If Anthony Pollina, an independent candidate for the governor of Vermont gets elected, that may happen. Pollina propose creating a “Vermont credit card” which would be issued by Vermont banks. He claims the card would carry a low interest rate and instead of earning cashback or airline miles, that money would go into a local economic development fund. Pollina states he is not advocating Vermont citizens get this credit card to run up debt, but rather use the card in-lieu of their current credit cards.
Some argue it’s big brother stepping in and trying to find away to squeeze more money with a hidden tax. Others say it is an ingenious way to increase funding without increasing taxes. Whether you are for this or against it, no one can deny it is an innovative idea.