LendingTree (NASDAQ: TREE) has announced its own bespoke card in partnership with Fintech Upgrade. LendingTree is best known for providing consumers with comparative information on loans and other financial recommendations.
According to a company release, the “LendingTree Win Card” is the company’s first push into a card that utilizes Upgrade’s features that offers credit more similar to a loan.
The LendingTree Win Card provides a clear payoff schedule with predictable payments. As financial habits improve, the amount of available credit will automatically increase.
Doug Lebda, founder and CEO of LendingTree, said the card encourages financial progress, especially for users who do not have excellent credit. Lebda said the card is structured in a way to help you avoid the “credit card trap.”
Renaud Laplanche, CEO and co-founder of Upgrade, said the new card is a great example of how a credit card can actually benefit your financial health.
The announcement of the new card arrives on the same day that LendingTree posted its Q4 earnings results which showed revenue of $202.1 million during the quarter. LendingTree reported a net loss of $10.4 million for the quarter, in contrast to a net income of $48.4 million during the same quarter in 2021. Shares are currently little changed in pre-market trading on an overall up market start of the day.