Mint programs offer a flexible suite of products and payment alternatives to respond to the following under and un-banked markets:
Alternative to Credit With credit card and individual debt levels at a high, credit defaults and new applications declines are increasing, and credit eligibility requirements are getting stricter.
Card issuers need innovative programs to augment their ailing credit card portfolio.
Retailers need payments solutions as an alternative to credit to better service their entire customer base and consumers need an electronic payment tool that is not tied to credit.
Mint’s programs offers credit issuers with a “we never say no” product line by offering branded prepaid card to applicants who are not eligible for credit.
Using the prepaid card customers can transact as they would with a credit card and using Mint’s Credit Builder capability they have the potential to grow build a positive profile and eventually migrate to a credit into a credit card.
Instead of rejecting an applicant who is not eligible for credit, issuers can provide their consumers with a prepaid card and a path to credit.
Advantages:
Excellent customer retention tool - “we never say no”
Provides a ‘roadmap’ to credit
Provide valuable spending data and market intelligence
Introduces new revenue streams to partners and reduces costs
