Lori, of B Money Savvy, mentioned this program and asked if I knew anything about it. Since I didn’t, I went and did my usual bit of signing up for it to see what was behind it.
The basic idea is that this company has setup a fairly typical landing page to apply online for credit cards. They’ve done a good job of categorizing cards based on their reward type, interest rates, cash back amount, etc. While this review isn’t about landing pages, this is a great example of a site that keeps people there until they find what they want.
So with a great landing page that’s linked to various credit cards via affiliate links, what they need next is a lot of traffic going to that page. The traditional approach would be to pay for PPC ads and hope that the amount paid for the ads wasn’t more than the amount they made from the affiliate programs.
These folks didn’t go that route. Instead they created their own affiliate program, and pay people to drive traffic to their site. As an affiliate you get a decent payout for every approved credit card application made through your affiliate link. The biggest payout you can get is $110.40 (with the upgrade option, more on that below) for a Business Gold Rewards card. If you go to the American Express affiliate program, you’ll see that the commission for that card is $200. So the people running MyCreditCardCash.com are splitting the commission with you.
Why should you want to split the commission? Well, they do have a great landing page. And to create the same thing you’d have to sign up for a dozen or so affiliate programs through Commission Junction, which is a bit of a hassle, and then create the website, and then drive traffic to it. By being an affiliate of MyCreditCardCash.com, all you have to do is drive traffic to it. You don’t make as much money as you could otherwise, but it’s far easier.
The cost is $1 for the first month, $37.95 every month after the first. The $37.95 fee is waived as soon as you’ve had 4 people be approved for credit cards through your affiliate link. The $37.95 fee is pretty outrageous, given that they’re not really providing you with anything more than an affiliate link, but it does motivate people to get those first 4 signups (one of those is probably the person themselves, and the other ones family or friends), which makes everyone money.
There is an upgrade option, too. For a single payment of $21.95 you can get the highest commission level, which gets you the $110.40 for the highest paying card. Without the upgrade, you’re making $96 for the same sale. At the lower end of card payouts, an upgraded member makes $31.05 and a non-upgraded member makes $27.
Upgrading makes sense once you start getting regular signups, other than friends and family.
As an opportunity, this one is pretty reasonable. It isn’t MLM, and they don’t try to get much money out of you unless you can’t manage to get 4 credit cards approved in your first month. Since it isn’t MLM, though, it’s up to your own personal effort to get traffic to your site.
This is a popular niche, though, if you can still call something a niche after it’s popular. On Squidoo, there are 869 lenses about credit cards, all having some sort of affliliate link in them. On Google Adwords, to get in the top position for the very broad keyword “credit card” would cost about $13, which is way too much to be profitable. There are still some relevant long tail keywords that can be had for under $0.50, which might be low enough to be profitable. Most people are advertising this in the traditional ways, so going non-traditional might work well.
If you’re good at getting free traffic to a website, you can throw a bunch of traffic at your affiliate link and hope some of it sticks. Or if you’re good at PPC advertising, you can drive some targeted traffic that way and probably do pretty well.
If you’re not good at either, you probably won’t have much luck at this opportunity.