Credit App Challenges Credit Cards

Summed is a new consumer-focused alternative to traditional credit cards. Built for use on smartphones, the Summed app enables consumers to split large purchases into smaller payments through simple financing that connects to their debit cards. Unlike credit cards, Summed provides low interest rates, no fees, cash-back rewards and, most importantly, fixed repayment amounts. That way, consumers know exactly how much they’ll owe and when they’ll complete their repayments. The app essentially works similar to providing mini personal loans that let consumers avoid the toxic snare of revolving credit while freely making their purchases, and there are no penalties for early repayment. The staged rollout began this past April.