I recently signed up for Revolution Money Exchange, a new on-line money exchange company, much like PayPal but without as many fees (see my Revolution Money Exchange review).

So far I have enjoyed their service and have used it to both send and receive money between individuals, and send and receive money from my financial institution - ING Bank. Well, the company behind Revolution Money Exchange also has a credit card on the market - the RevolutionCard.

What is the RevolutionCard and how does it work?

The RevolutionCard is different from every other credit card on the market - it has several features not found on most credit cards, notably the lack of identifying information about the cardholder (no account name or number on the card), the ability to store up to $15,000 on the card (loaded electronically from the user’s bank account), and the ability to use it at ATMs for cash withdrawals from your stored money. And yes, you read that correctly - there is no name, number, or other identifying information on the RevolutionCard! It’s definitely a different kind of credit card!

Security features on the RevolutionCard. The RevolutionCard does not have an account number or name on the card for security reasons. Each transaction is based 100% by personal identification number (PIN). The premise is that this will help prevent fraud because the RevolutionCard is worthless to thieves if they do not have your PIN.

What APR do you pay? The APR RevolutionCard charges customers varies based on the user’s current credit rating. The better your credit rating, the lower your payments.

Where can you use the RevolutionCard? It is currently accepted at nearly 150,000 online and retail merchant locations across the United States, including some of America’s largest retailers. A partial list of stores that accept the RevolutionCard can be found on their website. Many more merchants are being added on a regular basis because they like the lower fees RevolutionCard charges - 0.5% of the transaction instead of the industry standards, which charge around 2-3%.

The RevolutionCard still has a few hurdles before it becomes mainstream

No name, no number, lots of questions. I understand how not having information on the card can make it more secure. Thieves can’t just steal it and forge your signature, nor can they swipe it through a machine to steal the magnetic information and use it that way - because it will only work with a PIN.

But the lack of identifying information could also make it difficult if you go out to eat with a large group of people and several people all pay with a RevolutionCard. Determining the card’s owner may be tricky unless the owners mark their card somehow. How about going into a bar that requires you to leave your credit card at the register to open a tab? What about paying a waitress at a restaurant? Do you really want to hand over your card and the PIN, or will they bring you a swipe machine and let you enter the PIN yourself?

How do you do internet transactions? With no account number on the card, do you have to memorize the card number and the PIN? Or do you have to log into your account every time you want to make a purchase, just so you can copy your card number for the on-line merchant? That would be tedious after awhile.

Interesting concept. I think the RevolutionCard is interesting on several levels. The main one being that it challenges the conventional credit card system by lowering fees and changing the security features. Will it take off? I don’t know about that yet. I think the concept is new, but it still has some hurdles before it goes mainstream.

$50 savings at Buy.com for signing up for RevolutionCard

The cool thing is that right now, RevolutionCard wants you to try their card and they are willing to pay you to do it (in the form of a discount at Buy.com). They are offering a $50 discount at Buy.com for signing up for the RevolutionCard. The discount is for any qualifying purchase of $51 or more. So if you pick an item that’s $51 dollars, it is basically free.

You need to hurry though, because the offer ends April 30th. The owners of Revolution have been known to extend promotion deadlines in the past, but there is no guarantee this will last. (And no, I don’t get anything if you sign up for the card - just sharing a tip a reader passed my way!).

Revolution Money Exchange - Get $25 free, just for signing up!

You can still get a $25 sign up bonus when you sign up for Revolution Money Exchange. You can do both of these services and make a cool $75. Not bad for 10 minutes work!

Revolution Money Exchange $25 Sign Up Bonus

Refer others and get $10. If you have a Revolution Money Exchange account, you can receive a $10 referral bonus for each new customer that signs up through your link. It’s a nice way for Revolution Money Exchange to thank you for helping spread their business. There are a few rules - you are limited to $500 in referral bonuses per year, and a couple other things. Just be sure to read the fine print.

But you better hurry!!! Offer Ends May 15th!

 

 

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