Business

Saxton Associates Poor Review: Credit Card Consolidation

Published

6 years ago

May 11, 2020

Matthew Wiles

Saxton Associates and Credit 9 has been flooding the market with credit card consolidation offers.

Should you respond to Saxton Associates or Credit 9 and trust them with your debt consolidation process?

If you have been thinking about it and you just received a “too good to be true” loan offer in the mail from Saxton Associates or Credit 9 – follow your instincts. Do you really think you qualify for a 3.99% interest rate? Do you really think that reservation code is especially for you?

Credit card consolidation can help you in a number of ways to eventually pay off your entire debt. It can provide you with many benefits, such as reduced overall interest rate, lower monthly payments and simplified payments.

Credit card consolidation combines all of your credit card balances into one grand total. Thus, you have to make one payment each month rather than multiple payments. The right credit card consolidation option payment entails smaller interest expenses, which, in turn, makes debt repayment much easier.

Here are the 5 best credit card consolidation options that you can consider to pay off your credit card balances:

Credit Counseling

Working with a non-profit credit counseling firm is one of the best means of credit card consolidation. These firms first analyze your unique financial scenario and then suggest a plan that will help you to overcome your financial problems. Non-profit credit counseling firms can serve you in a number of ways. They can help you with budgeting, spending habits, debt management and money management.

However, before committing yourself to any credit counseling firm, you must do your research to ensure that it is a reputable organization.

The credit counseling firm will negotiate with your creditors so that you gain concessions to help you pay off debt. All of your credit card balances will be combined into a single amount so that you have to make a single monthly payment. You will make the payment to the credit counseling firm, which will then pay your creditors. Credit counseling firms negotiate with creditors to lower your interest rate, reduce the debt amount, waive fees or gain any other concession.

You may have to pay fees for some credit counseling services. You may also have to agree to certain terms, such as not applying for a new line of credit or using the credit cards that you currently hold.

Personal Loan for Credit Card Consolidation

Personal loans are another means of credit card consolidation. You can take out a personal loan to pay off all your credit card balances. When all your credit card balances are settled, you will need to make only one monthly payment to the creditor that extended the personal loan. This will simplify payments and save you time and effort. A good choice of personal loan may also imply a reduced interest rate.

If you have good credit, your chances of getting lower interest rates on a personal loan may increase. The advantage of personal loans is that many different kinds are available to borrowers. Each one of them has their specific terms and conditions. You can select a personal loan with terms and conditions that can help you with debt management. There are also lenders that submit funds directly to credit card companies to minimize the chance that the loan amount will be used for any other purpose. A prequalification option is also available with many lenders. You can take advantage of this to search for options without bringing down your credit score. This might be a good credit card consolidation option for you.

The biggest drawback to personal loans is that you will have to meet the lender’s criteria in order to qualify. If you have a low credit score, then you may not be able to get an interest rate that is substantially lower than your credit cards. You will also have to watch out for origination fees, which add to the cost of paying back debt. You may have to pay hundreds of dollars as origination fees with some lenders.

Balance Transfer Credit Card for Credit Card Consolidation

With the help of a balance transfer credit card, you can transfer all of your credit card balances into your new account. Most balance transfer credit cards carry a zero percent introductory APR that extends into several months. This zero APR time frame can give you the opportunity to pay back your credit card debt without incurring any interest. Debt payment will be much easier without accumulating interest, making this a viable credit card consolidation option.

However, to take full advantage of balance transfer credit cards, you must pay back the entire debt within the zero APR time period. Otherwise, you will have to pay interest on the balance transfers and the plan will backfire.

One key point to look out for is the balance transfer fee. Some cards impose balance transfer fees that increase the burden of debt payment. You cannot transfer an amount greater than your credit limit.

Take Help from Friends and Family for Credit Card Consolidation

You can also think about getting money from your friends or family members if that is possible. However, before obtaining funds this way, make sure that you work out the details of repayment terms so that there is no dispute later on about payments.

The biggest advantage of this credit card consolidation method is that you do not have to meet the eligibility criteria to qualify, as is the case with financial firms. The interest rate may also be likely lower.

One major drawback is that it can possibly strain your relationship if you fail to pay back on time.

Home Equity Loan for Credit Card Consolidation

Before going any further into the details, you should know that this is the riskiest method since you can possibly lose your home. Thus, you should think about it only if you have exhausted all options and are certain that you have the means of paying back the loan in time.

You can take out a home equity loan with your home as collateral. That is, your home equity serves as a security for the loan. There are two advantages to this. First, you are putting your home equity to use. Second, since this is a secured loan, the interest rate may be lower than your credit cards, which are unsecured loans. The lower interest rate may be a big boon for debt repayment.

The major disadvantage of this credit card consolidation method is that if you are not responsible enough, then you could end up losing your home. Defaulting on repayments will give your creditor the right to press for a foreclosure on your home to regain the amount that you owe.

Business

Inside the $4.3B Quarter: What’s Fueling Black Banx’s Record Revenues

Published

4 weeks ago

January 16, 2026

Matthew Wiles

Every quarter brings fresh headlines in fintech, but few make the kind of impact achieved by Black Banx in Q2 2025. The Toronto-based global digital banking group, founded by Michael Gastauer, reported an extraordinary USD 4.3 billion in revenue and a record USD 1.6 billion in pre-tax profit, while improving its cost-to-income ratio to 63%.

