BlackCoin Card Update
After a very productive phone call I can happily say we have jumped over the first hurdle. I will go over the key details and unfortunately there are a few details that are a bit disappointing.
1.) To have any chance of Visa/Mastercard approving this card program we will have to use very specific wording. It will not be a credit card but a rewards card (Visa/Mastercard debit card) that can be redeemed with reward points (BlackCoins). So users will still use their BlackCoins to get the cards, and they can still spend them just like any other credit card, we just wont be calling it a credit card.
2.) There are two main physical types of cards both with pros and cons.
A: A non re-loadable card you can load any amount from $5 - $900. All you will have to provide is your name and address, no other info is required. Once the card is depleted/expired you throw it away.
B: A re-loadable card you can load any amount from $5 - $3000+. You will have to provide your name, address, and social security number. The social security number is mandated by law and there is no way around it. This card is only available to United States customers.
I am selecting option A for obvious reason. No one especially me would give any new service my social security number just to get a re-loadable debit card. The option to re-load funds is great, but I think trust will have to be establish first before being able to entertain that option.
3.) As I pointed out in a previous post, the customer has to be located in the United States or Canadian to receive the card, but the card can be used anywhere in the world. So for our friends overseas you can have the card mailed to a relative/friend in the United States/Canada, and then have them mail you the card.
4.) Since my company does not own BlackCoin or the rights to the logo, I will definitely have to coordinate with rat4 to make this happen. But I do think this will be an issue.
5.) If we get approved this can be up and running in less than 60 days. I will know sometime early next week if Visa/Mastercard will even consider this before I officially file an application. After I file an application the approval process is quick since I have all the required paperwork.
Once this is up and running for several months I will revisit re-loadable cards, virtual card numbers, and expanding overseas.
I eagerly away the response on this. I'm totally into grabbing one, even for no other reason just to help support that cause because it's just too awesome.