VIVID CREDIT CARD. WHO NEEDS IT?
* Not an advertisement *
Continuing our look at financial products. This time — a debit card VISA VIVID, its pros and cons.
The VIVID project was organised by former employees of Tinkoff, which is Russia's leader in online banking, combined with cashback and an investment platform.
Former top managers of Tinkoff Bank have launched a mobile application and card in Europe for managing personal finances via smartphone. In the near future, investment products will also appear in the application. TCS Group (the parent company of Tinkoff Bank) is the main investor in the project.
Vivid Money service has been launched in Germany in partnership with the German Solarisbank, which provides its licensed online banking platform, and the international payment system Visa. The company also plans to enter other European markets.
➡Pros:
▪️ ❗ Free maintenance on the Standard tariff plan.
▪️ ❗ Free VISA card.
▪️Up to 15 free wallets, in 40 different currencies with individual IBAN numbers, with the ability to carry out various transactions.
▪️Cash withdrawals up to €200 per month without fees at any ATM.
▪️Cashback of up to 10% under the Champion bonus scheme (!!! Only for customers who, over a two-week period, have managed to become the top spenders in terms of total spending at a specific shop).
▪️Cashback of up to €20 monthly.
▪️Cashback is stored in the investment wallet in the bank's app and can grow along with the growth of the chosen share or ETF. The bonus account will not fall below its nominal value.
▪️Bonuses for inviting friends.
➡Cons:
▪️ ❗ Bonuses amounting to €256 or more per year are taxable and the client is personally responsible for fulfilling their tax obligations (❗❗❗ This is not written in product promotional brochures).
▪️ Tariff plan Prime for €9.90 per month.
✅ I'll write separately about Pros Prime tariff for €9.90 a month:
▪️Cashback of up to €100 monthly.
▪️Up to 15 free wallets, in 40 107 different currencies with individual IBAN numbers, with the ability to carry out various transactions.
▪️0.1% cashback on all purchases.
▪️Cashback of up to 10% on purchases at participating shops. See the carousel for the current offer, valid until 31 December 2020.
▪️3% cashback at restaurants and cafés outside Europe.
▪️1% cashback on all purchases made outside Europe.
▪️Cash withdrawal up to €1,000 per month with no commission.
▪️Free virtual VISA card for safe online transactions.
🔹Prime is provided free of charge for the first 3 months.
The tariff plan can be changed once a month without commission.
✔️Conclusions:
▪️ If you need a free VISA, then this card is for you.
▪️ This is not a professional investment tool (yet).
▪️ This is more of a marketing ploy, so for investment purposes, this card will not be suitable.
▪️ Prime will pay for itself if you buy a lot from the companies taking part in the promotion.
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