VITAL Card - Thoughts?

[FloydWonder]

While performing various credit-related Google searches tonight, I stumbled on this interesting new CC slated to come out later this year. It looks like it's targeted to millennials, and REALLY wants to be your daily driver.

VITAL is offering a 5/2/1% tiered cash back card that scores users' monthly account activity with 'activity points', and from what I gathered, those with the highest number of points earned get the 5% cash back for that month, on all purchases. Then it drops to 2%, and finally 1% for those who earned the lowest number of activity points that month.

If earning the required monthly points to get the 5% is realistically attainable, I'd be first in line to apply for this thing. What I'm afraid of though, is the verbage on the site about competing with other users to get top marks. I feel like that could lead to a culture of MS and a false hope for low-to-average earners thinking they're applying for a 5% card, only to be forever bucketed in the 2% or 1% category.

I couldn't find which bank they're backed by either, only that this company has partnered with someone to service the product.

Their referral system is also pretty odd, using a different points system to pay kickbacks to users who refer others to VITAL.

Has anyone heard about this card? Any regulars willing to chime in with some sage advice?

Here's a link to their site:
https://www.vitalcard.com

[Shadowfactor]

This card has been discussed on the forum already. If you search through you should be able to find the thread.

From what I understand of the card. The higher % of cash back is more based on how many referrals you get to sign up and how many people they get to sign up over how much you actually spend on the card.
The amount you spend on the card does matter but not as much as if you refer 5 people to refer another 10 people.

[Anonymous]

Sounds like credit card pyramid scheme.

[FloydWonder]

Thanks for the info! I'll do a little more digging today on the forums, but pyramid / MLM scheme pretty much sums it up for me.

[mdd0214]

Pyramid scheme for sure. The calculator on their website indicates that the cash back assumptions are based on how many people you refer directly each month and assumes that each of your "friends" refers 4 people.

[joltdude]

Vital.. Selling out your friends and associates for credit card rewards.... Its credit card rewards MLM or the Ponzi Rewards (TM) Card....

Dont like these kinda games.. Its similar to the Zero Card (debit) .....

-J

[jl4]

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@Anonymous wrote:
Sounds like credit card pyramid scheme.

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This. And that they even list on their site's FAQ:

Is VITAL a Multi Level Marketing (MLM) or pyramid marketing company?

If you have to list that, your business model smells.