Oct. 14 - A new prepaid debit card is giving people a way to exchange money — and get some in return — all without the hidden credit card fees.
Banks and direct marketing companies are taking note of the iCareCard, a Visa-branded reloadable debit card that can be used anywhere in the world. But rather than just giving people another option for spending money, the iCareCard actually puts money back into the community by donating to the user’s favorite charity.
“Our philosophy is manage, save, give,” said Larry Kane, CEO of iCare Card. “We want to use the iCareCard as a way to save people money and also generate money for their chosen causes.
Kane started the card after working to solve check fraud for the banking business. The best way to avoid fraud is to eliminate checks. But most credit cards and pre-paid debit cards come with fees, minimums and other regulations, posing challenges for users.
The iCare Card's closed-loop system is catching attention from companies that want to avoid costly credit card fees when accepting money. The system works particularly well for direct marketing companies that exchange money back and forth with their sales reps, Kane said.
How it works: The card pays users a 3 cent per gallon rebate on gas purchased anywhere in the U.S. Users also get 5 cents cash back on any spending of $10 or more, and they can direct another 2 cents to any charity or nonprofit of their choice. iCareCard also offers a unique referral program, where consumers can earn as much as $25 per month for each referral that they make.
“All this comes from our revenue, not the card holder,” Kane said. “We provide our card holders with an opportunity to manage money, save money and provide support to their nonprofits. We want to be pushing back as much as possible and help everybody out a bit.”
“The card has so many features that it appeals to a broad range of users, from parents to their kids to business owners,” Kane said.
“It’s changing the way people and businesses exchange money with each other and might just be the biggest thing to happen to commerce since the first debit card,” said Quinten Hofer, a local business owner.
About the iCare Card
The iCareCard is the world’s first reloadable debit card that gives money back to both the user and his/her favorite nonprofit group. The Visa-branded card is accepted worldwide and is also helping business owners avoid costly credit card fees. Learn more about how the card is changing the way people exchange money at: https://rcard.icarecard.org/enroll.aspx?code=101094A.