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News: Empower Finance Rebrands to Tilt and Launches Tilt Credit Cards - Credit-Land.com

Empower Finance, Inc., a leader in cash flow underwriting and a pioneer in financial product innovation, rebranded to Tilt and launched Tilt Credit Cards. The rebranding signals the company's evolution toward a broader suite of cash and credit products. The broader reach is specifically powered by acquisition of Petal, a US credit card company, and replacing Petal credit cards with new Tilt Credit Cards.

New Tilt Credit Cards show the company's deeper commitment to expanding reliable access to fair credit. These are unsecured credit cards with cash back rewards designed for consumers with less than perfect credit: those whose credit history is recovering, limited or still in the making.

There are three Tilt credit cards: Tilt Essentials Card, Tilt Motion Card, Tilt Engage Card. These cards retained many features of the Petal credit cards. Specifically, WebBank will continue to be the issuer of the cards and keep reporting the credit activity to all three major credit bureaus. That's important because instead of relying only on credit scores, the issuer will use real-time cash flow and alternative data to more precisely assess a consumer's financial situation and readiness for credit when determining creditworthiness.

As such, the application process for Tilt cards may require linking a bank account when traditional credit data doesn't offer a full overview of credit history.

The pre-qualification process, which allows checking which offers you are likely to qualify for without any initial impact to credit scores, will also remain the same. The pre-qualification is available for U.S. residents with a valid Social Security number or Individual Taxpayer Identification Number.

The annual fee ranges of new Tilt credit cards are also in line with the Petal cards: two Tilt cards come with no annual fee, and one - the Engage card - has a $59 annual fee. However, there are some differences in reward rates. Thus, the Tilt Essential Card will offer a slightly better rewards structure: 3% cash back with AutoPay on gas and groceries and 1% on other purchases.

Another positive change is a shorter path to potential credit limit increases. With the new Tilt credit cards, it is possible to qualify for a credit limit increase as early as four months. The Petal cards required a standard 6-month period before cardmembers could qualify for an increase.

The new Tilt Credit Cards could be decent options that offer access to credit and earn rewards for consumers with less than perfect credit.

Disclaimer: This editorial content is not provided or commissioned by the banks or credit card issuer(s). Opinions expressed here are the author's alone, not those of the banks or credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the banks or credit card issuer(s). Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult with the issuing bank of the card or account for terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are accurate as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.