A student at Central Michigan University hopes to earn the title of "College Entrepreneur of 2010" from Entrepreneur magazine.
Senior Daniel Pearson is among the competition's top five finalists.
Pearson submitted plans for what he calls the "Hybrid Card." He says it would allow consumers to access multiple credit and debit accounts from one card.
"When you swipe the card at the register, the card will prompt you on which card out of all the many cards that people carry which one you should use, which is the best, based on interest rates or rewards bonuses. Depending on whether people carry a balance month-to-month, or whether they pay things off, it will give you recommendations based on that."
He says the idea came from experience running his own business.
"I'd ran a landscaping company since I was eighteen. I actually just have recently sold it. I was always trying to take advantage of all the reward programs and so many different things, and I was always using so many different cards for different things. I figured it would be so much easier for me if I could have everything on one card. It would just be way more efficient, and safe, and everything else."
The 21-year-old Pearson says he would use ten percent of transaction fees from the Hybrid Card to promote responsible credit use and combat corporate waste.
Seed money totaling $5,000 is at stake in the contest. The finalists will be narrowed down by voting on Entrepreneur magazine's website, and the winner will be announced in November.
Pearson says he plans to develop the Hybrid Card regardless of whether he wins the competition.
Senior Daniel Pearson is among the competition's top five finalists.
Pearson submitted plans for what he calls the "Hybrid Card." He says it would allow consumers to access multiple credit and debit accounts from one card.
"When you swipe the card at the register, the card will prompt you on which card out of all the many cards that people carry which one you should use, which is the best, based on interest rates or rewards bonuses. Depending on whether people carry a balance month-to-month, or whether they pay things off, it will give you recommendations based on that."
He says the idea came from experience running his own business.
"I'd ran a landscaping company since I was eighteen. I actually just have recently sold it. I was always trying to take advantage of all the reward programs and so many different things, and I was always using so many different cards for different things. I figured it would be so much easier for me if I could have everything on one card. It would just be way more efficient, and safe, and everything else."
The 21-year-old Pearson says he would use ten percent of transaction fees from the Hybrid Card to promote responsible credit use and combat corporate waste.
Seed money totaling $5,000 is at stake in the contest. The finalists will be narrowed down by voting on Entrepreneur magazine's website, and the winner will be announced in November.
Pearson says he plans to develop the Hybrid Card regardless of whether he wins the competition.