Peer-to-peer lender Zopa has launched its first credit card with a ‘Safety Net’ feature allowing customers to lock away part of their balance.
The feature, which Zopa called an industry first, is one of a set of new features for the card and app offering.
The bright new card card also includes real time balance updates, categorised spend tracking , and the ability to turn off certain spending categories or freeze the card entirely.
Touted as the world’s oldest peer-to-peer lender, the firm said the features, which have quickly become standard in the challenger bank space, are just the beginning.
Jaidev Janardana, CEO of Zopa said: “As an agile tech-first company, we’ll continue to develop our Zopa credit card in line with customer feedback and offer even more innovative, beneficial features in the future.”
“The credit card market hasn’t caught up with the standard of other digital products and customers have been waiting too long for a better experience. ”
The firm has lent out over £5bn to people in the UK through personal loans and secured car finance and reports over half a million customers.