A new era in credit card technology has arrived with the advent of the RevolutionCard, a credit card with no identifying information embossed on the card (CVV2 number).
Instead, the credit card relies entirely on the use of a PIN number, which must be punched in every time a transaction is made.
The idea is that if the card is lost or stolen, it will be of little use, as a potential criminal won’t know the associated name or account number.
The PIN number can be changed as frequently as a card holder desires, enabling one time purchases and added security which the company founders believe will limit identity theft and fraudulent charges.
The new credit card is backed by Steve Case, the founder of internet giant AOL.
RevolutionCard comes with no annual fee, and will charge interest on unpaid credit card balances each month, but unlike traditional cards, the rate will vary based on the user’s current credit rating, not a base rate.
This could mean possible savings for better borrowers, who typically get stuck with a high APR (and finance charges) along with the rest of consumers.
Card holders can also store up to $15,000 on the card in the form of a line of credit, loaded electronically from their bank account for use as a debit card.
The credit card now is already accepted by about 100,000 merchants, and the goal is one million merchants in 12 months, and seven million within three years.
The company has also launched a service similar to Paypal called Revolution MoneyExchange which is a free online money transfer service.