Freedom's Choice Venture Opportunity
As you probably know, banks make a lot of money with credit cards. And as you also probably know (all too well) the financial services industry gets a bad rap because it's supposedly filled with greedy people hiking fees, and lining their pockets at the expense of others.
A new credit card venture called Freedom's Choice may change that perception, and do a lot of good in the process.
Freedom's Choice is a combination affinity (cause related) and rewards (value-added) card. Freedom's Choice Corporation is a for-profit business, which issues the Freedom's Choice credit card. It is affiliated with Freedom's Choice Foundation, a not-for-profit organization which receives 1% of all purchases made with the Freedom's Choice card. 100% of that 1% goes to The Foundation which provides food, medicine, clothing, and building materials to licensed charities.
History
The idea is the brainchild of Michael Morton, a credit card industry pioneer. About three years ago, Morton's church was looking for a way to generate funds and considered the idea of an affinity card. As the idea progressed, it grew from a card for that specific church to a card for anyone with a benevolent heart.
Freedom's Choice Corporation was formed for the specific purpose of creating the Freedom's Choice card and Freedom's Choice Foundation. The focus of the card is to provide the four basics of life: food, medicine, clothing, and building materials, to those who need them.
Two years ago investors came in to obtain a contract with a bank and after two years the contract was secured. It took a while because Freedom's Choice was requesting more of a rebate to be rolled back from the bank than any other affinity card had previously asked for, and they got it.
Since then, the card has received the backing of several celebrities who endorse the product, hosting infomercials promoting the secured and non-secured cards, and their social benefits.
Benefits For All
The possibilities of the 1% are limitless. Based on credit card industry figures, if one million people use the Freedom's Choice card, 1% of their purchases will generate $17 million directly to The Foundation. Coupled with the rebates that some companies will be paying directly to The Foundation in return for a tax break, the possibilities are endless.
The moneys will be dispersed through licensed charities that are already in existence. This program differs from other cause-related programs in that the charities are not given cash. Instead, they are set up with a credit line to purchase food, clothing, medicine, and building supplies.
The cardholder benefits from both the affinity and rewards aspect of the card. They will receive rewards from the merchants as well as a tax break from the IRS for their charitable contribution.
Also, the cardholder has a say in how their "contribution" is allocated. They can choose if they wish for their donation to help those in the U.S. or those outside the country.
Get Involved
Freedom's Choice is raising $300,000 to back the venture. They are currently in their 2nd round investment and there is potential for investors to come in at this time. Also, after they are up and established for a year or so, they will open a small ISO for the merchant side of the business and will have offer services such as ATMs.
If you choose to invest in Freedom's Choice, you are investing in both the for-profit and not-for-profit entities. Which means, you earn income from the corporation's:
If this sounds like a good investment and a great way to be a socially responsible business professional, call Michael Morton at 502-895-4555.
