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Turning Banking on its Head

Turning Banking on its Head

In every facet of society, technology has catapulted us forward with each passing year. From entertainment, to transportation, to commerce and beyond, industries are becoming more innovative and efficient than they were yesterday.

Except banking.

The modern and traditional banking systems are one and the same. While banks have changed their outfits and gotten a little flashier throughout the years – say with a sleek new mobile app – how banking worked in the 1970s is very similar to how it works today. These antiquated processes built on crumbling foundations are holding everyone back.

It’s time to start fresh.

That’s what we’re here to do at Pebble. We’re building a new infrastructure altogether, starting from the ground up and tackling the core problems of the system. Through technology, innovation, new approaches, and a distinct vision, we’re turning banking on its head and giving you back control over your money.

Let’s take a look at how we’re transforming the ways we think about money.

An APY You’ll Finally Notice

Banks aren’t just stuck in old ways of doing – they’re stuck in old ways of thinking. While most businesses have become more efficient, banks see the way it’s always been as the way it should be.

When you deposit money in a bank, they loan that money out via private loans, mortgages, credit card debt, and other forms of debt issuance. Then, banks will remit to you a slim cut of the interest that they’ve earned. While banks profit most of the value, the customer is usually left with a bare-minimum experience – currently, to the tune of a 0.04% APY U.S. national average for checking accounts.

Because we’re not a bank, we can harness new approaches and technology to get the best possible rewards directly from institutions. This in turn makes your money go farther and provides you with a checking account APY up to more than 135 times the national average.

Cash Back with More Sense

Speaking of outdated, let’s take a look at the labyrinth of inefficiencies that is the typical cash back credit card.

How does the process of getting cash back work?

Well, first you make a purchase and swipe your card. Your payment will then pass through your bank, a payments facilitator, the merchant’s bank, and half a dozen more middlemen. Each participant in this process collects a small fee, as does the network that ties everything together, often Mastercard or VISA.

Because of these inefficiencies, merchants pay 3% on every single sale they make. Add to this another fee if the item was purchased online, and yet another fee if you found your purchased product via online advertising. This bring the total to upwards of 5%.

Dang, that’s a lot of fees.

You don’t see these fees up front, but the merchants are up-charging you to keep their business afloat.

The banks don’t have an incentive to help lower these prices, because the more expensive the product, the more money they make. To incentivize you to feel “comfortable” paying marked-up costs, they kick you back a small percentage of the fee they’ve collected through your credit card swipe.

No where else in the world can you find a system this blatantly inefficient — without more people looking to change it.

At Pebble, we make things simple and easy. We bypass the labyrinth and go directly to the merchant. And who wins? Well, everyone. Because we don’t need to give other middlemen a cut, the merchant pays a lot less in fees — therefore they don’t have to charge as much on their items to keep up. With cheaper goods, more and more users come shop from them. To incentivize the growth of this relationship, these merchants send you a portion of the money they saved with Pebble – giving you some sweet cash back!

Built With Everyone In Mind

Aside from keeping a low ceiling on cash back percentage, banks may also put a cap on the amount of money you can earn back. Furthermore, banks restrict certain individuals from qualifying for cash back credit cards based on their credit score; the average rewards card requires a credit score of 660 or higher.

We here at Pebble are dedicated to providing an innovative service that puts you in the driver’s seat on your financial path, whoever you are and wherever along that path you might be.

If you are ready to test this new financial system out for yourself, sign up below. If you want to learn more about how we help you achieve your financial goals, keep reading. We’re just getting started. Next up, how banks make your money disappear…and how you can make it grow instead.

Join The Money Revolution.

Let's build a more rewarding future together.

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Join The Money Revolution.

Let's build a more rewarding future together.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.