The Kiva.org Credit Card: Arguably the Best Card of All Time
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Kiva, the charitable organization that funds business loans in the developing world, has just introduced the Kiva credit card. And it is arguably the best credit card offer ever, period. From a 15 month 0% balance transfer offer, to no annual fee, to cash back on charitable contributions, the Kiva business credit card has it all. And Advanta, the issuer behind the credit card, will even match charitable contributions to Kiva up to $200 per month. Here are the details.
Update: Advanta has just released a new version of the Kiva credit card for non-business owners! It has the same great terms as the Kiva BusinessCard. You can check out our review of the Kiva credit card for professionals, or go directly to Advanta’s secure website for more details and to apply for the card by clicking here.
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About Kiva
Kiva.org is a person-to-person micro lending website, enabling individuals to lend money to entrepreneurs in the developing world. The loans do not pay interest to the individual lender; instead, paid interest goes to cover costs of the microfinance institutions processing the loans. Once a Kiva loan is repaid, the individual lender can withdraw the money, or they can reinvest in a new Kiva loan.
The Kiva Credit Card
The Kiva credit card is designed to encourage charitable giving while offering a top notch credit card. First, every time you make a grant to Kiva.org using the card, Advanta will match the grant dollar-for-dollar up to $200 per month. You can watch a short video describing this feature of the credit card at Kivab4b.
Second, The Kiva card offers a 5% statement credit on all grants made to Kiva, other charitable contributions, and other qualifying purchases (e.g., gas, computers, office supplies, online advertising) made with the card up to $1,200 annually. At 5%, this is potentially a $60 rebate that is credited to your statement.
Third, in addition to the matching Kiva contributions and cash rebates, the Kiva credit card offers exceptional terms:
- 15 month balance transfer: As regular readers know, I’m a huge proponent of balance transfer offers. A 15 month 0% APR on transfers is one of the longest balance transfer offers available. There is a balance transfer fee, but it is capped at $90, which is reasonable for a 15 month offer.
- 7.99% Fixed APR: With any balance transfer offer, it is important to know what the interest rate will be after the low interest introductory period expires. The Kiva card’s interest rate is just 7.99%, which is extremely low for a credit card.
- No annual fee: Enough said.
There are two additional things to note about this card. First, it is for individuals with very good credit. Second, although it is a business card, individuals can apply. Simply list your name as the business name on the online application. Here are more details and a link to apply for the card online directly with Advanta.
14 Comments, Comment or Ping
Ryan
Great idea. Glad to see that Kiva is being endorsed by such a large financial player like MasterCard. Les and I went through a big analysis process comparing microloan sites like Prosper and Kiva, deciding to take the more charitable entrepreneurial route.
Why we closed prosper.com and opened kiva.org
We currently have two kiva loans and have created a similar feature to donate a percentage of our blog advertising income to charitable organizations like kiva.
Aug 11th, 2008
Scott @ The Passive Dad
Thanks for the reminder. I had forgotten that I some money idle in my Kiva account that I could use to reinvest. My first experience was wonderful with Kiva and learned a lot by the process. Great to see a CC company behind this venture.
Do you know how MC or the government would treat the matching gift? Is it a gift from MC or from you?
Aug 15th, 2008
DR
I suspect that the matching gift to KIVA would be deemed as coming from MC, not the card holder.
Aug 15th, 2008
charles
I already have a business credit card with Advanta.
Could I still apply with Kiva?
Sep 5th, 2008
Eric
Good for increasing awareness when someone asks what Kiva on your credit card means - helps to open a dialog.
Oct 23rd, 2008
Norma Seefeldt
I am interested in doing a balance transfer ($6189.00) and would like a card with 0% APR for 15 months, no annual fee and the least transfer fee possible.
What would the transfer fee be on the $6189.00?
Nov 4th, 2008
DR
Norma, for the Advanta cards, including the Kiva card, the balance transfer fee is 3%, but it is capped at $90. So the transfer fee would be $90 on a transfer of $6,189.00. As always, though, make sure you review the terms and conditions of the offer before applying for the card. I hope this helps.
Nov 4th, 2008
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