Everyone knows that credit cards are big business and there probably isn’t very many in the United States without one. A popular benefit consumers have when using their credit cards is getting rewards based off their purchase or a percentage of money going towards a reward. Typically a consumer chooses a type of credit card with a specific reward system assigned to it, like airline miles. What happens if the credit card user wants to change their rewards they’re receiving from purchases? Typically the consumer would have to sign up for a new credit card but this has all changed with Dynamics Incorporated’s ePlate technology in cards.
Jeff Mullen, CEO and Founder of Dynamic Inc. tells us all about how this new credit card technology works at CES 2013 in Las Vegas, Nevada. During CES attendees were able to meet some of the interactive ePale experience rewards like artist Katie Armiger, Skip Barber Racing School, Twin Sisters and Radical Comics. We visted with Mr. Mullen for a few moments while he revealed to us this product that isn’t a concept but a real credit card you can get from banks all around America.
“Dynamics created the ePlate payment device to provide consumers with instant, high-value, exclusive rewards from a growing ecosystem of experience rewards. In doing so, consumers can have any credit card reward product at any time on a single battery-powered payment device,” said Jeff Mullen, CEO and Founder of Dynamics. This new technology for credit cards is staying put when you look at the investment made by Bain Capital with a $35 million round recently.
This is the first time a credit card has been enabled with the technology to allow users to securely and instantly choose from more than 35 reward experiences on the fly using two mechanized buttons on the card programmed through a mobile app platform. We watched Mr. Mullen actually go through a tablet app and in real-time select and change the rewards he was receiving with the credit card he had in hand. It truly showed how much control a consumer could have when making purchases with their credit card and how fast they can change their minds on what rewards they want.
Jeff also told us that people using an experience based real-time credit card with his company can actually receive much more for the money you spend on your credit card. In one example Jeff talks about getting an Skip Barber Racing F1 one-on-one reward at a rate of a 28% reward value on what you spend compared to a 1% reward card. At that rate it would take someone spending nearly $70,000 to earn that reward. With the Dynamic’s ePlate it only takes you spending $2,500 to get the F1 experience reward.
In addition to getting credit card rewards at a better rate than what consumers are used to, they can also get their rewards almost instantly. One example was when Jeff mentioned choosing Katie Armiger music as a reward. If someone chose the music option as their reward, after their purchase they would receive an email with a link to download the song almost instantly. Instant gratification for a society that seeks it more every day but now it’s on your credit card rewards system.
If you want to get one of these cards Jeff says you can sign up for one today at DynamicsInc.com and be using it in 48 hours.