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Thread: Very specific question. Total newb.

  1. #1
    Join Date
    Nov 2013
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    3

    Very specific question. Total newb.

    Hello all, this is my first post in this forum. My name is Max and Im a economics major.

    Im in the process of putting together a new business idea, and would like to see if what I have in mind is possible.

    Im looking to have a website where a part of it is that when people register, they get a "debit" card in the mail, with my company name in it.

    When they get the card, they go online and register it to their bank account. Then when they go to a select store, and make a purchase, my website automatically takes a % fee off of the purchase, and charges the correct amount (original cost+fee) from their bank accounts.

    Is anything like this possible? I will probably have to partner with VISA or MASTERCARD for something like this correct? The card will be used at restaurants mostly.

    Thank you, and sorry if this is in the wrong section.

  2. #2
    Join Date
    Mar 2011
    Posts
    1,108
    Sponsored credit cards have been around for a couple of decades, but I don't think there is such a thing as a sponsored debit card. Banks seem to keep those completely in-house. Maybe some kind of credit-card/e-check hybrid could be created. I don't know. But assuming it was possible at all, you'd almost certainly have to partner with a bank as well as a credit card company, both of whom are almost certainly going to require that you bring a truly substantial financial foundation to the table. And be prepared to surrender the lion's share of any fees involved, just to get the discussion started. You need to talk to someone who knows the banking industry before you start worrying about the website end of things.
    Rick Trethewey
    Rainbo Design

  3. #3
    Join Date
    Nov 2013
    Posts
    3
    thank you for replying!. Im going to visit my nearest wells fargo, and get a meeting going.

  4. #4
    Join Date
    Nov 2013
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    Also, could you point me in the right direction to learn more about these sponsored credit cards? I could not find any information online

  5. #5
    Join Date
    Mar 2011
    Posts
    1,108
    I was mistaken. I believe the correct term is "affinity cards".
    Rick Trethewey
    Rainbo Design

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