This week, Augie introduced a credit card that enables consumers to build credit without setting aside security deposits, paying fees, or incurring interest charges.
“The credit card industry hasn’t meaningfully evolved since its inception, even though how people manage money today is completely different,” said Amit Thakur, CEO at Augie.
“Even secured credit cards that claim ‘no security deposit necessary’ can’t be used without one. We’ve created something entirely new – a secured credit card that lets consumers build credit history on their terms, aligned with modern financial realities.”
Through proprietary technology that analyzes existing bank account activity, Augie provides a no-fee, no-interest credit card that enables users to build credit through their recurring bill payments – without requiring security deposits or risking overspending. The card is offered primarily through employers (as an employee benefit) and credit unions, community banks and debt management organizations.
Those interested may download the Augie app from their preferred app store and request an invite code at augie.app. After completing a standard identity verification process and connecting their existing U.S. bank account, Augie analyzes a consumer’s transaction history to responsibly grant credit specifically for recurring payments like streaming services, phone bills, and other subscription-based expenses. Consumers are never allowed to borrow more than is in their bank account, and are sent reminders when the payment of a subscription-based bill is imminent.
“We will flip the script on how credit cards traditionally work. Instead of making people set aside money they can’t use or charging them fees just to build credit, we looked at what they’re already doing – paying their monthly bills – and turned that into a way to establish credit. There is no credit check required to get the card, so we feel even people who have been declined by other banks or mortgage companies can benefit from Augie. It’s a completely new approach that puts the consumer’s financial health first,” Thakur concluded.