Zilch is a new type of company that is defined under the name ‘Fintech.’ Essentially, it’s a start-up using the “buy now pay later” idea that is so popular among consumers. The Zilch card, once you obtain it, allows you to make purchases at any online retailer that would take MasterCard. All of it is made possible with a partnership between MasterCard and Zilch.
Once you connect Zilch to a bank account, the company can calculate what your affordability is, authorizing you to make a purchase when you are within your limit. This purchase can be made with 25% of the funds you need. You will then make payments on the rest of it over the next 6 weeks, paying it off within the deadline.
That way, those who have the card can purchase something now that they won’t be able to afford until a month and a half later. The reviews online are positive about the company, and it could radically change how people pay for items. After all, not all purchases are the kind you can wait 6 weeks for. Sometimes you need it right now.
On top of that, Zilch doesn’t charge any fees for your ability to only put a 25% down payment on something now. This means that consumers with the card will be able to purchase from over 10,000 online retailers at under the initial price. The idea is also, that in time, you will be able to make in-store purchases this way as well.
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