According to a 2021 report by Bankrate, 55% of Gen Zers own at least one credit card, as do 73% of Millennials. When you look at how connected these two populations are, Millennials and Gen Zers will become the most connected generations in the next five years, with a forecast of nearly 99% of US Gen Zers being on the internet by 2024, according to Insider Intelligence.
In 2021, Forbes reported on recent data showing that “the majority (97%) of Gen Z consumers say they now use social media as their top source of shopping inspiration.” Currently, no credit card integrates social media into its platform, yet that’s predominantly where the two most connected generations spend most of their time shopping.
VITAL is the latest credit card expected to launch on the market, with over 150,000 cardholders already signed up pre-launch. Of the pre-launch users who’ve signed up for VITAL, 63% of them are Millennials and Gen Zers. The two primary features of the card that attracted people are how it rewards you for referrals you garner, and how you spend your money — all while guiding you on how to spend responsibly. VITAL’s community rewards system provides a significant opportunity for its cardholders to generate multiple streams to collect points and improve credit scores without having to conduct extensive independent research.
The Power of Community
Any of VITAL’s cardholders who successfully make a referral will collect points; those referred by you will also generate additional points. By integrating social media, those who can convince the masses to sign up with VITAL and start using it can collect significant cash rewards. When you convince a friend or family member to sign up using a referral link, you will unlock a cache of rewards, including an increase in referral cash and the chance to earn 2-3% cash back on all of your spending purchases over a 3-month period. In addition, your VITAL community will grow, increasing your stream of rewards automatically. As a VITAL cardholder, you are able to spend cash rewards online or anywhere that accepts Apple, Google, or Samsung Pay.
As the rewards come in, VITAL’s benefits increase as you share your success with others. The company will also check a user’s credit score for them; if they don’t have one, they’ll ask a few questions and assess real indicators of a user’s creditworthiness. But according to VITAL, as long as you are earning money and reliably paying your bills, there should be no issue, especially considering how some people are challenged with acquiring new credit cards due to a lack of credit history. “If that is the only barrier standing between them and credit-building, VITAL is committed to working with its new users to welcome them to their community,” says Chris Bridges, VITAL’s CEO, and co-founder.
Educational Inspired Loyalty
The VITAL card is designed to help raise your credit score — not your credit card payments. That’s why you won’t find annual fees, late fees, or random hidden fees on your VITAL Card App. Rather, what you will find is a personalized credit analysis, milestone celebrations, and even cash rewards for smart financial decisions and increases in your credit score. The platform gives you the tools you need to understand your credit score, make smarter financial decisions, and improve your credit health. As cardholders build better credit, VITAL celebrates those wins with credit health rewards, incentivizing them to maintain a good credit score versus threatening them with a penalty.
With credit education tools and excellent credit rewards, VITAL will also provide its cardholders with a roadmap to a healthier financial future. Members will also get notified with suggestions on how to improve credit scores throughout each month while spending with the VITAL card.
How VITAL Compares to the Competition
While many other credit card companies offer programs with 1.5% cash back on all purchases, no late fees, no annual fees, and referral rewards, none of them offer a tiered referral system like VITAL. VITAL rewards you based on how many friends you sign up with, four points for direct referrals, two points for every referral your friend makes two points for every referral they make, and one point for every referral their friend makes. Your referral rewards are deposited directly into your account every month; even if you don’t have any additional shares that month, the rewards may continue to come as long as your direct referrals are also making their own.
However, the most important aspect of VITAL that other credit card companies fail to offer is providing suggestions about improving your credit score. Many of them will provide guidance about how to increase your spending power, but that doesn’t directly correlate to your credit health. Generally, credit card companies make money off of spending debt, resulting in a damaged credit score. While credit card companies typically have warnings about their interest rates regarding late fees or minimum payments, they rarely — if ever — help users better understand how credit works, let alone provide suggestions on how to improve a credit score.
VITAL’s blended approach of community and user education sets its credit cardholders up to succeed financially. This strategy positions them as a more approachable and trustworthy credit card company for younger credit cardholders, all while making it easier to spend responsibly on a platform designed for new credit cardholders.