A credit builder card that allows consumers to invest in companies and other financial institutions was made available for investors on Tuesday, the first time the card was available since January.
The CHRYSLER BUILD card, which offers investors a wide range of investment options, was released by the Federal Reserve Bank of New York (FRBNY) on Tuesday.
The card offers an annual fee of up to $500 for credit cards and up to 10 percent of your purchases in the first year.
The FRBNY said that investors can invest up to 15 percent of their monthly income.
It is unclear if the CHRYSPRING BUILD was available before or after the FRBny announcement.
Investors can sign up for a CHRYSABLE BUILD at any time with a simple credit card application.
The application is available at the CHRIYSABLE website, and can be viewed here.
The FRB, which has about 40 million credit cards issued in the U.S., is a bank that serves as a clearinghouse for credit card issuers and financial institutions.
“While many Americans have access to credit cards, there are still barriers to entry and many consumers struggle to access these valuable assets, and the CHYSIER BUILDER card is a new way to help them access their full investment potential,” FRB President Michael Feroli said in a statement.
The FRGNY is offering the CHrysprycard in the hopes that consumers will use it to access credit.
“We have heard from consumers who have been disappointed with their CHRYSIER card experience.
The CHRYSTLEPRING card provides access to an additional level of credit and financial flexibility to all consumers,” Feroli added.
In recent months, the CHRBNY has issued an update to its Consumer Credit Rating Program (CCRPA), which will be revised as part of the 2017-2021 Federal Reserve Balance Sheet Review process.
The updated CCRPA, which will go into effect January 1, will require consumers to use the CHRS card and make a monthly payment on the card, rather than using a checking account or savings account.
The Federal Reserve Board of Governors is scheduled to hold a hearing in late February on the reinstatement of the CHRR program.