![]() ![]() The free tier does not offer budget automation so one needs to reset the Qubes each pay period. Qube Money has a free tier which limits users to 10 cash envelopes and a single debit card. Qube works for both online and in-person transactions. The balance on the debit card is reverted to zero. ![]() As soon as the transaction goes through, it is recorded in the relevant Qube and any remaining funds are transferred back into the Qube. Whenever one wants to spend money, he opens the Qube Money app on the mobile phone, select the Qube where the money will be spent and funds will immediately be made available through the Qube debit card. If one tries to swipe the card without allocating a transaction to an envelope/Qube, the transaction will be denied. The transactions are managed through the Qube debit card.Īs a default, the Qube card has zero balance. Users can deposit money into an FDIC-insured Qube Account, they can design a plan to allocate funds among different digital ‘Qubes’ either pre-generated categories or one’s own created. The platform he created combining the banking system and the budgeting system, has the power to be a transformative tool for spenders. Located in Pleasant Grove, Utah, the US, Qube Money was founded by Ryan Clark, who was once in the real estate market, later became a mortgage broker and finally took up the job of teaching novices how to spend money wisely. Qube’s premise is simple:iIt turns the envelope budgeting method digital and layers it on top of the consumer’s bank account for a seamless digital budgeting. At present it is available to qualifying customers in the US. Qube Money claims its mission is to ‘free people from the tyranny of money by breaking the paycheck-to-paycheck cycle and eliminating personal debt’. There is a physical Qube Money debit card that gives customers access to their pre-budgeted Qube funds. Budgets are digitized as ‘Qubes’ and consumers can set limits under different Qube budgets, like for example buying groceries or procuring clothes or entertainment. The unique thing about the app is that it combines a digital cash envelope budgeting method with a full banking suite. Some money can be earmarked for long-term envelopes like buying a house or a vacation, and other money for fast-spending envelopes like medicare, educational expenses, or groceries or restaurants. It employs the concept of an envelope budgeting system where one can cash out his income and separate the money into different budget categories. Qube Money is a fintech startup in the US with an app at its core that combines the functionalities of a bank and a controlling system on spending and avoiding debt. Qube Money is the new way one can use the services of the bank with the value add of having one’s finances managed well: ![]()
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