Deep Dive

How does Incredible work?

Yaseen Rostom
January 16, 2024

Incredible helps you pay off your debt whilst saving you time and money on interest - which obviously sounds amazing! But how does it work? 

We’re building an app that is dedicated to making your life easier, taking away all the stress that comes with managing any and all of your debt. Whether that’s Credit Card debt, BNPL, Car finance etc - Incredible is here to help. 

Currently you’re able to connect your credit cards to our app, which allows us to use your data to show you some interesting information; information that credit card companies have previously made very difficult for you to work out:

How much is that debt costing you?

When and what should you actually be paying?

Should you switch Lenders?  

...and the list goes on. Enter Incredible, who provide you with the information you need, allowing you to be better equipped to make financial decisions that will save you money, time and stress! 

The Hangover Math GIFs | Tenor

However, we know firsthand that just showing you charts and graphs isn't very useful. It’s what we do with the information that actually results in you saving money. Once you’ve added all your sources of debt (Credit cards initially), we use data and technology to do all the hard stuff to make sure everything is simple for you!

We’ll help you make decisions on which debt to pay off, how much you should be paying off and allow you to make the re-payment all from the app! We’ll be rolling out various payment features that will help you achieve your financial goals faster - and we've ensured to include strategies that work for everyone, regardless of your financial situation.

There are a number of benefits to this:

  1. You’ll be able to see how much money we’re helping you save on interest every month
  2. You should see an improvement in your overall credit score 
  3. You’ll reach your financial goals faster 

“That sounds Incredible!” - but how do customers connect their data? 

We use something called Open Banking (which you’re probably very familiar with) as it’s what 5 million brits have been using to make everyday payments, borrow money and provide access to their financial data that was previously locked away with their bank.

In the year of 2022, it's very normal to have multiple bank accounts, credit cards or even loan accounts etc. So instead of having to review multiple statements, remember different payment dates and stay on top of much interest you’re incurring, we’re bringing this all into one easy app to make it dead simple for you to manage. 

It’s also extremely secure! We use a third party provider (Truelayer) to power this feature, who are used by many Fintechs that you know and love (Freetrade, Revolut, Plum etc). It’s a huge subject so we’ll dedicate another blog post which discusses all the intricate details and inner workings, but it's important to know we work hard to make sure your data is safe with us.

Our app is currently in beta and you can register for early access by entering your details here, and we'll in touch with you soon with details on how you can join :)