Revolution in The Credit Card Industry?
A new type of card could change the way you use plastic…
A newly launched credit card, the “RevolutionCard”, may cause a revolution in the credit card industry. It offers the first anonymous PIN, increased security features, and a reduced interchange rate for merchants, from 1.9% to 0.5%– which will translate into huge savings for merchants and consumers alike. “MoneyExchange”, a free online money transfer service, launched in invitation-only beta form will be made available later this year.
RevolutionCard is part of Revolution Money, a family of products designed to give consumers more choices, with more convenience and control when it comes to their personal finances. It incorporates an innovative transaction processing system and was launched by AOL founder, Steve Case, with the goal of increasing security and generating dramatic savings for merchants and consumers alike.
RevolutionCard is backed by a host big name executives and financial leaders, including; former AOL executive Ted Leonsis, former U.S. Treasury Secretary Larry Summers, former Charles Schwab CEO David Pottruck and former MasterCard President Russell Hogg. Also backing the new card are traditional credit card issueris Citi, Morgan Stanley, CompuCredit and Deutsche Bank– just to name a few.
RevolutionCard will be the first card that can be physically issued to consumers at point-of-sale transactions for immediate use. And since it’s completely anonymous– no card holder’s name or account number are printed on the card– the risk of identity theft and fraud are vastly minimized if it’s lost or stolen. The all-in-one card uses a PIN to authorize transactions and will allow consumers to carry a credit line with an interest rate pegged to their credit rating, or load up to $15,000 from their bank account.
The new card has some major road blocks ahead; in particular, Mastercard and Visa. RevolutionCard is currently accepted by about 100,000 merchants, including big names like Barnes & Noble. The rapidly expanding network is expected to include 1 million merchants within the next 12 months, with a target of 7 million over the next 3 years. This would give RevolutionCard a competitive stance against MasterCard and other rivals.
Could this cause a revolution in the credit card industry??? Only time will tell. But with well-connected financial backers, consumer friendly features, increased security and the potential for consumers to save billions– RevolutionCard could change the way you use plastic forever. For more information visit: http://www.revolutioncard.com
* Visit our site to see a complete list of the latest Credit Card Offers >
