According to data released by the Federal Reserve, the amount of consumer debt in the United States is over $2.4 trillion. Credit card rewards programs encourage Americans to spend more and more, as opposed to saving and paying down existing debts, by awarding cardholders with points or prizes for spending certain amounts. By contrast, SaveUp, a brand new website that just launched, rewards consumers for doing exactly the opposite. SaveUp participants can earn points for every dollar saved or every dollar put towards paying off a debt, which can then be redeemed for the opportunity to win prizes ranging from gift cards to vacation packages to $2,000,000.
“SaveUp is driven by a shear cause to help Americans achieve financial succeed,” announced Priya Haji, CEO and co-founder of SaveUp, through PRNewswire. Priya went on to say that SaveUP aims to provide fun and engaging experience that by rewarding consumers who pay-off their debt and save money, with hopes to drive down impulsive spending. “SaveUp is the only rewards program that focuses on improving the lives of Americans by focusing first and foremost on their financial well being,” said Haji.
It seems as if extra incentives to help Americans save are sorely needed. An Employee Benefit Research Institute Study from March 2010 revealed that 43% of workers claim to have less than $10,000 in their savings accounts, while 27% profess to having less than $1,000. Also in 2010, only 69% of workers polled were able to put money away for their retirement, according to PRNewswire.
Sammy Shreibati the CTO and co-founder of SaveUp said that the program is not only fun and rewarding but safe and secure as well. Trusted organizations such as VeriSign, MacAfee and TRUSTe have certified the privacy and security policies of SaveUp, as well as their procedures.
“SaveUp protects its users with the same high level of security employed by banks, and we don`t store any of our users` financial account information. We will never share our users’ personal information with anyone, so their privacy is protected as well,” said Shreibati, according to PRNewswire.