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In this video we do an unboxing of the Karat Card, it is a secret, invite only, black card for social media stars. Founded by Eric Wei in San Francisco, who is a former Instagram product manager, the card looks at social stats instead of credit scores in approving creators for accounts.
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46 comments
I have 50,000 followers on instagram but they are all from india with sketchy profiles, does that count?
I really like the design of the card. It’s annoying how banks don’t see influencers as legit businesses when there probably one of the safest businesses to operate. Great video!
One day I gotta get this, just to flex.
I feel like the FinTech market is starting to get too bloated and there's nothing really stopping Chase or Amex from copying this system. They will probably let Karat be the guinea pigs and see how it works out for them
Paid promotion.
He sounds very similar to Graham
Does this utilize a credit network for processing transactions? Visa? AMEX?
Bankruptcy is already written all over this card.
enjoy your content and this is with no disrespect, if a Youtuber with 100K subscriber can get this card then it is not as exclusive as you portrait it to be. Also, I would not trust my money with this so called "financial disruption" start-up company if they're not FDIC insured…image they run off with your hard earn Youtube money and there's nothing you can do about it.
I see one major flaw with this plan. Content content creators with high subscriber or follower accounts tend to usually buy fake subscribers or fake followers. It's not an uncommon practice. So someone who just has a lot of money but no followers could artificially buy their subscribers just to get the card
It seems like a mediocre card for a very niche population.
Then an algorithm changes or the page gets hacked and all of a sudden there isn’t a way to pay back the balance on this card.
That looks like the CASH APP debit card with upgraded material not to mention there isn't any visa, Mastercard, discover or AMEX logo so where exactly can this card be spent? Also I have many friends with a crazy amount of followers on YouTube and Instagram and they have absolutely no problem getting loans and premium cards for there social media businesses so a bit confused by the statements made regarding there being an issue. I'll check back in a year to see the progress on this CASH APP debit card sorry I mean Karat card!
To be honest, I kinda thought the owner would have a better webcam setup…
whoaa his neck 😮
😁👍
This company won’t last. It’s the WeWork of the financial industry.
NO ONE GIVES A SHIT BRO
Question is… is this credit card only for US resident/citizens or something
Definitely a cool idea for this. I can see why conventional banks would be hesitant to extend credit to content creators because of how different it is, so there's a need for this type of company. And I can certainly see how social media stats could be a type of income verification. Though I do wonder about their long term business model if they'[re giving so much in cash back. But it's probably like most startups when they run at a loss to try to build a customer base and then pivot to getting a profit from those customers. I wish them luck though, seems like it would be a good thing for content creators if they're successful.
This guy is CHANGING THE GAME!!!
Is it just me or that Asian CEO sounds exactly like Graham…
Lmao
You have to watch out with business credit cards, you don’t get the same consumer protections that you do with a regular personal credit card. For example if you have a problem with a product and you need to file a claim or do a chargeback, they’re under no obligation to help you.
Annual fee?
I like that it's a charge card. Having charge cards is one reason why I like Amex so much. I really hope with this pay over time stuff they don't evolve into normal credit cards.
One step towards centurion
Its Visa o MasterCard?
credit shifu you sold out.. unfollow!!!!sorry unsubscribe!!!
This is cool af. Great idea to capitalize on. For the people mocking it, this cuts around red tape for creators. As a regular average joe you don't care, but it's amazomg news for online figure heads who can't catch a break.
I'll still shoot for the Amex Black card!
If you have millions of subscribers, pay in cash.
Problem solved.
-Dave Ramsey
Am I being a bit daft here, how does having a following on a channel/platform in any way correlate to credit worthiness?
All a following does is state that folk like your content, its not an indicator of anything related to personal or business finance.
If a regular bank wont give a social media personality a credit line then they need to look at their affairs and find out why that is?
This seems a bit daft to me, or have I missed something?
That one episode of Black Mirror on Netflix
Let’s get him there
a metal cashapp card
Weird, it's like banks understand that the number of people who follow someone on social media has no connection to whether a person will manage their credit and pay their bills or not.
Cool card but whatever happened to the X1 card ?
What are some of the subscriptions you use? This could be helpful if I create my own YouTube channel?
This sounds like a begining to china's social credit score system, and this is coming from a liberal
I take it that people being that I'm having issues with Identity Theft Shifu, that I should just give up on trying to get my credit re-established. I wish there were a way that I could get in touch with you so you can help me out!
Interesting idea! anything that forces banks to re-think business lending is a win in my books! apadt or die is the motto of business (and life)
This is a marketing company. Will end in tears, and not the tears of the founder.
I got mine 3 months and I Love it. people can believe how heavy that card is lol sounds insane when you drop it on a table
The first min an half is great… it’s almost like a commercial for the card 😂
But I thought you had to have 250k subs to be eligible? This channel doesn’t even have 200k