ArgoPay: 5% cash back on all purchases for a year?

I don’t know how useful this will turn out to be, but a virtual credit card startup is offering 5% cash back on all purchases for a year to the first 10,000 consumers to sign up here, so I signed up just in case. From ArgoPay’s press release:

ArgoPay is disrupting the payment system, eliminating all of these intermediaries when you use ArgoCredit, a virtual credit card issued to you when you download the ArgoPay app. This means merchants get 0% processing fees without the need for any additional dongles or hardware to process payments. They also get instant access to a loyalty program for their best customers and a hassle-free way to send tempting offers to consumers who might become their next loyal customer. And with each ArgoPay purchase consumers can earn rewards that they can use locally and hear about exclusive deals in their area. Merchants and consumers can now join the closed beta queue at www.argopay.com.

To celebrate ArgoPay’s closed beta release, in addition to free credit card processing the next 1,000 merchants to sign up for an ArgoPay account will receive the ArgoRewards platform benefits free of charge for the first year. Also starting today the next 10,000 consumers to sign up for ArgoPay will receive 5% cash back on all of their purchases made with ArgoCredit for the first year.

“We are excited to launch this private beta,” said Igor Ostrovsky, ArgoPay Founder and CEO. “Having owned small businesses I know how expensive credit card processing fees can be to a merchant. And because we don’t have to share our network with other intermediaries we are able to deliver greater rewards to consumers.”

Argopay announced their closed beta at DEMO Fall 2013 in Santa Clara, California. The first rollout is starting in Boston, MA, followed by other metropolitan areas in late Q1 next year.