The Z1 credit card, launched in October 2021 and has been growing since then, has a larger audience of teenage customers, bringing them greater financial independence, as they do not need to have their account linked to the accounts of their guardians.
The founders’ initiative promises to insert financial education into the lives of these young people, through the moderate use of some functions of the application, since their generation was born practically connected, making them aware to use their cell phones also to have control of their finances.
What this article covers:
How does the Z1 credit card work?
The differential of the Z1 credit card is that, in general, when a teenager reaches the stage where they need to be aware of their money or enter the job market, those responsible need to open the account for them and are fully responsible for each action taken by them. teenagers, in the more conventional accounts in other applications, since the bank transaction is through the account of the teenager’s parents. Now, with the Z1 credit card, it won’t be necessary.
The teenager will have complete freedom to manage his account, as his parents do not have access to specific data, such as; where the money was spent, giving autonomy for this teenager to be responsible for his actions, as he will be in adult life. Making you more responsible in the long run.
The age group allowed to open a current account in the application is from 10 to 24 years old, teenagers can create crowdfunding online, organize expenses, reserve money and even share the account with friends. What teenager doesn’t have a goal along with their best friend? It’s a great opportunity for them to get that money together more easily.
What is the bank of the Z1 credit card?
Fintech Z1 is a digital bank, which means that its transactions are made exclusively online, through the bank application, the teenager can transfer his money to a conventional account and withdraw normally, if that is his preference, without bureaucracy!
The Z1 credit card is prepaid, therefore, it does not have an initial credit limit to be used, which reduces the risk of debt among application users.
The account’s autonomy is guaranteed, however, it will be linked to the responsible account and it does not have the same characteristics as a conventional account, it has no credit limit and does not take out loans, which are responsible for most of the debts of Brazilians.
The only charge that teenagers will incur when using the Z1 credit card and creating their account is a fixed fee of RS 10.00, which can be used for international purchases, as it is an international mastercard prepaid card.
Who is the Z1 credit card for? The Z1 credit card is suitable for teenage users, preferably.
What are the Z1 credit card fees?
Fintech Z1 charges a one-off monthly fee of RS 10.00 only. Finally, the fintech z1 card it is a great option to avoid major problems for those responsible, such as unnecessary debts in the name of their children, for example, in addition to the fact that the monthly amount is very low compared to conventional bills.