Relying on the extortionate charges to those who struggle with money (often those not well off) to fund perks for those of us who can manage money well is not something that sits easy with me. I’d like to see an innovative credit card business come up with a different model.
But that would involve a see change in the minds of financiers - I’d love to see it but I won’t hold my breath.
Although the app is rather good it’s the only thing I’d change about Amex, I’d like the app to be more like Monzo/Emma in relation to tagging transactions and having a summary for different categories.
CS is great! Having an in app chat would be a logical next step.
My only credit card is Amex, I haven’t come across a situation where I want to make a large CC purchase and Amex isn’t accepted.
I’d also change Amex FX fees. Though I also have two companion vouchers but no companion, I prefer the Lloyds upgrade voucher.
Hi this is Kyrre cofounder of Jaja. Thanks for signing up to the waiting list. Feel free anyone to ask me any questions or pop into our office at Waterloo for a cup of coffee and have a chat. Really interesting to follow the comments The correct pronunciation is YA YA which in Norway means YES YES, which us Norwegians say all the time. No other scientific explanation than the fact we named the business after Little Britain´s “computer says no” which we found hilarious https://youtu.be/AJQ3TM-p2QI
Brilliant fintechs such as Monzo (which I use myself) are part of the same movement removing the needlessly complicated world of banking, and yes we are the new kids on the block focusing on simplifying the outdated credit space. Have a smashing Sunday evening all
Glad you like the gif or asking questions could be awkward
What sets you apart from other credit cards? Especially thinking of Tandem as they’re one of the new ones (I’ve already signed up out of nosiness)
That Jar Jar Binks pic put a whole new dimensions on Jaja:) I am not here to ditch competition though. They´ve obviously chosen the right niche to improve and the outdated credit space need much more coming for the benefit of users in the long run. Think of us as the 100% mobile based supercharged credit card. When people nowadays sign up for credit cards they typically have to wait for the mail man to deliver it to activate the card before usage. Jaja on the other lets you “sign up to uber or book a hotel or whatever you need within minutes” (as your digital card is issued instantly). Hence more focused on the intended outcome for busy people on the go who are tired of the outdated alternatives out there. ref https://youtu.be/8A9I8bhP494 Once signed up the aim is to make sure people are in complete control https://www.youtube.com/watch?v=OX73BZ054ko and we have various features and products in the making that will ultimately remove the silos in the credit space…and yes my first job straight out of university was as a credit analyst and I know that credit is not necessarily a good thing especially if you give it to people who can’t afford it or for other reasons are not in control of their spending. That´s also very important
Hey @Kyrre, lovely to see you on here!
Just wondering if you’d mind explaining your business model? Are you just looking to build a great credit card or are you thinking like Tandem (and Monzo) of creating a financial hub, starting with one core product?
The model is simple. No fees nor fx, only the interest earned from the revolving credit. We have consumer credit license and payments institution license authorised by FCA for this. And our principal membership status with Visa allow us to issue cards on behalf of any brand and retailer out there. Some exciting announcements coming soon…
The reason for my question was (and I must caveat this by saying that I don’t work for Monzo so it’s hypothetical rather than anything) whether you’d be interested in a deep integration with someone like Monzo - where your product is available through a third party app?
Honestly speaking I would love to work with the apps I already love. It´s all about breaking down the boundaries
For me you are not able to offer more than what tandem already offer with their cashback on all spending over £1.
As a start-up initiating with a limited number of beta testers we are fine-tuning the proposition based on feedback from people like yourselves. Thanks for the feedback and stay tuned
One of the understandable limitations set by Tandem has been an initial upper limit of £2000. That works for some, but those who would wish to conduct the majority of their spending with their credit card and clear each month might well struggle. In addition, they have offered no review of the initial limit for six months - a standard operating feature for them.
I wonder whether the JAJA card will be managed in a similar fashion, or might more individual handling apply, @Kyrre?
A 2k limit would be a pain, as you’d have to remember to clear some of the balance some months.
I would be interested to know what counts as a cash transaction for Jaja. The new MCC engine at Curve has somewhat cast a light on how opaque done CC terms are.
My current initial limit is £5000, and our max limit is £20.000. The limit is set based on individual scores. We also will offer people the flexibility to convert parts of their credit balance to an instalment loan to save money. For example if you buy certain big ticket items it doesn´t make sense to keep all of it on your credit card balance. Just doesn´t make sense to us
Sounding more and more interesting now
I decided to sign up for the fun of it.
If anyone would like to boost me up the list… https://joinbeta.jaja.co.uk?kid=SEY8E