A Message from our Founder


We started SimplyCredit to fix the credit industry to be fair and transparent for cardholders. Credit cards offer many benefits but are (by design) full of pitfalls that trip people up. With our service, we're keeping the good parts of credit cards while eliminating the bad ones.

Credit Card Companies Aren't Going to Change

Back in 2009, I was hopeful the Credit CARD Act would put an end to all the trickery and greedy policies of the credit card industry. But I underestimated the response of the credit card lobby, which, sensing a threat to one of their most profitable revenue streams, fought tooth and nail to make as few concessions and changes as possible.

While the CARD Act did address some of the most egregious issues (remember double cycle billing?), when the law was finally written, it did not have the muscle to fix the core problem — credit card terms are practically indecipherable and have enough loopholes to allow banks to keep consumers in debt forever. Despite CFPB aggressively fighting, and clocking some notable wins, on our behalf, banks and credit card companies prefer to treat fines as part of the cost of doing business. Which makes sense: fines totaling only ~$2 billion are just a small fraction of the profits credit cards generate.

We Need to Get 'Em Where it Hurts

Credit cards and using credit are incredibly useful. And that's where we're stuck, since all credit card issuers practice the same confusing, unfair, predatory, and let's face — evil — tactics. We've seen regulation go as far as it can, and it's not enough. Fines are an annoyance, but not large enough to bring about change. We could all give up our cards, but that doesn't seem like much of a solution, after all, credit cards themselves are not the problem, and they keep my wallet small.

In our view, change will only happen when we get 'em where it hurts, and that's their bottom line. Using SimplyCredit is the most responsible way to use your credit cards. Credit card companies charge fees, high rates, and compounding interest because they want to make money at all costs. We simply reject that. We want to make money too, but not at the cost of hurting our customers. When you join SimplyCredit, you're not just improving your financial health, you're also telling card companies that you've had enough and are ready for them and the industry to change.

Karthik Sethuraman, Cofounder & CEO
September 17, 2015