||This article's tone or style may not reflect the encyclopedic tone used on Wikipedia. (March 2010)|
||This article contains weasel words: vague phrasing that often accompanies biased or unverifiable information. (March 2010)|
|Headquarters||St. Petersburg, Florida|
|Key people||Jason Hogg Founder and CEO
Dax Cummings COO
Stephanie Fierman CMO
Nick Johns General Counsel
Darren Thompson CFO
Revolution Money is a financial services company whose products include a PIN-based credit card, online person-to-person payments service with a linked stored value card, and gift card. Revolution Money is the newest payment brand in the United States, and is the only credit card that does not charge retailers interchange fees.
Revolution Money's site was visited by only 33,000 people in the U.S. even in February, down from a marketing-fueled high of 742,000 a year before in March, 2008. Revolution Money is based in St. Petersburg, Florida.
Revolution Money has three products: RevolutionCard, Revolution MoneyExchange and RevolutionGift. RevolutionCard is a credit card. Revolution MoneyExchange provides free online money transfers between members and the card linked to the account can be used at retailers and ATMs. Revolution MoneyExchange accounts are issued by First Bank and Trust.
On November 18, 2009, American Express announced that it would acquire Revolution Money for 500 million USD and finally did for 300 million USD.
RevolutionCard is a PIN-based credit card. The card itself has no name, signature, or account number so, if lost or stolen, it cannot be used unless the PIN is known. 150,000 merchants currently[when?] accept RevolutionCard, and it was projected that 1 million locations would accept it by the end of 2008. In 2009, that plateau hadn't been reached, but Revolution Money expect to do it with a new[when?] partnership with Chase. Even accepted by many merchants, Revolution Money still an under-subscribed system due to its low income to banks, and in certain cases losses.
Consumers receive a credit approval decision instantly when applying for the RevolutionCard. RevolutionCard works with multiple banks to providing a broad spectrum of interest rates for card applicants. RevolutionCard charges merchants a 0.50% transaction processing fee and no interchange fee. Revolution Money then helps retailers turn some of their savings into rewards or discounts for consumers. RevolutionCard’s network is built on a rules-based, proprietary technology using the Internet as the backbone for transactions.
Revolution MoneyExchange is an online payments service that lets users send and receive money. There are no fees charged for online transfers between accounts. The Revolution MoneyExchange Card is a stored-value card that allows account holders to access their funds for purchases at merchant locations on the RevolutionCard network and for cash withdrawals at ATMs nationwide. Revolution MoneyExchange is available only to people in the United States.
RevolutionGift is a prepaid PIN-based gift card. Like the RevolutionCard, there is no account number printed on the card. RevolutionGift card must be activated before use.
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