0% INTEREST CREDIT CARD
0% INTEREST CREDIT CARD
Idea Description
The basic concept is a 0% interest card. Consumers have other valuable assets other than money, that many companies are willing to, and already do, pay for... by this, I mean information, opinions, and ideas. However, it is not always easy to get your customers to share these with you (a company). The 0% interest credit card will enable consumers to reduce their interest rate to 0% by filling out X number of consumer surveys every month. The CC company will make money from companies who pay for getting consumer feedback.
What will you do if you win $10,000 for this idea?
Drafting a professional business plan --> using the leverage of the win, as opposed to the money, to go before venture capitalists --> finding business partners, those with experience in the industry --> the rest will be history.
Vote for it now.
Very intriguing. My first reaction is that unless you are a bank and already have a credit card, then you have so much regulatory work cut out for you to become a qualified lender before you can even take the first step toward launching this product. My second thought is that the data, while valuable, may not be the best or accurate. I think about the timeshare model where people go on a timeshare vacation because they get a free stay. The trade off is that they have to attend a one hour informational session. Most attend but are insincere. I think that people will just fill out these surveys quickly without much thought for accuracy.
Great reference to poet Edward Lear. See spork idea for context.