Military-Aimed Credit Card

[Sig_Des]

Just looking for some feedback:

On civvy street, I work for a credit card company, and I'm trying to write up a proposal for a credit card aimed at CF Members. Similar to a program in the States (Although they do have federal legislation to back it up) I'm looking at something that:

When going on overseas assignment would:

-automatically reduce your interest rate to something like 6% (Including any dependant's crds)
-offer longer grace periods
-no late or overlimit fees

Plus have a cool cover of course.

If anyone has any feedback, any ideas, any suggestions, it would be greatly appreciated!

(Before anyone does suggest making it 6% contractual rate, keep in mind, I have to justify any suggestions, and if my company is going to even look at my proposal, it has to be realistic!)

 

[Trinity]

No suggestions... i'd just end up making jokes..

But I support the idea, provided that soldiers do no use it as
an extra avenue to get more credit only to sink lower into debt...  :-\
(seen it happen) 

But I like the Idea... I'd get a card.


Cadpat credit card?  hrm..... don't lose it in the field.

 

[Kat Stevens]

I think your biggest stumbling block would be the size of the target market.  Your company may decide that the low number of potential subscribers would make the cost unrealistic.  Just my $.02

CHIMO,  Kat

 

[Sig_Des]

I think your biggest stumbling block would be the size of the target market.   Your company may decide that the low number of potential subscribers would make the cost unrealistic.   Just my $.02

CHIMO,   Kat

I've thought about that, and I've seen other affinity groups marketed as well. Mostly RCMP Association, OPP Association, etc.

The way I'm looking at it is, theoretically there's a target base of 58000 members. plus Civilian employees of Dnd. Plus the government is looking at expanding upwards of 5000 people. May have some justification

 

[Trinity]

Maybe higher... than 58000  cause dont
forget spouses... and immediate family

 

[George Wallace]

You could double or triple that target group if you included Retired CF, RCMP, etc.  Afterall, many of them would be likely to want some benefits while travelling in their retirement years.

Do you want to include Dependents also?

 

[Sig_Des]

Looking at the bank's marketing strategies, they most likely will. You won't actually have to be a CF member to get the card as other affinity groups have shown, BUT keep in mind, the special benefits

ie: lower APR, no late fees, extended grace periods, will only apply to people on Overseas duty (IE 6 month tour) and their dependant's.

The ideal this is based on is the US' Soldier and Sailor Relief Act.

 

[Kat Stevens]

Well, if you can include retired soldiers, sign me up now...

Kat

 

[George Wallace]

..... will only apply to people on Overseas duty (IE 6 month tour) and their dependant's.

I guess that disenfranchises the Retirees.

How would you monitor the dependants while the member was overseas?

 

[George Wallace]

Question:  Will this be a card like the GM or Air Miles Cards, where one accumulates points or credits that can be applied towards a service or purchase?

 

[Sig_Des]

Generally what happens is the member sends a copy of orders to the company, showing dates gone. Then they can list their dependants. If those people have accounts, the special benefits would be provided for the period of time. It's still a process in work

 

[Sig_Des]

I wasn't looking at points programs initially. If enough feedback is shown, It may be, but it complicates matters a WHOLE lot. Also, if a points program was attached, it wouldn't be Airmiles or GM

 

[Line Staff]

AmEx already has a deal with the forces for people who spend alot of time on TD and overseas (TAV/TATs, DART, 1st Line Construction Tasks, etc).  This is a deal with the CF, although the cards are held in the individual's name. I'm not sure what all the benefits are, but at least one is delayed payments ( a big deal with AmEx apparently) as you mentioned. 

 

[garb811]

That card is for official travel only, ie. you shouldn't be downtown picking up the family dinner tab with it, and you definately couldn't get one for the Mrs.

 

[Forgotten_Hero]

Cadpat credit card?  hrm..... don't lose it in the field.

 

[Polish Possy]

That card is for official travel only, ie. you shouldn't be downtown picking up the family dinner tab with it, and you definately couldn't get one for the Mrs.

What If the Mrs. is in the force ?

But anyways I think it would be great although it starts to get complicated
I think this would be a intresting thing to have I think a design for the card itself would be a main factor
not only do you want it to reflect the Airforce,Navy, and Army but the CF it's self.

I think it should be available to retired personal as well.....
just my thoughts

 

[combat_medic]

I think it's a reasonable idea.

I know the Mosaik card from BMO has a program that they will provide your organization with your own custom cards, you still get all the benefits of card membership (air miles, cash back, etc.), and BMO will make a donation to the charity of your choice. I've already seen some Mosaik cards for the Breast Cancer society and such, not to mention specific cards for universities, hockey teams, and just about anything else, so the idea is already in practice.

The idea of extending it to all serving members, families, retirees etc. will definitely make it more appealing, but the reduced interest while overseas thing might be a harder sell. I think you're definitely on the right track though, and if you're successful, let me know, I'll sign up.

 

[Sig_Des]

Well,

The way I'm trying to propose it is an affinity card that anyone can get, but the additional benefits will apply to serving members on tour.

But anyone will be able to get a card. I'm probably going try to get someone to, as mentioned by someone earlier, to design a plastic that defines the forces as a whole

 

[GO!!!]

Just what we need, one more Company with it's hand in the collective pocket of the Cadpats - telling you "we're providing a service"

Dont pi$$ down my back and tell me it's rain! 

 

[JBP]

Well,

The way I'm trying to propose it is an affinity card that anyone can get, but the additional benefits will apply to serving members on tour.

But anyone will be able to get a card. I'm probably going try to get someone to, as mentioned by someone earlier, to design a plastic that defines the forces as a whole

Makes sense, that way it's still open to the general public, for people who support/think the army is cool. But also benefits those actual soldiers who go on tour.... Good idea.

Another suggestion from someone who has worked on the "business end" of a credit card company. Maybe pair the card+your bank with another company that directly supports the military... Like this company= http://www.cpgear.com

Say, if someone purchases off that website, they recieve automatic 10% discount? That way it'll encourage more people to have the card+USE it... Revolvers is what you really want, not $0.00 balances. I have no idea how good an idea that is for your company or anything, but, an idea none the less.

Joe
PS> Would it be VISA or Mastercard? Or, can U even say which one?