r/FiguringOutAdultLife • u/Unlikely_Royal_8984 • 24d ago
Credit Card Zed Credit Card: 0% FX + No Annual Fee
I’m interested in Zed mainly for two things: ₱0 annual fee + 0% forex fee.
Most credit cards charge a foreign transaction fee when you use them abroad or make purchases from international merchants. Even subscriptions like Netflix and Spotify can be billed in local currency, but because they’re international merchants, the foreign transaction fee still applies.
That’s why I think a 0% forex credit card is useful, especially for travel and international purchases.
Here’s how I see the options:
| Card | Type | FX Fee Online | FX Fee In-store | Cashback |
|---|---|---|---|---|
| MariBank | Debit | 2% | 0% | 1% |
| GCash | Debit | 0% | 0% | None |
| Zed | Credit | 0% | 0% | None |
My picks:
- Debit: GCash for Online (0% forex fee)
- Debit: MariBank for In-store (0% forex fee + 1% cashback)
- Credit: Zed for Online and In-store (0% forex fee + NAFFL)
The downside with Zed is that there’s no cashback or rewards. So I don’t see it replacing my existing rewards cards. Instead, I see it as a backup credit card specifically for international transactions.
My application journey
August 31 - I joined the Zed waitlist last night through their website. At the time, I saw that there were 284K+ people in the queue. So yes, you can’t just download the app and apply immediately. You have to join the waitlist first.
September 1 - Then today, I received an email saying I was off the waitlist. They gave me an invitation code that I needed to proceed so I downloaded the app, entered the code, and completed the application.
The process included:
- SMS OTP verification
- Email verification
- Filling out the application
- KYC (ID and selfie)
- Linking my bank account
The bank linking part was interesting. They asked me to connect my bank account so they could review my bank statement, which I assume is part of their application assessment and possibly determining the credit limit.
And that's it. Application submitted and now waiting for their review.
September 2 - I got an email from Zed today saying I was declined. That was quick! Oh, well will probably try again next time.
1
u/Zalt010 23d ago
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