Frequently Asked Questions
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Most credit card companies only let you auto-pay your bill once a month. But paying your bill more often makes it easier to see how much money you have to spend. Spyn auto-pays your bill after every single purchase. That way, your credit card feels more like a debit card.
Every time you make a purchase, Spyn initiates an auto-payment from your bank account via ACH. Once your bank processes the payment, your card balance returns to zero. This means you never have to pay a credit card bill again and you won’t get caught off-guard with a large credit card bill at the end of the month.
Generally, Spyn initiates an automatic ACH payment from your checking account within a few hours after your purchase. Depending on bank processes and weekends and holidays, you may not see the withdrawal from your checking account for up to 3 – 5 business days. However, Spyn automatically “deducts” this amount from your checking account balance in the app, so you always know how much you have available in the bank.
If you have enabled the “Reserve money for upcoming bills” feature, Spyn is smart enough to know when an auto-ACH pull would compromise your ability to pay a bill (like your rent or mortgage), and we will wait to initiate the ACH pull until enough money is in your account.
You don’t need to auto-pay every transaction. In order to get the full benefits of Spyn, you should auto-pay every transaction and use low interest loans when you need extra. That keeps your finances simple!
However, there are situations where it makes sense to pay a charge off later. You can disable the auto-pay feature in our app. When you turn off this feature, you will accrue a credit card balance. Spyn will auto-pay your outstanding balance every 30 days so you don’t pay interest.
Yes! And unlike debit cards, rental car and hotel holds do not affect your bank balance.
When you rent a car or hotel, the company puts a hold on your credit card for some amount until you pay at the end.
With debit cards, that hold can be painful because you don’t have access to the money on hold, which is often much more than the amount you pay at the end.
With Spyn, we don’t transfer credit holds from your bank. That way, you can rent cars and hotels without losing access to money in your bank account.
Yes, we’ve designed our product to work with your existing banks and accounts. You will need to choose one bank account to set up auto-payment, but you can change it as often as you like.
When you make purchases with your Spyn card, Spyn initiates a bank transfer to pay for the purchase. If your bank declines the transfer, your Spyn card will be locked, kind of like a debit card, until you can pay off the outstanding balance. You’ll get notified immediately that your card is locked so you don’t get caught at the register with a surprise decline.
We recognize that sometimes you need a little more than you have available in the moment. That’s why Spyn is working to offer low interest loans (“micro-loans”) on demand. You can apply in a few clicks, get approved in seconds and spend immediately with your card. Our loans have a low interest rate, clear upfront costs, and no compound interest or hidden fees… in other words none of the tricks that can get you in trouble with traditional credit cards.
We’re working hard to bring Spyn Cards into production. While we don’t have a confirmed release date yet, we are on track to release a limited number of cards in Fall 2020. We will then release more cards in small batches to ensure we can provide the best experience for our users.
If you want to see our product in market more quickly, here’s how you can help.
Put simply, credit card debt sucks. We’ve struggled with it, our friends have struggled with it, our society is struggling with it. At the same time, there are some real benefits to using credit cards – the convenience, the rewards, and growing your credit score, to name a few. We created Spyn to help people stay out of debt, while still having access to the benefits of credit cards. We believe in our product and feel confident it can help people to better manage their finances and stay out of debt.
Spyn reverses the traditional credit model. Most credit card issuers receive about half of their revenue from interchange fees. The other half is comprised of interest and fees.
Spyn is different. Instead of luring you in with rewards and then hammering you with fees, Spyn charges a small monthly fee to keep you safe and help you thrive. In addition, each time you use your card at a store, the merchant is charged a fee (usually a flat fee plus a percentage of the total). This fee is paid to the card-issuing bank to cover handling costs, fraud and bad debt. Some of the fee is given back to Spyn. In turn, we give some of that back to you in the form of cash back rewards.
While interchange fees are small amounts, they do add up. While Spyn might not be as profitable as other credit card issuers, one of our core values is purpose over profits. We believe in doing what’s best for the customer every day.