First-of-its-kind banking program to provide consumers with a credit card offer upon completion of a defined list of banking activities in as little as 90 days
ATLANTA, Nov. 03, 2022 (GLOBE NEWSWIRE) — Atlanticus Holdings Corporation (NASDAQ: ATLC) (“Atlanticus”, “the Company”, “we”, “us” or “our”), a financial technology company enabling banks, retail and healthcare partners to deliver more inclusive financial services to millions of ordinary Americans, today announced the launch of the Aspire® Banking Platform: a first-of-its-kind banking program that places financially underserved people on a clear path to credit.
Aimed at the nearly 44 million Americans that the FDIC estimates are unbanked or underbanked and overdrawn, Aspire® Banking provides customers with a bank account, debit card, and a prescribed list of activities designed to help consumers develop positive financial habits. Upon completion of these activities, which can be completed in as little as 90 days, customers are presented with an Aspire® credit card offer. Designed to establish good banking behaviors, these activities include meeting minimum criteria for making deposits, maintaining a balance, and making purchases, each for three consecutive months. Aspire® Banking’s Way to Credit offers an alternative to secure card products that have deposit requirements that most unbanked and underbanked consumers cannot afford.
“Atlanticus is committed to making a real impact on real people. We created the Aspire® Banking Platform to help overcome the challenges that many consumers face when trying to access credit today,” said said Jeff Howard, CEO of Atlanticus “Without a credit history, the underbanked are not only denied access to loans, but lag behind their peers when landlords, utility companies or Insurers use credit reports to decide who to lease, insure or provide services to without additional deposits. Not only do we want to open up opportunities to get credit, but we also want to help cardholders establish financial habits that will improve their future. This launch embodies our commitment to providing more inclusive financial services and we are excited to support those on the path to financial empowerment.
The Aspire® Banking debit product has no minimums, no nuisance fees (including monthly or overdraft fees), and access to over 55,000 ATMs nationwide. Other features include bill pay, remote check deposit, Zelle, and early access to paychecks with participating payroll providers. According to Financial Health Network, unbanked and underbanked Americans spent $11 billion on overdraft fees alone in 2021, disproportionately affecting those who can least afford it. Aspire® Banking aims to not only save ordinary Americans millions in fees they cannot afford, but also to help them move towards financial well-being by giving them access to banking benefits and features. which they may not have had access to before.
“While there are other programs designed to convert debit customers into credit card customers, the Aspire® banking platform was created specifically for the unbanked and underbanked who may not already have had access to these banking services and opportunities,” Fred said. Rolle, product and innovation manager at Atlanticus. “This is truly a one-of-a-kind banking product designed to meet the needs of the financially underserved. Maybe they don’t meet ‘top-notch’ credit standards, or maybe are young or new to the country and have no credit yet – whatever their situation, we will meet them where they are.
For more than 25 years, Atlanticus has been dedicated to providing access to essential credit solutions, enabling better financial outcomes for everyday Americans. For more information on how Atlanticus is having a real impact on real people, please visit: https://www.atlanticus.com/our engagement/.
Banking services and Aspire® bank debit and Aspire® credit cards are provided by The Bank of Missouri, Perryville, MO, Member FDIC.
Atlanticus Holdings Corporation owns the Aspire® brand. For more information on Aspire® Banking, please visit: https://www.aspire.com/product/aspire-banking/.
About Atlanticus Holdings Corporation
Delivering better financial results for everyday Americans
Atlanticus’ technology enables banking, retail and healthcare partners to deliver more inclusive financial services to everyday Americans through the use of proprietary analytics. We apply the experience gained and infrastructure built from serving more than 18 million customers and $27 billion in consumer loans over our 25 years of operation to support lenders who offer a range of products consumer loan. These products include retail and healthcare credit cards and general purpose credit cards marketed through our omnichannel platform, including retail point-of-sale, healthcare point-of-sale, direct mail solicitation, Internet marketing and partnerships with third parties. Additionally, through our subsidiary CAR, Atlanticus serves the individual needs of automotive dealerships and non-preferred automotive finance organizations with multiple financing and service programs.