A Credit Card Designed to Help, Not Hurt
Summary
Not all credit cards are created equal—and for Tony, that’s the point.
As co-founder and CEO of Possible, Tony Huang breaks down how the Possible Card® was built differently from the start: no late fees, no penalty fees and no incentives to push customers into more debt. It’s the first unsecured credit card designed for people with limited credit history, with a flat monthly fee and flexible credit limits.
The goal? Help customers build credit history sustainably, manage payments on their terms and move toward long-term financial health, without falling into the same debt traps they’ve experienced before. Coming soon.
Transcript
As the Possible Loan took off, we noticed that a small number of customers were taking out a new loan every few months, right after repaying their previous loan. In other words, a debt cycle instead of small-dollar installment loans. What these customers needed was open-ended credit. It became clear the next step was for our team to make a credit card that will help our customers continue to manage debt and build credit sustainably.
Our team got to work applying the same principles, data and technologies that we used to build the Possible Loan. The result was the Possible Card. A credit card that is aligned with its customer's long-term interests. It's the first credit card designed to help customers spend less, not more of their hard earned money.
We made the Possible Card different. It is the first and only unsecured credit card on the market with no late fees or penalty fees, specifically designed for deep subprime individuals. Possible Card members simply pay a flat monthly fee to get a $400 or an $800 credit limit. This way, our own financial incentives are aligned with what's best for our customers.
We do well when we help customers stay out of debt and stay on track with their payments.
More in this series