Credit Cards

A credit card is a unique product. They offer a revolving line of credit, and if not used properly can be a significant negative impact on the consumer. However, for those that wish a credit card, and use it wisely will always be able to manage their card use. Some people will use the card like cash. They will not buy something unless they have the funds to pay off the card – therefore paying 0% interest since they will pay off their card before interest accrues. The base interest of the card will be 13%. There will be 2 card options for consumers.

The first will be a Mastercard for banking customers. This will only be available to consumers with a checking, money market, or savings account. The card will offer a unique approach where they will get 1% cash back on purchases made, and another 1% on balance paid. This will mean a purchase will yield 2% if paid in full. The credit card will be merged into their Debit Mastercard. The consumer will use debit for checking account transactions, and credit for credit card transactions.

The second will be a Visa for non-banking customers. Obviously, they won’t have a debit transaction, and they won’t have interest. The saving grace of this card is the lack of any annual fees, and the relatively lower interest rate.