Google Launches Credit Card

But it's only being offered to ad clients ... who can only use it to buy advertising
By Rob Quinn,  Newser Staff
Posted Jul 21, 2011 10:49 AM CDT
Google's credit card offers an 8.99% annual percentage rate—but no air miles.   (AP Photo/Virginia Mayo)

(Newser) – Google is launching a credit card ... but don't go making space in your wallet just yet. The card will only be issued to its advertising customers, a move Google hopes will help it keep its edge as the online ad market heats up, Reuters reports. The AdWords Business card offers what Google calls a generous line of credit and competitive interest rate, but those in possession of it won't get the perk of being able to flash it at Bloomingdale's—it can only be used to buy ads on Google.

Google execs say the foray into finance is aimed at small- to medium-size businesses that lack the upfront funds to finance major advertising campaigns ahead of peak periods. "It isn't a financial engineering project that we came up with and said this would be cool to do. It's a customer need," the company's treasurer explains. "Obviously we have a robust balance sheet, so this is a way for us to use that balance sheet to help our customers." No word on what the maximum credit line is. (Google isn't the only one sitting on a lot of cash these days...)

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