We all probably think that we have a relatively good handle on our finances, but rarely is that the case. A lot of times, our wants tend to outweigh our needs, which can lead to unnecessary spending and landing ourselves in debt, especially if you own a credit card which makes it way too easy to buy things you might not necessarily be able to afford.
Enter Cred.ai, a startup which has launched its own credit card that will apparently leverage AI technology to help us better manage our finances. How it works is that it takes into account things like your regular expenses and then based on how much money you have, it will then try to make a smart calculation to determine how much you will be able to spend.
Whenever users purchase something, it will take the amount out of your bank account, but will float it for a while so that you can still build credit towards a better credit score. According to the company, it seems that if you’re willing to play by the AI’s rules, you should never have to be in a position where you’ll need to pay interest or late fees on your card again.
It sounds like an interesting idea and if you think that maybe you might need the help of AI to better manage your finances, you can sign up and take part in Cred.ai’s beta program.
Filed in . Read more about AI (Artificial Intelligence). Source: fastcompany