Thousands are flocking to a credit card that helps people repair their bad FICO scores and avoid payday loans

Check out this feature on FS Card by Alex Morrell in Business Insider:

Marla Blow thinks she can help. A card industry veteran who spent nearly a decade at Capital One and helped run the credit card and payments division at the Consumer Financial Protection Bureau, Blow recently helped launch a startup called FS Card, whose sole product at the moment is a credit card targeted toward those with tarnished credit histories.

The card, which is called "Build" and has MasterCard branding, enables customers to avoid the local payday lender's sky-high rates and gradually mend their standing in the eyes of the almighty FICO.

FS Card's strategy is to target "deep subprime customers" in the 550 to 600 credit score range, a group that's largely been overlooked and forgotten by the big banks, according to Blow, the company's CEO. By offering transparent rates and fees and low spending limits to start, Blow thinks she can carve out a profitable business that also helps people repair their financial bedrock. 

It's off to a good start: Some 50,000 people have signed on in about a year and a half. 

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