Wednesday, March 31, 2010

Mastercard Trying to Look All PC

MasterCard offers card aimed at Muslims

Is it available to everyone who wants one, or just Muslims? That's the test.

With the iFreedom Plus Mastercard, holders load up their card with cash in advance, up to $6,000. Each purchase draws down on the account without accruing interest.

Cardholders pay $50 for two years of use and each transfer of cash on to the card costs 95 cents.

Apparently, paying interest on credit cards is against sharia law. So in this sleight of hand Mastercard is getting their "interest" from fees and the interest Mastercard earns on their money. This isn't new, they have been available, I've seen prepaid Visa cards at Walmart for some time.

Why not just open a second checking account and use the debit card? Just transfer the funds you need and if someone hacks your card they don't have your main account.

It does strike me as ironic that they would name a credit card targeted to Muslims the iFreedom Plus. I guess they couldn't call it the iOppressed Plus.

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