I got an invitation for a Google Credit Card today from Google Canada.
Here is the details. Interest rate 11.9% APR, can only be used for Google. No Points or Perks. Issued by Royal Bank of Canada.
It's by invitation only, and it is not pre-approved application. Owners personally liable for debt (personal guarantee, even for corporations).
Why would anybody use this card?
The credit card I use for Google, has the maximum perks. Since I spend six figures for adwords on my points card, Google is paying for my vacation every year.
I cant even use it as a novelty card, as it can only be used for adwords.
For Google, its a win-win. If a small business uses this card as a last ditch effort to stay in business, and folds, Google makes a ton of money in interest, and all they are really out is a few dollars in Google server time. It's not like they are selling anything tangible.
For Business it is lose-lose. If the business does not fail, they are using a card with no perks, which means no tax free benefits for the owners (technically not true, but the tax collector, rarely goes after credit card benefits).
What ever happen to do no evil?