Hey, world travelers and families spread across the globe, there’s a new credit card player in town that’s making waves!
Meet Pomelo, the fresh fintech startup that’s shaking up international money transfers and credit card spending.
Pomelo is not just your ordinary credit card – it’s here to bring some serious innovation to the table. Keep reading to learn more.
Pomelo Credit Card
Pomelo is the first solution that allows families to combine credit and money transfer to make it easier to provide credit to friends and family living abroad.
Imagine having the power to send buying power, not just cash, to your loved ones in other countries.
Pomelo’s credit card takes this idea and runs with it.
And guess what? By doing so, it’s putting a major dent in those hefty fees that money transfer companies usually slap on their customers.
That’s right, Pomelo’s mission is to make sending money across borders a lot cheaper and simpler.
Here’s the lowdown on how Pomelo’s magic works: If you’re a U.S. citizen or permanent resident, and you’re at least 18 years old, you can apply for the Pomelo MasterCard.
Once you’re approved, here comes the cool part – you can create a “family plan.” This allows you to add your family members back home as authorized users of your Pomelo card.
They’ll then receive their own Pomelo credit cards, which they can use for purchases both in physical stores and online.
Now, let’s clear things up a bit – you’re not sending actual cash. Instead, you’re sending your credit card’s buying power overseas.
It’s like a shared spending superpower! Here’s where the real magic happens: Pomelo’s innovation slashes those usually painful fees that come with traditional money transfer services.
Here’s how it goes: Your family back home uses their Pomelo cards to make purchases, and those charges get added to your credit card bill.
Yep, you’re footing the bill, but don’t worry, there’s no revolving balance here. Pomelo’s MasterCard is more of a “charge card,” meaning you need to pay the bill in full every month.
Worried about your cousin splurging on luxury goods and maxing out your card? Fear not – Pomelo has got your back. You can set limits on how much each authorized user can charge on the card each month. It’s like giving them a budget to play with.
How does Pomelo make this work and keep the lights on? They’ve got a two-part plan. First, Pomelo offers an exchange rate that gives them a little profit when converting currencies into U.S. dollars.
It’s like a small sprinkle of money-making magic in each transaction.
And second, Pomelo teams up with merchants where their cards are being swiped.
See, merchants pay something called “interchange” fees every time a credit card transaction happens.
Guess what? Pomelo gets a slice of that pie. It’s a win-win for everyone involved.
But wait, who’s behind this financial wizardry? The Pomelo MasterCard is issued in partnership with Coastal Community Bank, a solid backing for Pomelo’s innovative approach.
Conclusion
So, if you’re someone who craves simpler, cheaper ways to send money to your far-off family and wants a little extra control over their spending, Pomelo is here to make your dreams come true.
With Pomelo’s credit card, your spending power crosses borders and your family gets the buying power they need.
It’s a fresh twist on credit cards and money transfers, bringing families closer without those mean fees. Cheers to Pomelo for shaking things up in the world of money magic!
Frequently Asked Questions
Is Pomelo credit card legit?
A license from MasterCard® International allows Coastal Community Bank to issue the Pomelo Card. A license from MasterCard International allows Coastal Community Bank to issue the Pomelo Card.
How does a Pomelo work?
The startup operates as follows: To send money abroad, one creates a Pomelo account, which includes up to four credit cards. The person who created the account has the ability to set limits, pause cards, and view spending patterns. Let’s assume that this person is the one transferring the money.
How do you pay in pomelo?
In person (Pomelo fee)
Launch the app, enter the order total into the keypad, and generate your one-of-a-kind, secure QR code. Your customer uses their phone camera to scan the QR code and pays with Apple Pay, Google Pay, or any major debit/credit card. They do not require the Pomelo Pay app or any other software to accomplish this.