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The first open banking-powered credit card is set to be launched by Keebo, which aims to offer credit to those who would traditionally be rejected for a credit card.
The fintech company, Keebo, is using open banking to check the credit worthiness of those who may not have been able to build up a credit score, such as young people and expats, and who would often be rejected by credit card lenders as a result.
Keebo’s credit card will be the first in the UK to offer an open banking-powered credit card. The company has stated that it plans to use the information gathered through open banking to lend to those who are creditworthy by looking at their finances overall, including maintaining direct debits and savings, and not just their credit history.
Along with using open banking to check the creditworthiness of borrowers, Keebo is also aiming to use the service to warn consumers if they are about to financially overextend themselves.
No information about when the card will be launched, what APR will be charged and what level of credit limit will be offered has been revealed yet. Interested consumers can, however, sign up to the waitlist to get easy access
Visit our credit card chart to compare all the credit card deals currently available.
Open banking gives third-party financial service providers open access to a consumer’s banking, transaction and other financial data from banks and financial institutions using application programming interfaces. Consumers have to give permission to the third-party financial service allowing them access to financial data through open banking.
Financial service providers cannot access a consumer’s information through open banking without their consent, so consumers should be careful that they only grant permission to Financial Conduct Authority (FCA) regulated providers. Regulated providers will only be able to access information needed for the service the consumer has signed up to and agreed they can access. In addition to this, providers must comply with data protection rules, which means the provider should tell consumers which data it will use, how long for and what it will do with the information before the consumer agrees to them accessing their data.
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Just over one in five Brits are planning on taking a holiday during the upcoming Queen’s Jubilee weekend, according to Barclaycard’s latest Consumer Spending Index. Of this number, 84% of respondents are planning a trip abroad. “While concerns around rising household bills may continue to hamper spending on non-essential items, the upcoming Platinum Jubilee Weekend and summer months should provide opportunities for Brits to spend on celebrations and make the most of warmer weather,” said José Carvalho, Head of Consumer Products at Barclaycard.
Just over one in five Brits are planning on taking a holiday during the upcoming Queen’s Jubilee weekend, according to Barclaycard’s latest report.
From 1 June, Buy Now Pay Later (BNPL) provider Klarna will start sharing its customers payments made on time, late payments, and unpaid purchases with credit reference agencies. This means that if a consumer falls behind on any repayments, their credit score will worsen. Equally, if a consumer repays their debts on time their credit rating will improve.
The UK’s biggest Buy Now Pay Later provider will share its customer debt and payments with Experian and TransUnion from 1 June.
here are 20.2 million UK adults who may have difficulty accessing credit from mainstream lenders according to fintech company TotallyMoney and accounting firm PWC. This is likely due to minor adverse credit history, volatile incomes which can impact affordability assessments, or minimal credit history. People who fall into this category are often referred to as “under-served.”
There are 20.2 million UK adults who may have difficulty accessing credit from mainstream lenders.
Just over one in five Brits are planning on taking a holiday during the upcoming Queen’s Jubilee weekend, according to Barclaycard’s latest Consumer Spending Index. Of this number, 84% of respondents are planning a trip abroad. “While concerns around rising household bills may continue to hamper spending on non-essential items, the upcoming Platinum Jubilee Weekend and summer months should provide opportunities for Brits to spend on celebrations and make the most of warmer weather,” said José Carvalho, Head of Consumer Products at Barclaycard.
Just over one in five Brits are planning on taking a holiday during the upcoming Queen’s Jubilee weekend, according to Barclaycard’s latest report.
From 1 June, Buy Now Pay Later (BNPL) provider Klarna will start sharing its customers payments made on time, late payments, and unpaid purchases with credit reference agencies. This means that if a consumer falls behind on any repayments, their credit score will worsen. Equally, if a consumer repays their debts on time their credit rating will improve.
The UK’s biggest Buy Now Pay Later provider will share its customer debt and payments with Experian and TransUnion from 1 June.
here are 20.2 million UK adults who may have difficulty accessing credit from mainstream lenders according to fintech company TotallyMoney and accounting firm PWC. This is likely due to minor adverse credit history, volatile incomes which can impact affordability assessments, or minimal credit history. People who fall into this category are often referred to as “under-served.”
There are 20.2 million UK adults who may have difficulty accessing credit from mainstream lenders.
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