Online credit card supported by Steve Case

An online credit card company that allows for the free transfer of fees has gained the backing of Steve Case, one of the founders of AOL.

Dubbed Revolution Money, the outfit also provides a credit card that has substantially lower fees than many. Though the payment system is still in a pilot stage, Steve Case's investment firm, Revolution LLC, is providing support.

Mr Case said in a statement that was quoted in ComputerWorld: "Traditional - and even online - incumbents have been charging what adds up to billions of dollars of fees every year that ultimately come out of consumers' pockets. "So we have built an innovative Web 2.0 company based on the latest technology to disrupt the decades-old system with the goal of offering the industry's most accessible, easy-to-use and secure payment system." The new system puts money "in consumers' pockets", Mr Case added.