According to a press release, First National Bank of Omaha (FNBO) has introduced Bend by FNBO, a credit-card-as-a-service solution to increase the ways it can help clients provide cards.
An embedded paradigm of open API services for credit cards will be provided by Bend by FNBO. It will enable clients to incorporate plug-and-play financial services into current infrastructures. With the service, brands would have greater freedom and customization options for their cards.
In order to quickly launch branded card programmes, Bend by FNBO will take advantage of the bank’s current cooperation with card issuing and payments business Marqeta. Bend by FNBO will use Marqeta’s open APIs to integrate the experiences into its products. A self-service dashboard provided by Marqeta enables businesses to set up and maintain their cards.
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Everything in the modern digital world needs flexibility and agility, according to Marc Butterfield, SVP, Head of Bend by FNBO. The way that digital companies offer their clients financial products and services is changing as a result of macrotrends like open banking and banking-as-a-service. In light of this, we’re pleased to be among the first institutions to provide modular, embedded credit card solutions to meet the needs of the modern market. Built around adaptable, tech-first tools that let businesses create a credit card experience that fits their brand, Bend by FNBO was founded.
According to PYMNTS, FNBO collaborated with AI lending platform Upstart last year to increase access to its personal loan programme.
The program’s approval rates and loss rates for the Upstart pilot programme from 2019 met or exceeded objectives. With the help of Upstart, FNBO has been able to accept more borrowers, with 78% of loans being authorised right away.
When asked why the arrangement came about, Butterfield was reported as saying that it was “so that more individuals nationwide may access personal loans they need with greater acceptance rates through a modern all-digital experience facilitated by AI.”
FNBO Evergreen Card
There are other credit cards on the market that offer the same high rewards rate as the 2% cash-back rate on all purchases offered by the no-annual-fee FNBO Evergreen Card. Earning the maximum cash-back return on your purchases is a smart idea whether you are a copycat or not.
So why choose the FNBO Evergreen Card instead of its 2% competitors? For one thing, there are no limitations on who can apply for this card. You don’t need to have an FNBO account or reside in a state where the bank has branches in order to apply, even if it is issued by a regional bank.
The major benefit of using this card would be to benefit from the promotional APR of 0% on purchases and balance transfers for the first 12 billing cycles after the account is opened, which is followed by a variable APR of between 16.49% and 25.49%. $10 or 5% of each transfer’s value, whichever is higher, is the balance transfer fee that is charged. Most competing cards in this market don’t offer an APR on purchases.
Beyond that introductory deal, you could discover that the Citi® Double Cash Card with no annual fee makes more sense due to its flexible redemption options. Additionally, for 18 months, the Citi Double Cash earns 0% introductory APR on balance transfers. After that, depending on creditworthiness, the typical variable APR ranges from 16.99% to 26.99%. Additionally, there is an introductory balance transfer fee of $5 or 3% of each transfer’s value made within the first four months of account opening, whichever is higher.
After that, each transfer will incur a cost of 5% (minimum $5). Citi Double Cash rewards are technically Citi ThankYou points, which can be redeemed for cash back at a rate of one penny per point or transferred to Citi’s travel transfer partners for a potentially higher value if you also have an eligible Citi travel card.
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- Spend $1,000 during the first three billing cycles after the account is opened to receive a $200 cash bonus (20,000 points equivalent).
- Earn 2% cashback indefinitely on all purchases.
- Rewards never expire
- Redeem for cash back as a statement credit, an ACH deposit into a checking or savings account or a check
- After the account is opened, purchases and balance transfers get an introductory APR of 0% for the first 12 billing cycles. After that, based on your creditworthiness, a variable APR based on the Prime Rate will apply between 16.49% and 25.49%.
- Every balance transfer you make is subject to a 5% fee (minimum of $10).
- No yearly charge
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