Intro

Recently, we looked into Fizz, a money app built specifically to help college students manage their money and build credit. Fizz was founded in 2021 in New York and is also a Y Combinator startup. 

Product

At a basic level, Fizz is a PFM app where users can track their spending, monitor their credit, and learn about personal finance through games and quizzes. On top of that, users can also apply for a Fizz debit card they can use to build credit and earn 3% cashback on purchases (up to $300 annually). The Fizz debit card is set up through the user's existing checking account and works with over 15,000 banks. There are no fees for using the card.

It’s free to download the app and start using some of their services, like credit monitoring and budgeting overview. A Fizz membership, which costs $49.99 a year for students, provides users access to their debit card, budget tracking, and financial literacy courses.

Creativity

Although the Fizz Card is technically a debit card, when you apply for the card you’re also applying for a line of credit from Fizz’s bank partner, Lead Bank. So when you use the Fizz Card to pay for something, you’re actually using the credit line associated with the card. This is what enables users to start building their credit, unlike a regular debit card that does not build your credit. The parameters for spending are exactly the same as the parameters for using a traditional debit card (you can’t spend more than what you have in your bank account), but with the Fizz app you can turn on daily Autopay which means you’re paying off any charges immediately, rather than accumulating them all until the end of the month. If you miss a payment, Fizz automatically locks the card so it can’t be used until the payment is made. Additionally card users have 45 days to make up a missed payment before Fizz reports anything to the credit bureaus. We like this approach a lot and think it’s a particularly efficient way to help young people learn about financial management, practice spending within their limits, and also start building credit while they do so. 

Website

Fizz’s website is easy to navigate and provided us with the information we wanted to know about their card. We also appreciate how the website shows us what different parts of the app looks like, without us having to actually download the app right away. 

Fizz’s blog is robust and includes additional information about their services and other topics that are relevant for young adults, like . We really appreciate how accessible their explanations are so that anyone can understand complex financial topics. 

User Experience

We found using Fizz to be super easy. The process of connecting your account(s) to Fizz via Plaid is quick, and immediately after that you have options to start setting up a budget, check your credit score, and start learning about financial wellness. Overall the app runs a lot like other apps we already use, making it intuitive and accessible.

Overall Recommendation

We’re really impressed by Fizz and how they’re helping young people learn financial literacy and build credit. If we were picking a financial app and card for our own kids to use, we wouldn’t hesitate to choose Fizz.

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