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Your idea for a prepaid master credit card to pay rent and earn rewards falls into a category with minimal market signal. There's just one similar product we could find, suggesting the problem you're addressing might be very niche or not considered a high priority by many. The low engagement (average of 1 comment on similar products) underscores this. We don't have enough signal to determine whether or not people would use or buy this. Before investing significant time and resources, it's crucial to validate whether there is sufficient demand for such a product. Given the limited evidence of existing demand, a cautious, validation-focused approach is necessary.

Recommendations

1. Start by engaging with your target audience to understand their specific needs and pain points related to paying rent and earning rewards. Focus on the unbanked and underbanked as this is a good target market for prepaid cards. Post in online communities or forums where renters gather and ask direct questions about their current payment methods, challenges, and desires for reward programs. Use these insights to refine your offering and messaging.
2. Before building the actual card, offer a manual solution to a small group of potential customers. For example, you could help them set up a system to pay rent with existing prepaid cards and track rewards manually. This will provide valuable feedback on the usability and desirability of your concept. Iterate your offering until it is a streamlined and automated solution.
3. Create a simple explainer video that showcases the benefits of your proposed prepaid card, focusing on its ease of use, reward system, and ability to build credit. Share this video on social media and relevant online communities to gauge interest. Track viewership and engagement metrics to understand the level of demand.
4. Gauge commitment by asking interested individuals to join a waiting list with a small, refundable deposit. This will help you assess the true level of interest and weed out casual inquiries. This deposit could be put towards their first month/year of the card fee.
5. If, after three weeks of these validation efforts, you cannot find at least five genuinely interested individuals, re-evaluate your idea. It may be necessary to pivot to a different approach or address a different problem within the financial technology space. Consider the Karma Wallet Card and how it combines financial rewards with ethical spending, and see if you can use some of the same principles.
6. Given that the similar product we found also had low engagement, consider researching why. Were their marketing efforts ineffective? Was their product confusing? Is the desire to earn rewards while paying rent not strong enough to incentivize prepaid card adoption?

Questions

1. What specific incentives or rewards would be most compelling to renters, especially those who are unbanked or underbanked? How can you tailor your reward program to address their unique needs and financial goals?
2. What are the key barriers preventing renters from using existing prepaid cards to pay rent? How can your product overcome these obstacles and offer a seamless, user-friendly experience?
3. How will you differentiate your prepaid card from existing options in the market, particularly those that do not focus on rent payments? What unique value proposition will you offer to attract and retain customers?