First Trade and SmarterBucks Launch One-of-a-Kind Student Loan Pay-Down Debit Card Rewards Program

BOSTON, MA--(Marketwired - Sep 16, 2014) - First Trade Union Bank and SmarterBucks, a division of SimpleTuition, today introduced the only debit card rewards program that helps consumers pay down student debt. Tied to First Trade's "FT Checking" account, the program allows users to earn 1.00% in SmarterBucks rewards on all non-PIN-based purchases made with the First Trade debit card. These rewards, which are uncapped, are then automatically contributed as an extra payment toward the principle of a student loan.

The program is designed to provide a simple method of paying down student debt that fits into users' lives and rewards them for everyday purchases. To participate, users create a free SmarterBucks account and link any student loan for automatic payment, making this the only program with an open infrastructure that can be used with all student loan providers. Users can apply online for an FT Checking account from the SmarterBucks website, a process that is quick, completely paperless, and optimized for both computers and mobile devices. Once the FT Checking and SmarterBucks accounts are linked, the user can begin making purchases with the debit card and earning 1.00% on every non-PIN-based transaction immediately. When rewards reach $10.00 or more, a payment is automatically made toward the student loan that user has designated in the SmarterBucks system. 

"The SmarterBucks mission is simple: to help the 37 million Americans currently living with over $1 trillion in outstanding student debt to get out of that debt smarter, faster and for less," said Kevin Walker, Co-Founder and CEO of SimpleTuition. "Partnering with First Trade to provide a rewards program that allows our users to channel their everyday spending toward paying down debt is an exciting way for us to deliver on that commitment. First Trade's product set, technology platform, and approach to customer service made them a perfect fit for our SmarterBucks audience and an obvious selection as a partner for this initiative."

Since its official launch in 2012, SmarterBucks has been helping people pay down their student debt in a variety of ways. This debit card program complements their existing methods of earning rewards toward student loan repayment, which includes completing surveys, shopping in the online Marketplace and inviting family and friends to earn rewards on their behalf. Its user base is currently over 140,000 members.