LendingClub’s newly launched LevelUp Checking is designed to help consumers move away from reliance on credit cards, especially given record-high credit card debt, by incentivizing the use of debit. The target customer for LevelUp are individuals with a high FICO score, typically around 725, and a high individual income of about $125,000 to $130,000. It gives members 1% cash back for everyday spending with a LevelUp debit card on grocery and gas, among other key categories. Members who have LendingClub personal loans can also receive 2% cash back for making on-time loan payments from the LevelUp accounts. Additional features include early paycheck access. The goal of the LevelUp Checking product is to help reward members for responsible financial habits through the use of debit rather than credit. LevelUp Checking accounts will also integrate with DebtIQ, a feature accelerated by LendingClub’s acquisition of Tally. This allows customers to pay all their credit card debt from a single interface, eliminating the need to log into multiple bank accounts. The integrated nature of the product portfolio creates a flywheel effect, as LevelUp Savings users engage with LendingClub almost twice as often as customers with standard high-yield savings accounts. He expects the same, if not more, engagement with the LevelUp Checking product, which he views as part of a broader ecosystem play.