumers want nothing more than to enjoy a fun and stress-free holiday season,” said Clare Gambardella, director of customers at Zopa.

“But that doesn’t necessarily mean spending at a level that could put them in a worse position until 2022.

“It’s especially important for card providers to help customers understand the more technical aspects of loans, such as interest rates and credit scores, and to explain the importance of taking a responsible approach to lending. medium term credit to improve financial health.

Read more: Fintech floats ‘just beginning’ as Zopa Bank prepares to go public

“Using a tool like Zopa’s Borrowing Power can help customers access their best possible rate on new credit and stay on budget once they start using it. This will be particularly useful, given the interest rate increases planned for the new year. “

Zopa added that since launching her bank in June 2020, it has attracted £ 850million in deposits to its fixed-term savings accounts and issued 185,000 credit cards, making it one of the Top 10 credit card issuers. The company more than doubled its turnover per customer.

Read more: Zopa assigns director of Monzo the post of chief risk officer

Comments are closed.