Take a Peek at the First Student Loan Debit Card

Is this what I think it is? A debit card that helps pay off your student loans?

Gradifi, the first provider of the Employer Student Loan Paydown program, has teamed up with Radius Bank to offer the first and only debit card this fall. The card will be linked with MasterCard (MA) and Apple Pay (AAPL). Users will earn 1% unlimited rewards on all debit purchases, which will be applied directly toward student loans via Gradifi's platform. Gradifi offers a student loan paydown program to allow employers to help with employees' student loan debt.

I would to learn more about this. Wouldn't you, ATS? I definitely have student loan debt that I'm still paying off. What says ATS?

www.foxbusiness.com...

originally posted by: lostbook
A debit card that helps pay off your student loans?

That is what it appears to be although 1% is not that great. You can get better deals from other cards but it is a clever marketing ploy.

a reply to: lostbook

It sounds like a debit card that gives you basically 1% of everything you spend back to apply to student loans.

Nice to get 1% rebate on a checking account, but definitely not the best thing available for rewards for spending money.

a reply to: lostbook

Here's a bit more info. link

It's targeted to a pretty specific high income user.

originally posted by: lostbook
Is this what I think it is? A debit card that helps pay off your student loans?

Gradifi, the first provider of the Employer Student Loan Paydown program, has teamed up with Radius Bank to offer the first and only debit card this fall. The card will be linked with MasterCard (MA) and Apple Pay (AAPL). Users will earn 1% unlimited rewards on all debit purchases, which will be applied directly toward student loans via Gradifi's platform. Gradifi offers a student loan paydown program to allow employers to help with employees' student loan debt.

I would to learn more about this. Wouldn't you, ATS? I definitely have student loan debt that I'm still paying off. What says ATS?

www.foxbusiness.com...

Not necessarily a scam, but anytime you get a deal like this it benefits the bank, and not you....

I know you can't always work your way through, but the more you can yourself do the better.

I had an internship at an institution (Mass Higher Ed) where you could consolidate loans - the program I wrote (for students) showed that, yes, you could pay less every year. But your total was huge -- think mortgage.

Again, if it is offered someone is making $$$$$

originally posted by: Atsbhct
a reply to: lostbook

Here's a bit more info. link

It's targeted to a pretty specific high income user.

More like high spending lol. If your student loan is $100,000 you would have to spend $10,000,000 to use the 1% to pay down your loan. I would say it is a minimally exceptional pay down plan and confusion marketing.

Cheers - Dave

originally posted by: bobs_uruncle

originally posted by: Atsbhct
a reply to: lostbook

Here's a bit more info. link

It's targeted to a pretty specific high income user.

More like high spending lol. If your student loan is $100,000 you would have to spend $10,000,000 to use the 1% to pay down your loan. I would say it is a minimally exceptional pay down plan and confusion marketing.

Cheers - Dave

But , most will fall for this latest marketing ploy from the financial institutes.

originally posted by: Gothmog

originally posted by: bobs_uruncle

originally posted by: Atsbhct
a reply to: lostbook

Here's a bit more info. link

It's targeted to a pretty specific high income user.

More like high spending lol. If your student loan is $100,000 you would have to spend $10,000,000 to use the 1% to pay down your loan. I would say it is a minimally exceptional pay down plan and confusion marketing.

Cheers - Dave

But , most will fall for this latest marketing ploy from the financial institutes.

Worst part is they will probably charge minimum 3-4% to merchants for using their card, and also if they are the ones to use the cashback funds to repay student loan they will not pay the full amount. They will likely get a 50c/$1 ratio for every dollar they pay towards the loans.

The finance world is pretty sick and twisted.

a reply to: Vector99
Best post here .

Thanks for the info.

This was a synchronicity .. .I literally just finished talking a friend out of suicide (hopefully) as his crippling and ultimately useless student loan he'd been ignoring just caught up to him and he was wondering how he'd eat (and feed his doggie) in the next month as they garnished his meager wages and emptied his account.

Now, he knows he was in the wrong but is now in a baaaad situation and (almost jokingly) wishes they still had debtor prisons as he just can't see any way through it ...especially since his expensive education has done nothing to land him a decent paying job.

Oh well, money is the cause for more misery then a person can fathom... but it's also a partial cure for that misery and I wish I had more to give.

I don't see this helping anyone. Let along the lower income brackets. Sounds more like a scam, as many of these credit cards are. The idea may be good one but it's not what it seems. In short, be weary here.

Don't you mean Student Loan Debt Card?

a reply to: lostbook

rack up more debt, to pay off another debt. sounds like a good idea to some. amazing.