Random Idea - Social Credit Cards?

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• Category

  Science & Technology

[bribrett1]

you are in some ways describing a credit union. a select group of people with lower financial risk who get better rates. i'm sure the sense of affiliation also boosts repayment rates. having the credit union formed by referral as opposed to some broad attribute (college, neighborhood, trade association) is interesting.

[DasBeatz]

Exactly, but afaik it wouldn't affect credit, only the interest rate. There's also the fact that you have the ability of multiple "co-signers".

[bankowned123]

stupid lol

[brown887842]

Im already on it kev! Been trying to work out the kinks for 2 years. The big players in the card industry are slow to swallow change. We now have our targets locked we just need a few months to launch and get + or - feed back! This is amazing I thought I was crazy! To push for this. Although your concept is close, were not the same, But still found this pretty cool!

[Zach Solomon-Beloin]

The only problem is that this would be an extremely small social circle. With this scenario, you HAVE to make sure you have trust with the people you're "friends" with. This severely limits the amount of users and I think this would self destruct. I think that this is definitely a plausible concept, and I would definitely check into it when some of those kinks are worked out. Credit cards generally make their money off of missed payments, interest, balance, etc. This wouldn't follow that model.

[DasBeatz]

Isn't this a little bit like having a co-signer?

[SteveSteves11]

sounds like a good way to lose friends.

[jaime99utube]

Personal relationships is how finance has always been done by humanity BEFORE the current modern era of progressive personal financial accountability and limited liability (incorporation).

Think about how anything got built 500-2000 years ago.

Note the downside: total relationship liability.

The risk taking spirit of Silicon Valley is the exact opposite of this; by providing a level of insulation from personal relationships and personal liability enables risk-taking.

[paxtonrod]

I think this is a really great thought. Well apparently from the comments I feel that people think that CC companies make their money off of people that don't their payment. I don't feel that this is the case. They make their money off of people not paying it off every month. If I make my payment then I'm ok(with your idea). My rate doesn't go up and my friends don't suffer either. I still may owe 4K, the CC company gets their money, and both of us get a better rate.