NEW YORK — According to a report in Business Week on March 13 another card brand, one that is aimed at helping subprime consumers and tapping into retailers' anger over interchange, is in the offing.
According to the report, Steve Case, founder of America Online, is behind the attempt to launch another card brand called the GratisCard.
The magazine reported that GratisCard will aim to undercut Visa and MasterCard on interchange–chopping the rate from an average 1.75% of purchase price to as little as 0.5%–and broadening the card base to include more consumers than are usually offered credit cards–including those considered subprime.
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