Fraternal organizations, church groups, volunteer groups, Kiwanis, Rotarians, Lions, Elks, even the Masons; when you think of them, you think service. Charitable donations, raising money, involvement in the community. One thing I doubt you think about? A branded credit card from said organizations.
In a first, the laymen’s service organization of the Roman Catholic Church, the Knights of Columbus, is now proud to offer their very own branded credit card.
Nope, this card is not just for members who travel on church business that functions as a company credit card, but one available to the public. Remember that availability to all is a requirement, as red-lining and discrimination is illegal in banking. So yes, atheists, wiccans, freemasons, and heretical protestants can use and apply for our credit card too.
The Knights is a fraternal organization. A friend had sent me this email that I thought was either; the Onion (a satirical online newspaper), the Babylon Bee (also majoring in satire), or some AI generated attempt at trolling. Nope, it’s true! It’s on the Knights website.
I am actually pretty aghast. If it weren’t for other things going on in my life, I would likely leave the organization. Seriously. When you stray from your core values that much? It’s a big problem for me.
The big issue I have is what a credit card really is. Sure, you think it’s a way to front some money, and as long as you pay it back each month, you’re fine. In theory you are correct but that’s mostly the exception; I’m talking about the rule. Quite a large number of people do not pay off said credit cards each month. Many are in debt over their head. Just check out Dave Ramsey, Clark Howard, or Suze Orman’s shows to name a few. Thousands of people are enslaved to debt, sometimes five figures!
The Knights’ credit card carries an interest rate of 36% while paying 1% in rewards. I believe the Bible makes several statements on usury (charging excessive rates/fees). This goes completely against the Church’s teaching.
Aren’t the Knights a church ministry? Correct.
At the same time we are touting the benefits of debt for our members, we have been offering prayers for the canonization (sainthood) of our founder Fr. Michael J. McGivney.
This prayer specifically talks about caring for the needy and the outcast. Doesn’t a credit card go directly against that? Why the need for unsecured credit? Don’t credit cards prey on the needy and outcast? So, what is the benefit to the Knights of Columbus in offering such a card?
The Knights do not have or operate a bank. We have life insurance and investment divisions that aren’t predatory in nature like a credit card is. Venturing into credit cards seems way off mission to me.
Jake the Snake