Placid Money

Placid Money operates as a financial technology company, distinct from a traditional bank, providing tools and capital to make credit card usage more affordable and manageable for its customers. The company's core service revolves around offering a low-interest credit line that allows users to pay off balances on any of their existing credit cards. This can be done on-demand or automatically, effectively lowering the annual percentage rate (APR) on their card debts. The platform is designed for individuals with a FICO score above 660 and requires users to connect a primary checking account to verify income.

The service is positioned as a fee-free offering, with no annual fees, origination fees, or late fees associated with the credit line. Clients can manage all their credit card payments through a single application, which also helps prevent late payments and overdraft fees from their bank accounts. By consolidating and paying down high-interest balances, the service aims to reduce a user's credit utilization, which can positively impact their credit score. Placid also offers a rewards system where users earn points for timely repayments, which can be converted into cash to further pay down debt.

The company emphasizes security, using Plaid to securely connect to users' bank accounts and Equifax for soft credit checks that do not affect credit scores. The onboarding process involves connecting credit cards and checking accounts, verifying card numbers, and then setting payoff amounts. Over time, customers who repay on time may become eligible for lower APRs and larger credit limits. While one source suggests a founding year of 1895 and a focus on international money transfers, the primary product offering described on their website focuses on credit card debt management in the US. Another source indicates Placid Express, a remittance service, was founded in 1996 and introduced its digital platform in 2014 to serve countries in Asia and Europe. Keywords: credit card debt, debt consolidation, low APR, personal finance, financial technology, credit score improvement, credit line, automated payments, fee-free financial services, Plaid, Equifax, consumer finance, credit card management, debt payoff, financial wellness, interest rate reduction, rewards program, money management app, bill payment, credit utilization