SOURCE: AdvantaGenesis Inc.

AdvantaGenesis Inc

January 29, 2015 09:00 ET

The Prepaid Card That Builds Credit

Filling the Void for Consumers Who Are Credit Challenged

TORONTO, ON--(Marketwired - January 29, 2015) - AdvantaGenesis Inc., in association with Paymobile Inc. and its alliance partners, is proud to announce the launch of the Advantage Benefits Card. The Advantage Benefits Card program is the first of its kind in Canada to offer a personal credit rebuilding benefit, health and lifestyle benefit products, all bundled conveniently on a Visa® Prepaid Card. www.MyAdvantageCanada.com

According to the Bank of Canada 2012 household insolvency report, since the year 2000, the level of Canadian household debt has steadily increased to a staggering 150% of disposable income. Approximately 100,000 Canadians now file for insolvency each year. At triple the 1980's level, more Canadians than ever before are left vulnerable to the impact of adverse economic changes imposed by illness, employment disruption, or other life challenges.

Each year of economic strain brings more average Canadians to financial duress with lowering of credit rating, and often to the loss of credit ability. The subsequent loss of card payment transactions that have become an essential life tool, affects consumer ability to function in daily life, and also undermines self-esteem. The Advantage Benefits Prepaid Card program fills the void by not only delivering a credit card alternative, but also a powerful, responsible credit building solution with self-esteem and savings building benefits, in an elegant, inexpensive package.

The Advantage Benefits Card program has been designed around a unique technology platform, enabling an end-to-end solution for benefit administration. The Visa® prepaid card itself is accepted world-wide, and looks like any valued premium credit card. By combining the prepaid card with valuable credit and health and wellness offerings, AdvantaGenesis enables the average Canadian to be better equipped to deal with various economic challenges in a very safe economical and efficient manner.

Gilbert Landriault, CEO of DebtMasterS.ca, a premiere Canadian consumer debt and credit counselling company, acknowledges that the credit rebuilding solution attached to the Advantage Benefits Prepaid Card will have significant impact because, "Every Canadian can be adversely affected by lowered credit scores resulting in higher interest rates, so the ability to get or renew a mortgage may become unaffordable and lead to family jeopardy of foreclosure or to a denial of other essential leasing and financing optionsConsumers need credit education and resource tools like the Advantage Benefits Card to help recover credit worthiness and maintain good credit score without growing debt," says Landriault. 

The Advantage Benefit Card's unique and powerful benefit is the ability of a prepaid card to attach a credit bureau reporting loan that far outpaces any credit card in the ability to build your credit rating. Over time such an increase in credit worthiness could lower a mortgage rate or renewal interest from 7% to 3% and provide more than 50% reduction in monthly mortgage costs. This will equal tens of thousands of dollars savings over a five year term. It may mean the difference between losing or keeping the family home!

The Advantage Benefits Card provides a first class consumer benefits package including:

  • Credit Watch Monitoring, credit bureau advisory when unusual activities affect your credit.
  • Identity Theft Restoration Insurance, ID theft prevention and restoration tool, designed to protect your identity with up to $25,000 of coverage.
  • Legal Services Club, free consultation and discounted legal services and representation across North America.
  • Low Cost Pharmacy Services, provides vast savings on all over-the-counter and prescription pharmacy needs.
  • Roadside Assistance, emergency tire, battery, lockout, towing etc. services to protect you from being stranded.

Additional optional benefits include:

  • CBR SAVINGS LOAN, a credit bureau reporting loan that will build your consumer credit rating and grow your savings at the same time...on a prepaid card that doesn't grow debt.
  • Green Shield, group dental and prescription insurance plans, to extend medical savings.

The Advantage Benefits Card is the prepaid card that can build your credit with your savings and for only $25.00 can be acquired by anyone without a credit check. It is securely used like cash with No Interest Fees and No point-of-sale transaction fees. The Advantage Card provides first class benefits and protections needed by today's lifestyle, and all of this is bundled at a low $17.99 monthly cost that makes this card a value to anyone regardless of their credit position.

The Advantage Benefits Card is GOOD FOR EVERYONE! Entrepreneurs and Homeowners seeking better lending rates, young people and new Canadians just beginning to build credit, as well as those struggling financially. Consumers going through bankruptcy can also enjoy the Advantage Benefits Card as a payment option during and before discharge. Immediately after discharge a CBR Loan credit building option can also be added to their card to begin rebuilding credit worthiness right away.

About AdvantaGenesis

AdvantaGenesis Inc. was established to offer Canadians a wide range of credit education resources, financial product and credit service alternatives, using Prepaid Cards as the delivery mechanism. The company focuses primarily on a unique segment of the Canadian marketplace: consumers who do not have traditional credit backgrounds and whose specific needs are not met by larger financial institutions. They cater to self-employed entrepreneurs, people with past credit issues, people just beginning to build a credit rating, and borrowers with equity in their property who do not qualify due to lack of provable income or little credit history.

ABOUT ZoomPass

The Advantage Benefits Card operates on the renowned Paymobile ZoomPass™ platform that now enables a combination of unparalleled features and functionality in moving money locally and around the world. ZoomPass features include, money transfers from Bank to Card, Card to Bank, Card to Card (Remittance), Bill Payment, Cash Load, and Payroll Direct Deposit.

ABOUT Paymobile

Paymobile Inc. provides ZoomPass program management services to the Advantage Benefits Card, including administration management, reporting, and customer service support. Paymobile's ZoomPass™ is a carrier-class transaction platform that moves money for businesses and communities quickly, economically and securely around the world. With banking partners and Visa®, Paymobile provides cheque replacement, remittance, and online virtual payment solutions, for a number of commercial customers and government. Paymobile, in alliance with their affiliated service providers, offers the five primary benefits associated with the Advantage Benefits Card.

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