These results not only highlight the company’s operational efficiency but also mark a pivotal moment in its journey from challenger to global leader. The big question is: what’s fueling such impressive financial performance?

Customer Growth as the Core Driver

One of the clearest engines of revenue growth is Black Banx’s expanding customer base. By Q2 2025, the platform had reached 84 million clients worldwide, up from 69 million at the end of 2024. This 15 million net gain in six months demonstrates both the attractiveness of its services and the scalability of its model.

Unlike traditional banks, which rely heavily on branch expansion, Black Banx leverages digital-first onboarding that allows customers to open accounts within minutes using just a smartphone. This approach is especially effective in regions underserved by legacy institutions, where access to affordable financial tools is in high demand.

More customers don’t just mean higher transaction volumes—they generate a compounding effect where network size, brand trust, and service adoption reinforce one another.

Real-Time Payments and Cross-Border Solutions

A major contributor to Q2 revenues is the platform’s real-time payments infrastructure. Black Banx enables instant cross-border transfers across its 28 supported fiat currencies and multiple cryptocurrencies, helping both individuals and businesses bypass the traditional bottlenecks of international banking.

For freelancers, SMEs, and multinational clients, this means faster liquidity, reduced foreign exchange costs, and simplified global operations. The demand for real-time financial services is growing rapidly—Juniper Research projects global real-time payments turnover to hit USD 58 trillion by 2028—and Black Banx is strategically positioned to capture a significant share of this market.

Crypto Integration as a Revenue Stream

Another key revenue driver is crypto integration. While many traditional institutions remain hesitant, Black Banx embraced digital assets early and has built infrastructure to support Bitcoin, Ethereum, and the Lightning Network. In Q2 2025, 20% of all transactions on the platform were crypto-based, reflecting strong customer appetite for hybrid banking services that bridge fiat and digital assets.

Revenue comes not only from transaction fees but also from value-added services like crypto-to-fiat conversion, staking yields (4–12% APY), and blockchain-enabled payments. For customers in markets with unstable currencies, these services act as a financial lifeline, further expanding the platform’s relevance.

AI-Powered Efficiency and Risk Management

Record revenues would be less impressive if costs ballooned at the same rate. But Black Banx has proven adept at balancing growth with efficiency. Its cost-to-income ratio improved to 63% in Q2, down from 69% a year earlier, thanks to heavy reliance on AI-powered automation.

AI now drives fraud detection, compliance, and customer onboarding—areas where traditional banks often struggle with cost inefficiencies. By automating these processes, Black Banx can process millions of transactions securely while maintaining profitability at scale. This level of efficiency is rare in fintech, where high growth often comes at the expense of margins.

Regional Expansion and Untapped Markets

Geography also plays a role in fueling revenues. Much of the Q2 growth came from Africa, South Asia, and Latin America—regions where demand for mobile-first banking continues to soar. In 2024 alone, Black Banx reported a 32% increase in SME clients from the Middle East and Africa, signaling the strength of its positioning in underserved markets.

By extending services to populations previously excluded from formal banking—migrant workers, rural communities, and small businesses—Black Banx taps into vast pools of latent demand. The strategy proves that financial inclusion and profitability are not mutually exclusive but mutually reinforcing.

Diversified Revenue Streams

Another factor behind Q2’s record revenues is Black Banx’s diversified business model. Income is not tied to a single service but spread across multiple streams, including:

Transaction fees from cross-border transfers and payments.
Crypto trading and exchange services.
Premium account features for high-net-worth clients.
Corporate services for SMEs and international businesses.

This diversification insulates the company against volatility in any single segment, creating stable revenue growth even in shifting market conditions.

Michael Gastauer’s Strategic Blueprint

Behind these results is Michael Gastauer’s long-term strategy: scale aggressively but with efficiency, innovation, and inclusion at the core. His vision has always been to create a borderless financial ecosystem, and Q2 2025’s performance is evidence that this vision is not only achievable but sustainable.

By balancing mass-market accessibility with premium features, and by blending fiat with digital assets, Gastauer has positioned Black Banx as a category-defining player in global finance.

The Road Ahead: Toward 100 Million Clients

Looking forward, the company’s goal of reaching 100 million customers by the end of 2025 will likely be the next catalyst for revenue growth. More customers mean more transactions, more data insights, and more opportunities to refine and expand its service offering.

If current momentum holds, the USD 4.3 billion quarterly revenue milestone could be just the beginning of an even larger growth story. The challenge will be ensuring systems scale securely while maintaining trust in an environment where privacy and compliance are paramount.

A Record That Signals More to Come

Black Banx’s Q2 2025 performance—USD 4.3 billion in revenue, USD 1.6 billion in pre-tax profit, 84 million clients worldwide, and a lean 63% cost-to-income ratio—is more than a financial milestone. It is a signal of how the future of banking is being rewritten by platforms that are borderless, crypto-inclusive, and data-driven.

What fueled this record-breaking quarter is not one innovation but a combination of strategies—scalable onboarding, real-time payments, crypto integration, AI efficiency, and expansion into underserved regions. Together, they form a model that doesn’t just challenge traditional banking but actively builds the foundation for global dominance.

For Black Banx, the road ahead is clear: the $4.3 billion quarter is not an endpoint but a launchpad for even greater scale and profitability.