Float Money ( first appeared on this blog a while back when they were beginning to build awareness for their very unique interest-free loan service.

Now, they’re back to announce the Float Planned Spending Program launch. The Planned Spending Program (or PSP) is designed to appeal to budget-conscious people trying to find a way to create a budget cushion or a “rainy day” fund via Float’s  no-interest and no-fees credit line.

The PSP system automatically delivers gift cards on a schedule the user creates so they can do their local shopping. You set up your recurring order of gift cards and delivery dates as you want. The order is then processed and delivered once or twice a month on your schedule. Most importantly, each purchase of gift cards goes toward building up your average monthly shopping which in turn builds up your interest-free credit line with Float.


How Does Float Work?

Float members build a credit line which is determined by two things:

  1. The user’s Membership Level, which is initially determined by your credit report and then rises over time as the user continues to use Float.
  2. Membership Level is multiplied by: The user’s average monthly shopping through the Float network. Members can shop online with Float’s internet merchants, and in local stores with Float’s selection of gift cards (groceries, gas, pharmacy, etc.). The more shopping you do this way, the more your credit line grows. The PSP focuses activity on the gift cards, but you can still do online shopping to add to your overall total as well. Click here  to see how Float works in general, or click here to read more about the Planned Spending Program specifically.



For example, a member with $800 of monthly shopping with Float gift cards (an easy number to hit with just groceries and gas) who has a Member Level of 150, can borrow $1200 interest-free. Member Level goes up the longer you stay with Float.


How Is the PSP Different from Regular Float?

The Planned Spending Program leverages the fact that we all do our normal monthly shopping at pretty much the same set of stores. Everyone has that little route they run for groceries, morning coffee, home supplies, gas, pharmacy, etc. The PSP delivers gift cards for those same retailers with the same regularity that you do your shopping. Its added value is incredible convenience and that it’s a natural extension of household budgeting – gift cards with a defined value will help you stay on a budget. Plus, they always have a few gift cards discounted for PSP members.


Interest-free credit runs counter to what we all expect from lenders. But Float makes a commission on purchases made through their shopping network, so, similar to how some websites offer cash back for shopping, Float instead makes interest-free loans. They make money from merchants rather than their customers. The more a member shops with Float’s merchants, the greater the credit line they can build.

Float members use loan funds for many things, but the most applicable uses are for filling budget gaps, unexpected expenses, creating a ‘rainy day’ fund, and paying down other high-interest debt. Click to learn more on Float’s site.

Float’s mission is to help Americans improve their financial health by providing safe, accessible credit that keeps families away from high-interest debt. Budgeting is something you can do to help yourself, but Float and their interest-free credit is something you can’t get anywhere else.