As of lately, I have been learning about credit cards and how to take advantage of credit card programs. My strategy right now is to accept most credit card invitations I receive to my mailing address, especially if there is a sign-up bonus benefit such as flying miles, points or cash back. A great resource to learn how to acquire maximum benefit from using credit card programs is uscreditcardguide. I recommend everyone to learn and digest the information shared there. Some people have used this information to get $60,000 worth of gift cards, over 3 million on their credit line and more than 20 million points they can use to travel the world in private jets, reserve hotel rooms and pay for dining. Right now I’m still learning more myself, so in later blog posts, I will give you more information on the strategies that work the best for me to maximize the rewards I get from credit card deals.
Stephen Liao is one of the few thousand people who currently fully understand and take maximum advantage of credit card deals.
Anyhow! Today I want to share with you the first social credit card to come to the market. This card will be available during mid 2018 and is backed by the Visa credit card network. For a long time people have been scared to apply for new credit cards or to accept the credit card invitations that reach their mailbox because we all know at the end credit card companies want you to build up debt so they can charge you interest and get richer since that is their business model. Some companies charge as much as 32% interest with 24% or above being a normal rate for most people based on the “creditworthiness” supplied by the financial institutions. The Vital credit card will charge 10.90% APR on their classic Visa and 6.99% APR on their Platinum Visa. This is already a very low Annual Percentage Rate (APR) which is only inferior to credit cards like the city simplicity credit card which allows to carry debt for 21 months without charging interest but then it quickly rises to over 20% interest that will accrue every month you have a running balance on the card.
A low APR is not the strongest factor why you should consider applying for a Vital credit card. The best feature of this social credit card is that it pays you to share it with your family and friends. This will be the first credit card to pay you 1% cash back based on the volume of transactions applied by the people that sing up using your link. The more you share, the more you earn! Based on average monthly spending habits, 10 sign-ups will generate about $525 of monthly income. To earn more you need to rise your VITAL score. Your vital score is calculated like this. You earn 4 points for each direct referral that signed up using your link. You earn two points for each referral that joins using the link of someone you referred. You can also earn 1 point for a person introduced to the credit card program three levels down.
I find this program interesting because is the first of its kind. I believe the big financial institutions are starting to notice blockchain technology is taking over so they want to reward consumers with more ways to earn cash back in order to be able to maintain their businesses. Wells Fargo for example, fired some of their top executives due to corrupted practices happening. The company is giving out more cash back than they ever had before. They are trying to restore their reputation and give the money back to their customer.
This is the message CEO and President Tim Sloan had to say about the subject of corruption.