Definition of Affinity card:
An affinity card is a type of credit card issued by a bank and, most often, a charitable organization whose logo appears on the card. Each time the card is used, a percentage of the transaction is donated to the organization.
Although affinity cards may seem like a collective win for the bank, organization, and cardholder, there are negatives as well. Affinity cards offer fewer of the perks (such as warranty coverage) other cards do; they sometimes charge higher fees, and the amount donated to the charity (which is not tax-deductible to the cardholder) is very small—often about .05%. Nevertheless, affinity cards are popular with consumers who like the idea of giving as they spend.
A credit card carrying the name of an organization to which a portion of the money spent using the card is paid.
Credit card promoted by an association, club, college, or other organization, under an arrangement with an issuing bank. The issuing bank usually pays a percentage of net interest income to the promoter as commission, or provides some other type of compensation.
How to use Affinity card in a sentence?
- The chief executive said the social card was the first affinity card in India.
Meaning of Affinity card & Affinity card Definition