FinTech Binji Launches Its "Complete Personal Finance Solution"
Binji app and debit card

FinTech Binji Launches Its “Complete Personal Finance Solution”

Binji digital display debit cardFor years various FinTech ventures have sought to make managing your finances a bit easier. Of course this overall vision has manifested itself in different ways, with various startups offering their own ideas and plans. Now Binji is launching what they call a “complete personal finance solution,” combining a few different FinTech-centric elements into one account.

Perhaps the main attraction of Binji is their digital display debit card. This single card allows users to link up to 24 other credit or debit cards via the app and select which one they’d like to use at any time. Then the digital display will show the last four digits of the selected card along with a chosen nickname so users know which card they’re paying with. If this concept sounds familiar it’s likely because Coin previously created a somewhat similar product. Unfortunately, after being purchased by Fitbit, that company ceased support for their products back in 2017. So what makes Binji different?

Beyond their clever consolidating card, Binji also offers traditional online banking features as well as peer to peer payment capabilities. In terms of banking features, Binji’s partnership with Axiom Bank ensures customer funds are FDIC insured up to the standard $250,000. Additionally the company says those who use their Binji accounts for direct deposits can access their money up to two days earlier than they would with traditional banks. These accounts also carry no monthly fees, no overdraft fees, and offer access to a network of free ATMs. On top of that, as mentioned, Binji has built-in support for peer to peer payments.

In a press release announcing the company’s product, Binji co-founder and CEO Ryan Marquis said, “We saw an opportunity to improve people’s lives by streamlining their finances through the convenience of offering app-based banking, card consolidation, and peer-to-peer payments on one platform. We’re offering consumers something that, until today, didn’t exist: With just a push of a button on the Binji Card’s user interface, consumers can now transfer funds from up to 24 different debit or credit cards into a single spending account.” Similarity co-founder and CTO Joseph Callahan added, “Binji takes the familiarity of a physical card and combines it with the best parts of app-based banking–convenience and security. We’re not only streamlining the payment process, but also providing a clear snapshot of where and how people spend their money.”

On the downside, Binji’s Digital Display Mastercard current sells for $89 on their website. It’s also worth noting that, as Marquis mentions in his statement, the card consolidation feature can “transfer funds from up to 24 different debit or credit cards.” That begs the question of whether using the Binji card as a proxy for a cash back credit card will still net users the same merchant category rewards they’d receive if they used the card directly. It seems the answer is “no” as the company’s Twitter account responded to a similar inquiry by saying, “Rewards will only work if it’s for general purchases. Specialized rewards (restaurants, gas, etc, will not work).” Upon further investigation, it also seems as though there’s a 3% fee when funding from a third-party credit card. Between the high buy-in, that big consolidation catch, and surely some more Coin comparisons, it will be interesting to see if Binji’s plan to be an all-in-one finance solution pays off.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...