Debitize - Credit card perks without the debt, now on iOS

Hey PHers! We’re excited to be back on Product Hunt, this time with our new and improved iOS app! Debitize is on a mission to make good personal finance habits the norm so you can live debt-free, starting with credit cards. With Debitize, you use any credit card like a debit card. You’ll build credit and earn rewards with zero debt, interest, or late fees. How it Works: 1. Use any credit card like you normally would 2. We’ll automatically set aside money from your checking account to cover it the following day. Funds sit in your Debitize account, on deposit at an FDIC insured bank, and you can transfer them back to your checking account if needed. 3. When your bill comes due, Debitize will have already paid it for you, automatically, in full, and on time. That’s it! What makes us different: • Action, not advice. We don’t just send you notifications – if you spend $25, we’ll withdraw $25 to make sure your balance is covered • Cmpletely automated – you’ll stay on top of your spending, and never miss a bill, all without lifting a finger. • Debitize works with your existing credit cards and checking account – use what’s already in your wallet • We’ve officially launched our premium feature, Credit Optimizer, which automatically pays your balance down weekly keeping your utilization low and your credit score high. Credit Optimizer has helped many of our users increase their credit scores, in some cases by more than 100 points! If you don’t want Credit Optimizer, Debitize will keep your credit cards paid off every month for free! Don’t just take it from us, check out some of these customer testimonials: “This is an awesome service that eliminates the worry of bill dates and improves credit scores.” - George “Once I started using Credit Optimizer, I really saw things change quickly, my bank noticed that I was really making an effort and extended the credit limits on both of my cards. over the last 10 months, since downloading Debitize, my credit score has gone from 515 to 705, and I know have control of my credit. Debitize changed my life” - Nicholas This is just the start for us. In the future, we plan to help you manage and automate all of your bills and expenses - essentially a robo-advisor for the 60% of Americans who worry more about their bills than their investments. Would love to hear your thoughts! Liran

Been using Debitize for a long time now. I set it up with my card that offers the most cash back and then let it roll. You'd be amazed by how quickly you can rack up the points when you're leveraging this product. @liranamrany and the team over there are awesome. I've contacted them a few times and they always respond within a day, have helped me figure out why a new bank wasn't connecting, etc. Two thumbs up.

This allows you to have a "no thinking" (aka Plug & Play) solution to your credit cards. I love it. I've used them in previous betas and it's only gotten better!

Pros:

Plug & Play, Reliable, Credit Card Points, and the list goes on...

Cons:

If you use Android you're limited

Debitize has been great. Pros: Cash management - You get the cash management benefits of a debit card but don't lose the rewards and protections of charging with a credit card. I don't have to worry about scheduling credit card payments or balancing my spending between cards to make sure one card bill isn't much more than the other. Cons: Hoping the Android app is coming soon. Might also benefit from some tools to track/monitor spending habits, more easily reconcile payments to transactions, etc to provide more value add.

Love this app! I was trying to earn miles for vacations, (while keeping an eye out for a new home) by spending & paying down immediately & I’d keep up for the first few weeks, but life is busy as a working mom and the balance would build. Then I’d have to work it back down. Credit utilization plays a big role in your credit score.. suddenly a house I loved would pop up & in this real estate market you can’t wait days/weeks to pay off your cards, wait for it to update to the bureau in time to update your loan approval & make an offer, the home would be gone. I was sooo excited to find Debitize & set it to pay my card weekly. My balance has stayed low, my credit stays where I want it & I’m racking up travel points so quickly! Highly recommend!

I’ve been using Debitize for 2 years and it’s increased my credit score and given me peace of mind about using credit cards.

Pros:

Extremely user-friendly, life-hack

Cons:

none

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Pros:

Takes away the stress of paying your bill on time. Improves credit utilization !

Cons:

No Android app yet...

I’ve been using Debitize for a couple weeks. I love the idea, but frankly, it’s a little scary! Normally I have my credit cards on auto-pay once a month and I just kinda look at my balance and make sure it’s enough to pay the bill, it’s not that big of a problem. I was attracted to the idea of Debitize because I wanted to see individual purchases reflected real-time in my bank account and I wanted to get ahead of relying on my credit card float. With Debitize, I thought if I spent $25 at dinner, it would take $25 out of my account. Instead, I’m not sure exactly what happens, but every few days Debitize takes a couple hundred out of my account - so my purchase amounts, cadence, etc continued to be lumped and obfuscated from my bank account 🤷‍♀️ It’s higher fidelity than monthly payments but not quite what I wanted. The app is very confusing. Right now, my home screen says “Available cash: -$217.37” in big red font. What does this mean? What is available cash? Is it the money in my bank account? Can’t be - unless Debitize is trying to overdraw my account - but I don’t have overdraft protection on so they won’t be able to. Is “available cash” some predicted amount of future spending power I have given my cash flow? Is it the amount of money in Debitize Reserve, the holding bank account they use? When my credit cards bills were due last week, I got scared that Debitize wouldn’t pay my full bill and I would end up paying interest. So I paused both my cards on Debitize, scheduled payments for amount due on my credit card site, and re-enabled Debitize later. I think part of the reason it’s been stressful for me is because I’ve been using the free 30 day float on my credit cards for a long time, and it’s painful to catch up. Once I do, I think the app will feel a lot safer. I’m a little nervous about paying my rent at the end of this month, and will make sure to take out my rent amount before Debitize tries to put it towards my credit card balances and I end up without enough money in my bank account to pay my rent!

I love the Debitize app and service. It has been nice getting the benefits of a credit card and the convenience of tracking finances that a debit card provides. I first heard about the app on the Clark Howard show about a year ago and have no complaints since using the app. Their staff has been very quick to respond and very helpful the few times that I’ve had questions. I’ve recommended the app to a couple of friends/family and they love it tooo.

I like that you can put your credit card payments on autopilot

Pros:

Simple

Cons:

Banks are slow