Debitize Reviews - What Is It?
DO NOT USE Debitize!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
Debitize is a third-party financial service that was specially created to pay your credit card bill on your behalf ensuring that you will never fall behind on payments. This tool recognizes the transaction if you are paying for something with your credit card. It also withdraws a definite amount of money from your checking account and saves it. So, when it is time to pay your bill, there is enough money on your credit card to cover the balance. There are few products like Debitize on the market at the moment. You can encounter investment "robo-advisors" designed for making the investment process automatic. There are also many websites offering credit-score tracking and free credit scores but there are could perform the functions of Debitize.
The company started in 2015 when it was founded by Jeff Hu and Liran Amrany. These specialists launched a beta version of the app at first with the only users selected by Amrany and Hu. The application wasn't available to the general public. Amrany was earlier involved in financial services and he was an executive director at J.P. Morgan from 2004 to 2013, according to his LinkedIn page. Debitize seemed to be a great idea, especially taking into account Amrany's relevant experience. But will the app be suitable for you? How does it actually work? How does it protect your information? These and other important questions will be answered soon through a solid examination of the service. We have made a thorough research of the application and this is what we found.
Customer Reviews - Does Debitize Really Work?
Before using the app you should be aware that it is not available in Apple and Google's app stores but it is only available on desktop and mobile browsers. Adding this app to your arsenal of financial tools takes just a few minutes. After creating an account you will need to link your credit card to it, add a funding account and verify your identity. Once your app is processed, you can start using it. The verification process involves providing the last four digits of your social security number, your date of birth and your address. The primary reason why it is so important is to validate that you are really the account owner of the checking account linked. It is vital for your own protection. We are under federal regulations to ensure that there are no illegal activities such as money laundering. Debitize's FAQ can be helpful for learning how Debitize works. First, you give them permission to access information on your credit card and your payment account. Then they can track every payment you make with your credit card. Every time a charge pops up on your credit card account, the app recognizes it and then makes a withdrawal from your account. This is exactly the same amount you charged. It goes into a holding account with a U.S. bank known as a "Debitize Reserve Account". That account accumulates money until it is time for you to pay your bill.
According to the founder of the app, Hu, it is able to schedule your credit card payment ten days in advance of your due date and it never pays after that date. The process seems tidy, but there is some risk that things could go wrong. For instance, what if Debitize overdraws your account? You may have an emergency and need some money but there is not much money left on your checking account because the app has been saving your money. To solve these issues, Debitize gives users the ability to set a minimum balance for their account. So, if you want to have at least $500 in your checking account, just tell the company that your minimum amount is $500. In case if which a credit card transaction would take money below that amount, the app does a partial withdrawal. For instance, if you have got $510 in your account and you spend $20, Debitize will only withdraw $10. The official website of the product says that the app protects your information by employing industry-standard 256-bit encryption security measures. They don't store your bank login credentials on their servers, so your information wouldn't be sitting around when Debitize's servers are suddenly hacked. If there is any unusual activity on your account, you will be alerted immediately, according to the company. Besides, the app requires ID verification to log in and logs you out when you are inactive in an automatic way. There are very limited customer reviews about the product online. Some of them are positive, while others carry a negative character. Let us take a look at some of the testimonials available online.
"I have heard good things about Debitize, so I decided to give this tool a try for 2017. My wife felt that we were spending too much money using our credit card as a debit to gather the points we can for travel. During the first week, there were no problems with the payments from our checking but then it did not hit our card for two weeks (it is supposed to hit every week). I talked to their customer support and I found out that they were having difficulties processing payments. I have decided to cancel my account."
"I just tried to sign up for debitize, but I learnt that American Express cards are not supported at the moment. This limitation is not convenient at all. I hope they will remove it soon. If you are using these cards too, I would not recommend this tool. I am not satisfied with functioning of the customer service of the company too."
"I am wondering why Debitize is not a popular thing yet. It seems to be helpful, especially for those who often forget to pay their credit card bills. Probably, the reason lies in some restrictions. So, before signing up for the service, check whether it is available for you to the fullest. By the way, take into account their New Year's resolutions."
My Final Summary
Based on our thorough research of consumer credit habits and credit scores, we believe that Debitize is not a good tool for everyone. This application would be a suitable for those who have more income than expenses because you will not have to worry about lack of money to pay for anything from your credit card. But if you have more expenses than income, this app will not be suitable for you. This tool can be used by credit card churners, consumers who apply for credit cards for the up-front rewards only and simultaneously use several credit cards. Debitize will help them to pay their bills. This app can be suitable for those who want to strengthen their credit. Paying off your balance every week is provided by the Credit Optimizer tool.
Let me repeat, if you are spending more than you earn, Debitize may not be the best option for you because it defeats the app's purpose by paying only a part of your credit card bill. This app is able to bridge the gap between debit cards and credit cards by making your credit card function as a debit card. However, there are certain limitations for using this application. Besides, there are some negative customer reviews about the tool on third-party websites. Taking into account all advantages and disadvantages of the app, we cannot recommend Debitize to usage.
Debitize Pricing and Rates
This tool does not charge any fees for their service when it comes to credit-card payments. However, you will be charged $3 per month for using their Credit Optimizer tool. The latter is designed to improve your credit scores.